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Industry 4.0 Market would rise to USD 123.56 billion by 2030

Industry 4.0 Market Research Report Analysis by Technology Type (Industry Automation, 3D Printing, Digital Twin, Artificial Intelligence (AI) and Machine Learning (ML), BlockChain, Extended Reality (XR), Industrial Internet of Things (IoT), Others), by End User (Manufacturing, Automotive, Oil and Gas, Energy and Utilities, Food and Beverages, Aerospace and Defense, Others), & By Region (North America, Europe, Asia-Pacific, Latin America and Middle East & Africa) - Forecast till 2030

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Format : Industry 4.0 Market would rise to USD 123.56 billion by 2030

Industry 4.0 Market Overview

“The Industry 4.0 Market is estimated to increase at a CAGR of 19.24% from $ 123.56 billion in 2023 to $ 546.38 Billion by 2030.”

Industry 4.0 is the integration of intelligent digital technology into manufacturing and industrial processes, incorporating industrial IoT networks, AI, Big Data, robots, and automation. It aims to enhance flexibility, productivity, and efficiency, facilitate informed decision-making, and customize supply chain and industrial processes, thereby transforming the manufacturing industry.

Industry 4.0 is revolutionizing the way businesses produce, enhance, and distribute goods through the integration of IoT, cloud computing, analytics, AI, and machine learning. Smart factories use advanced sensors, embedded software, and robots to gather and analyze data for decision-making. By linking operational data from ERP, supply chain, and customer service with manufacturing processes, greater value is produced from previously segregated information.

Digital technology is revolutionizing the manufacturing sector by enabling increased automation, preventative maintenance, self-optimization of process improvements, and increased efficiency. By developing smart factories, the sector can join the fourth industrial revolution by analyzing big data from factory floor sensors, ensuring real-time visibility of assets, and providing predictive maintenance tools to reduce equipment downtime.

The Internet of Things (IoT) is crucial in Industry 4.0 due to its various components, including IoT platforms, gateways, and devices. It also encompasses cloud computing, big data, mobile, data communication technologies, HMI and SCADA, manufacturing execution systems, enterprise resource planning (ERP), programmable logic, and artificial intelligence. These advancements contribute to the overall integration of IoT in various industries.

Industry 4.0 Market | Market Report Service

The focus is on data and optimization throughout the entire value chain.

Industry 4.0 is a new level of organization and control in the product value chain, focusing on cyber-physical systems. It allows for new capabilities in fields like product design, remote control, services, diagnosis, condition monitoring, proactive maintenance, track and trace, structural health monitoring, planning, innovation capability, agility, and real-time applications. These capabilities result in use cases and deployments, including personalization capabilities, real-time alerts, creative service models, dynamic product improvement, increased productivity, higher uptime, and new business models.

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Industry 4.0 Technologies

Big Data and AI analytics- Big Data is acquired from a variety of sources in an Industry 4.0 scenario. This, of course, includes data collection from assets, equipment, and IoT-enabled devices. Outside of the production floor, data sources spread into other sectors of the business and the world. They can range from consumer feedback and market trends that help guide R&D and design to weather and traffic applications that assist ensure easier logistics. AI and machine learning analytics are applied to data in real time, and insights are used to improve decision-making and automation in all areas of production and supply chain management.

Horizontal and vertical integration- Horizontal and vertical integration is a critical component of Industry 4.0. Horizontal integration firmly integrates operations at the "field level" - on the factory floor, across numerous manufacturing sites, and across the whole supply chain. Vertical integration connects all layers of an organisation, allowing data to flow easily from the shop floor to the top floor and back down. In other words, R&D, quality assurance, sales and marketing, and other divisions are strongly connected with production, minimising data and knowledge silos and simplifying operations. 

Cloud computing- Cloud computing is considered the "great enabler" of Industry 4.0 and digital transformation, serving as the foundation for modern technologies like AI, machine learning, and IoT integration. It enables enterprises to develop, store data, and connect cyber-physical systems in real-time, enabling the development of advanced industries.

Augmented reality (AR)- Augmented reality (AR) is a technology that overlays digital content on a real-world setting, allowing employees to view real-time IoT data, digitalized components, maintenance instructions, and training information while observing a physical object. Despite its early stages, AR has significant implications for maintenance, service, quality assurance, technician training, and safety.

Industry 4.0 Market Segment Analysis

Industry Automation

Industrial IoT (Industrial IoT) incorporates developments from two fundamental revolutions. Several producers of industrial equipment have decided to use IoT due to the potential benefits of the technology. Manufacturers are able to determine the current status of machines, improve their performance, and identify possible faults while planning maintenance programmes by connecting industrial equipment utilising wireless connection and collecting sensor data from the same. A variety of technologies are available for industrial automation that aid in lowering the need for human interaction. Additionally, it improves the quality and flexibility of industrial operations.

Artificial Intelligence

Artificial intelligence (AI) refers to the ability of a digital computer or robot to perform actions often performed by intelligent individuals. It involves developing AI systems with human-like cognitive abilities, such as reasoning, meaning-finding, generalization, and experience-based learning. Since the creation of the digital computer in 2022, computers have been able to perform complex tasks with great skill. Despite advancements in processing speed and memory, AI programs still cannot match human flexibility across a wider range of activities or those requiring significant common knowledge.

Market Dynamics

Drivers

Additive manufacturing, or 3D printing, is gaining popularity due to its ability to meet the growing demand for ventilator valves in hospitals worldwide. Governments worldwide are launching programs and sponsoring organizations to explore the possibilities of 3D printing technology and promote its growth. National programs are being implemented in the US, UK, and Canada to support university-level 3D printing research, advancing technology and fostering start-ups. This shift in manufacturing industry tendencies is expected to continue.

Restraints

Industry 4.0 systems are vulnerable to hacking, allowing hackers to access manufacturer data and gather vital information. Therefore, raising awareness about these dangers and understanding the need for cybersecurity solutions at all organizational network levels is crucial.

Competitive Landscape of the Industry 4.0 Market Analysis

New Developments in Industry 4.0 Market

19 January 2023 Siemens & Deloitte demonstrate Industry 4.0 innovation at The Smart Factory @ Wichita

Siemens Digital Industries Software today announced the opening of eXplore Live at The Smart Factory @ Wichita, an experience center convened by Deloitte that marries an ecosystem of world-leading organizations with business strategy and cutting-edge technology to demonstrate Industry 4.0. Located on Wichita State University’s Innovation Campus, The Smart Factory includes a fully operational production line and experiential labs for developing and exploring innovative capabilities of smart manufacturing.

Nov. 27, 2022 Emerson Showcases Industry 4.0 and Asset Management Innovation as Gold Sponsor at MAINTCON 2022

Global software and engineering leader Emerson participates as a gold sponsor in the MAINTCON 2022 exhibition to underline the significance of Industry 4.0 and emerging technological advancements in maintenance, reliability, and asset management. The conference is being held from Nov. 27 - 30, and is one of the largest gatherings of maintenance and reliability professionals in the world.

Regional Analysis

“Asia Pacific is expected to account for a sizable market share.”

Asia Pacific is continually developing relevant strategies and policies to help local industries upgrade and reorganise for Industry 4.0. As its middle-class population grows and earnings rise, Asia Pacific is automating faster than any other region in an effort to modernise its processes and preserve its cost advantage in international commerce.

Manufacturers in the Asia Pacific area are now concentrating on revenue development opportunities and risk management. As Asia-Pacific turns to higher-value manufacturing, global manufacturers are expected to play more important roles as firms seek alternative production sites adjacent to the region's burgeoning consumer markets.

China

China's developed economy and industrial sector drive market growth through innovative technologies like IIOTs and digital twins. The government's focus on SMBs sector is expected to boost China's need for Industry 4.0 through the use of innovative technology.

Japan

Japan has significantly transformed into an automated industrial economy in the Asia-Pacific region through its Industrial Version 4.0 plans, becoming a manufacturing hub for factory automation goods and supplies to regional markets.

Segments Covered in the Industry 4.0 Market Report

By Technology Type       

  • Industry Automation
  • 3D Printing
  • Digital Twin
  • Artificial Intelligence (AI) and Machine Learning (ML)
  • BlockChain
  • Extended Reality (XR)
  • Industrial Internet of Things (IIoT)
  • Others

By End User      

  • Manufacturing
  • Automotive
  • Oil and Gas
  • Energy and Utilities
  • Food and Beverages
  • Aerospace and Defense
  • Others

By Region          

North America (U.S., Canada)

Europe (UK, Germany, France, Italy, Spain, Netherlands, Rest of Europe)

Asia-Pacific (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific)

LAMEA (Latin America, Middle East, Africa)

Frequently Asked Questions

What is the expected growth rate of the Industry 4.0 market over the next 7 years?

Industry 4.0 Market is growing with a CAGR of 19.24%, Size, Share, Industry Trends and Forecast to 2030 | Report 2023 by published by Market Report Service

Who are the major players in the Industry 4.0 market and what is their market share?

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.), are prominent players operating and dominating in the market.

Who are the top 3 Industry 4.0 Market Key Vendors?

ABB Ltd (Switzerland), Siemens AG (Germany), Cognex Corporation (U.S.), Schneider Electric SE (France), are key players in the Industry 4.0 market.

Which geographical areas dominate the worldwide market for Industry 4.0?

North America region are emerging as the top regional markets for Industry 4.0 solutions.

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