Pune, India, Jan. 17, 2023 (GLOBE NEWSWIRE) -- The Industry 4.0 market size was valued USD 114.55 billion in 2021 and USD 130.90 billion in 2022 respectively. The global market size for Industry 4.0 is predicted to grow significantly, reaching USD 377.30 billion by 2029, and is expected to grow at a CAGR of 16.3% over the forecast period of 2022 to 2029. This information is provided by Fortune Business Insights, in its report, titled, “Industry 4.0 Market, 2022-2029.”
According to analyst, Industry 4.0 technologies, such as IoT and AI, help to improve the efficiency and productivity of manufacturing and industrial processes by providing real-time monitoring and analysis of equipment and processes driving the demand for Industry 4.0. Also efficiency and effectiveness of supply chain management, real-time monitoring and analysis of supply chain processes can also the key factor for adoption of Industry 4.0 globally.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 16.3% |
| 2029 Value Projection | USD 377.30 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 114.55 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 160 |
| Segments Covered | By Application, By Vertical, and By Geography |
| Growth Drivers | Augmented Implementation of Industrial Robots to Thrive Growth |
| Manufacturing to Gain Major Share in the Impending Years |
COVID-19 Increased Product Demand Backed by Incorporation of Advanced Solutions in Business Operations
With the global market being weakened by the COVID-19 pandemic, digitalization across numerous sectors accelerated at a quick rate. This offers a novel prospect for digital leaders to create and implement creative solutions to fast-track digital transformation at all stages of the company. The outbreak of coronavirus is quickening the presentation of the fourth industrial revolution (Industry 4.0), thrusting businesses across sectors to a greater level of Internet of Things (IoT) technology and workflow.
Drivers and Restraints:
Augmented Implementation of Industrial Robots to Thrive Growth
Over the past few decades, robots have advanced from being excessively expensive machines with limited competencies to being low-priced machines empowered to perform an extensive array of tasks. Industrial robots, in specific, are broadly utilized by people all over the globe. As per the recent robotics industry inclinations, industrial robots are rapidly being applied in production hubs, leading to prompt progressions, advancement, and industrial development.
As Industry 4.0 continues to evolve, the integration of robots and automation systems into manufacturing and industrial processes is becoming more widespread. Another trend that is gaining momentum is the collaboration between humans and robots, and it is expected that this trend will continue to grow as more companies adopt Industry 4.0 technologies.
However, the amalgamation and adoption of industry solutions have numerous advantages, but they also possess various concerns that could hinder business developments in the future. Data and security problems linked with the adoption of progressive technologies are projected to hinder the industry 4.0 market growth.
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Key Industry Development:
March 2021: NOKIA Corporation collaborated with WEG Industries, a power, and automation corporation, which is located in Brazil, to thrust the advancement of the Nokia Digital Automation Cloud (DAC) platform and unveil an industry 4.0 solution.
List of Key Players Mentioned in the Report:
- ABB Ltd (Switzerland)
- Siemens AG (Germany)
- Cognex Corporation (U.S.)
- Schneider Electric SE (France)
- Honeywell International Inc. (U.S.)
- Emerson Electric Co. (U.S.)
- Rockwell Automation, Inc. (U.S.)
- General Electric Company (U.S.)
- Robert Bosch GmbH (Germany)
- Cisco Systems Inc. (U.S.)
Report Coverage:
The report offers valuable insights obtained from a thorough study done by our researchers. Extensive research was conducted to provide the estimated size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels are obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.
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Segments:
Industrial IoT (IIoT) to Gather Traction during Forecast Period
Based on application, the market is classified into industrial automation, smart factory, and industrial IoT. IIoT combines advancements of two transformative revolutions. The benefits of IoT have motivated several industrial equipment manufacturers to adopt IoT.
Manufacturing to Gain Major Share in the Impending Years
Based on vertical, the market is further segregated into manufacturing, energy & utilities, automotive, oil and gas, aerospace and defense, electronics and consumer goods, and others. The manufacturing segment is predicted to lead the global market during the forecast period.
Geographically, the market is segmented across five major regions, North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Regional Insights:
North America to Lead Stoked by Rapid Adoption of Smart Technologies
North American corporations are increasingly embracing the concept of smart manufacturing, and the region is expected to dominate the market.
Europe held the second largest industry 4.0 market share in 2021. The European industry has made significant investments in technologies and skills to upkeep its position in the global market.
The Asia Pacific market growth is navigated by Japan, China, and South Korea owing to their comprehensive processes to embrace industrial automation and implement unsettling technologies in their production system value chain.
Competitive Landscape:
Collaboration among Companies to Safeguard their Brand Values in Global Market
Fundamental players in the market are incessantly rooting for impactful strategies to promote their products and establish their positions in the market. One such strategy is to unveil new products by partnering with other corporations to extend their reach to end-users.
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Global Industry 4.0 Market Size Segmentation:
By Application
- Industrial Automation
- Smart Factory
- Industrial IoT
By Vertical
- Manufacturing
- Energy & Utilities
- Automotive
- Oil and Gas
- Aerospace and Defense
- Electronics and Consumer Goods
- Others (Transportation)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Industry 4.0 Key Players Market Share Insights and Analysis, 2021
- Global Industry 4.0 Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Application (USD)
- Industrial Automation
- Smart factory
- Industrial IoT
- By Vertical (USD)
- Manufacturing
- Energy & Utilities
- Automotive
- Oil and Gas
- Aerospace and Defense
- Electronics and Consumer Goods
- Others
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Industry 4.0 Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Application (USD)
- Industrial Automation
- Smart factory
- Industrial IoT
- By Vertical (USD)
- Manufacturing
- Energy & Utilities
- Automotive
- Oil and Gas
- Aerospace and Defense
- Electronics and Consumer Goods
- Others
- By Country (USD)
- United States
- By Application
- Canada
- By Application
- Mexico
- By Application
- United States
- Europe Industry 4.0 Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Application (USD)
- Industrial Automation
- Smart factory
- Industrial IoT
- By Vertical (USD)
- Manufacturing
- Energy & Utilities
- Automotive
- Oil and Gas
- Aerospace and Defense
- Electronics and Consumer Goods
- Others
- By Country (USD)
- United Kingdom
- By Application
- Germany
- By Application
- France
- By Application
- Italy
- By Application
- Spain
- By Application
- Russia
- By Application
- Benelux
- By Application
- Nordics
- By Application
- Rest of Europe
- United Kingdom
Continued...
Important Points Covered in the Report
- Research Analyst says that the market size was at USD 114.55 Billion in 2021 and is projected to reach USD 377.30 Billion by 2029.
- In 2021, the market value stood at USD 114.55 Billion.
- Growing at a CAGR of 16.3 %, the market will exhibit healthy growth in the forecast period (2022-2029).
- North America dominated the market share in 2021.
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