New York, United States , April 18, 2023 (GLOBE NEWSWIRE) -- The Global Industry 4.0 Market Size is to grow from USD 76.54 billion in 2022 to USD 454.54 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 19.5% during the forecast period. The Industry 4.0 market is propelled by the need for operational efficiency, innovation, and competitiveness in industries. Industries are adopting Industry 4.0 technologies to optimize processes, reduce downtime, and achieve productivity gains.
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Industry 4.0 enables interconnected and automated systems that can communicate, analyze data, and make decisions in real time, resulting in increased efficiency, productivity, and flexibility in manufacturing processes. It encompasses various aspects, including smart sensors, connected devices, advanced robotics, augmented reality, and predictive analytics, among others, that enable autonomous and data-driven decision-making. The benefits of Industry 4.0 are numerous, including optimized supply chains, reduced operational costs, improved product quality, increased customization, enhanced safety, and reduced environmental impact. It also opens up new business models and revenue streams, such as product-as-a-service and subscription-based models, as well as fostering innovation and collaboration across different industries.
Browse key industry insights spread across 210 pages with 135 market data tables and figures & charts from the report on “Global Industry 4.0 Market Size, Share, and COVID-19 Impact Analysis, By Technology (Industrial Robotics, IIoT, AI and ML, Blockchain, Extended Reality, Digital Twin, 3D Printing, and Other Technology Types), By End-User Industry (Manufacturing, Automotive, Oil and Gas, Energy and Utilities, Electronics and Foundry, Food and Beverage, Aerospace and Defense, and Other End User Industries), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032” Get Detailed Report Description Here:
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The Artificial Intelligence (AI) and Machine Learning (ML) segment is expected to grow at a higher CAGR of 15% over the forecast period
On the basis of technology, the global industry 4.0 market is segmented into industrial robotics, IIoT, AI & ML, blockchain, extended reality, digital twin, 3d printing, and others. Among the various technologies in the global Industry 4.0 market, the fastest-growing segment is likely to be Artificial Intelligence (AI) and Machine Learning (ML). The reason behind this anticipated growth is the increasing adoption of AI and ML in industries for their potential to transform manufacturing processes and enable intelligent automation. AI and ML technologies offer advanced data analytics, predictive modeling, and autonomous decision-making capabilities, allowing for real-time monitoring, optimization of production processes, and predictive maintenance.
The electronics & foundry segment is expected to grow at a higher CAGR of 21.7% over the forecast period
Based on the end-use, the global industry 4.0 market is segmented into manufacturing, automotive, oil & gas, energy & utilities, electronics & foundry, food & beverage, aerospace & defense, and other end-user industries. The fastest-growing segment is likely to be the electronics & foundry industry. The reason behind this anticipated growth is the increasing need for automation, digitization, and optimization in the electronics manufacturing processes. The electronics & foundry industry involves the manufacturing of electronic components, devices, and systems, which require high precision, quality, and efficiency.
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The Asia-Pacific segment is expected to grow at a higher CAGR of 23.4% during the projected period.
Asia-Pacific is expected to experience substantial growth in the Industry 4.0 market due to its large and growing economies, rising middle class, increasing urbanization, vibrant startup ecosystem, and supportive government policies. The region's demand for advanced manufacturing solutions, smart cities, and connected devices, coupled with its focus on innovation and digital transformation, presents significant opportunities for Industry 4.0 technologies such as IoT, AI, and automation. Strong government support and favorable market conditions are expected to drive the growth of Industry 4.0 in Asia-Pacific in the coming years.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. The key players in the global industry 4.0 market include ABB Ltd., Alphabet Inc., Ansys, Inc., Cisco Systems, Inc., Cognex Corporation, FANUC Corporation, General Electric Company, HMS Networks AB, Intel Corporation, International Business Machines Corporation, KUKA AG, Microsoft Corporation, Mitsubishi Electric Corporation, Rockwell Automation, Inc., SAP SE, Schneider Electric SE, Siemens AG, Stratasys, Ltd., The Hewlett Packard Enterprise Company, and The Yaskawa Electric Corporation., among others.
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