Industry 4.0 Global Market – Overview
The data experts from Market Research Future (MRFR), the global industry 4.0 market is slated to generate lucrative levels of revenue, expanding at an incredible CAGR during the forecast period ().
Growth Drivers and Key Challenges
Industry 4.0 results in the drastic improvements within the industrial processes that are part of manufacturing, material purchasing and usage, engineering, life cycle management, supply chain, predictive maintenance as well as real-time management overview. Numerous smart factories that are part of the lucrative industries are already employing an entirely novel approach to production.
The fact of the matter is that industry 4.0 seems to possess massive potential. The smart factories are catering to individual customer requirements wherein even one-off items can now be manufactured with profit in tow. Industry 4.0 is enabling the dynamic business as well as engineering processes to now enable last-minute changes to the process of production, in addition to delivering the ability to react in a flexible way to any kind of disruption or failure on behalf of suppliers. Industry 4.0 is enabling end-to-end transparency over the manufacturing process, which in turn facilitates optimized decision-making. Also, industry 4.0 is expected to lead to new ways to create value and novel business models, plus, providing the SMEs and start-ups with various opportunities in terms of the development and the ability to offer downstream services.
The Industry 4.0 Market is inundated with global tech giants investing billions of dollars in the related products, research and development (R&D), commercialization, mergers and acquisitions (M&A), and internal use. Industry 4.0 has brought about a striking transformation in the economy, which means that various business processes like manufacturing, supply, delivery, maintenance, and customer service are now connected through the Industrial internet of things (IoT) systems. These highly flexible value networks are in need of new forms of collaboration amongst the companies, at a national and global level. Also, in order to create new jobs and maintain their industrial base, various government bodies around the world are investing massive amount of funding to the Industry 4.0 projects as well as R&D, providing subsidies and tax incentives for the Industry 4.0 investors.
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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.
The market for Industry 4.0 is segmented on the basis of technology, application, and end user.
Technology-wise, the market is segmented into cloud computing, IOT platforms, augmented reality, location detection technology, advanced human machine interfaces, big data analytics, smart sensors, 3D printing, mobile devices and others.
The various applications of industry 4.0 include industrial automation, smart factory and industrial internet of things (IIOT).
Depending on the end-user, the market is considered for industrial manufacturing, oil & gas, construction, aerospace & defense, electronics, automotive, transportation, chemical, pharmaceuticals, mining & metals, food & beverages and others.
The region-wise segments in the Industry 4.0 market are Asia pacific, Europe, North America, and the Rest of the World (RoW).
The report acknowledges North America and Europe as the leading regions in the industry 4.0 market throughout the forecast period. However, it is the economies such as Japan and Germany who are zooming ahead when it comes to the digitization of internal operations and entering into partnerships across the horizontal value chain. This has been possible on account of the massive investments in technology as well as employee training. These nations consider the digital transformation in terms of gains in operational efficiency, quality assurance and cost reduction. Also, China is establishing itself as a country with lot of potential, slated to gain the most from automating and digitizing labor-intensive manufacturing processes. Moreover, the companies in China are immensely flexible, are open to any change digitally, with the general workforce embracing the digital technologies. Simply put, presently the companies in the region of Asia Pacific report the highest digitization along with striking digital integration levels.
The industry 4.0 market in Europe and North America will depict high value in the near future, on account of remarkable advancements in robots, cloud computing and artificial intelligence bent on creating numerous growth opportunities for the market.
Moreover, the market in the rest of the world including the Middle East and Africa will also experience a clear-cut revolution driven by the Internet of Things (IoT), data integration, cloud computing, as well as various other technological advances.
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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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