Industry 4.0 Market Accelerating growth due to digitalization trends in industrial manufacturing and service companies
Industry 4.0 Market is expected to grow at a 15.23% CAGR from 2022 to 2029.
The Fourth Industrial Revolution (Industry 4.0) supplements automation of the production process with digital technology, such as artificial intelligence and robotics.
Key players in the Global Industry 4.0 Market are Intel, General Electric, Siemens, Honeywell, ABB, Emerson, CISCO, Johnson Controls, Kuka AG, Bosch and many more.
Industry 4.0 is the next phase in industrial evolution, resulting from a novel set of technologies and practices applied to the design and manufacture of industrial systems. The implementation of these new approaches enables firms to increase the efficiency with which they produce well-defined products or services, partially or fully automated production machines and processes, or advanced data analytics.
The Industrial 4.0 market is the next generation of smart factories, which integrate advanced technologies, like Industry 4.0, and data analytics to give businesses better insight into the production process and improve overall efficiencies. This can lead to improved quality and reduced waste, which not only affects manufacturing plants but impacts consumer product quality as well.
Industry 4.0 (I4.0) is the latest technology development that enables the digital transformation of industries to leverage the power of data and information by unlocking value in smart, automated and connected manufacturing, manufacturing process systems, production networks, supply chains and asset management.
The global solutions research industry is undergoing a period of growth and change as new business models emerge. By using the Internet, connecting with customers and suppliers, startups can compete against large companies in global markets.
April 12, 2021, There’s an adage in the world of race car drivers: the car goes where the eyes go. They don’t focus on the immediate obstacle, or the driver next to them. Being clear-eyed about where you want to go gives you the visibility you need to circumvent any challenge that may arise.
The same mindset can enable industry leaders looking to digitally transform their operations into the Industry 4.0 era. Sure, it’s the technologies that comprise Industry 4.0—artificial intelligence, machine learning, and various capabilities that fall under the Internet of Things—but focusing on the technologies does necessarily lead to success.
Instead, industry leaders who have successfully blazed the path toward enhanced digitization have all focused on the business outcomes and the processes that enable these outcomes, not the tech.