Market Synopsis of Industry 4.0 Market
‘Industry 4.0’ stands for the fourth industrial revolution. The rise of new digital industrial technology is referred to Industry 4.0. Industry 4.0 is the grouping of numerous major innovations in digital technology. These technologies include advanced robotics and artificial intelligence; sensors; cloud computing; the Internet of Things; data capture and analytics; digital fabrication (3D printing); software-as-a-service and other new marketing models; smartphones and other mobile devices. Industry 4.0 refers to development of machines which would be using self-optimization, self-configuration and artificial intelligence to complete difficult tasks so as to deliver cost efficiencies and better quality goods or services.
Industry 4.0 includes data, computational power, connectivity, analytics and intelligence, human machine interaction and digital to physical conversion. The market gets digitized and integrates processes vertically across the entire organization, from product development and purchasing, through manufacturing, logistics and service. The factors contributing to the growth of the market are evolution of cloud computing technologies, technological advancements in electronics industry, implementation of smart factory concept & factory automation technologies and government initiatives by different countries.
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The major drivers for industry 4.0 are digitization and integration of vertical and horizontal value chains, digitization of product and service offerings, digital business models and customer access, Faster, Flexible and Efficient Production and Increasing popularity of smart factories. The study indicates that Cyber security risks is the major threat involved in Industry 4.0 market.
The prominent players in the Industry 4.0 Market are – Bosch Rexroth AG (Germany), Maschinenfabrik Reinhausen GmbH (Germany), SAS (U.S.), Siemens AG (Germany), Wittenstein AG (Germany), General Electric Company (U.S.), Daimler AG (Germany), Klöckner & Co. SE (Germany), TRUMPF GmbH (Germany), Festo AG & Co. KG (Germany), Wittenstein AG (Germany) among others.
Industry 4.0 by Technology:
- Cloud computing
- IoT platforms
- Augmented reality
- Location detection technology
- Advanced human machine interfaces
- Big data Analytics
- Smart sensors
- 3D printing
- Mobile devices
Industry 4.0 by Application:
- Industrial Automation
- Smart Factory
- Industrial internet of things (IIoT)
Industry 4.0 by End-user:
- Industrial manufacturing
- Oil & gas
- Aerospace & defense
- Mining & metals
- Food & beverages
The regional analysis of Industry 4.0 market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. The study indicates that North America and Europe regions would dominate the industry 4.0 market by the forecast period. However countries like in Japan and Germany are the farthest along in digitizing internal operations and partnering across the horizontal value chain owing to the high investments in technology and employee training. They view their digital transformation, primarily in terms of gains in operational efficiency, cost reduction and quality assurance. China is one of the countries that stand to gain the most from automating and digitizing labor-intensive manufacturing processes. In addition, Chinese companies are highly flexible and are open to digital change, and the Chinese workforce is embracing digital technologies. The study reveals that at present Asia Pacific companies report the highest digitization and digital integration levels.
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- Process Automation and Instrumentation Manufacturers
- Industrial Robot Manufacturers
- Semiconductor product designers and fabricators
- Automation product manufacturers
- Technology investors
- Hardware & software manufacturers
- MES (Manufacturing Execution System)
- MOM (Manufacturing Operations Management)
- System Integrators
- Government Organizations
- Research/Consultancy firms
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