Industry 4.0 Market Size, Share, Developments, Growth and Forecast 2022
The global industry 4.0 market is predicted to expand at an incredible CAGR during the forecast period (2017-2022) owing to the evolution of cloud computing technologies. Industry 4.0 stands for fourth industrial revolution. Grouping of several major innovations in digital technology is referred to as Industrial 4.0. Technologies comprise cloud computing, advanced robotics and artificial intelligence, sensors, other new marketing models, Internet of Things, data capture and analytics, digital fabrication (3D printing), software-as-a-service, smartphones, and other mobile devices. Industry 4.0 is the development of machines which uses self-configuration, self-optimization, and artificial intelligence to complete task and deliver better quality services and goods.
Drivers and Constraints Impacting the Market
Evolution of cloud computing technologies, implementation of smart factory concept, technological advancements in the electronics industry, factory automation technology, and government initiatives by various countries are predicted to drive the market over the assessment period. Moreover, integration and digitization of horizontal and vertical value chains, digital business models, digitization of service and product offerings, customer access, faster and efficient production, and growing popularity of smart factories are some of the major factors stimulating the market growth over the review period. Development of value chains is one of the primary factors propelling the market growth over the assessment period.
On the flip side, the risk associated with cybersecurity along with slow pace of implementation is the major threat inhibiting the market growth over the assessment period.
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.
Industry 4.0 Global Market – Segmentation
The global industry 4.0 market has been segmented on the basis of application, technology, end-users, and region.
By mode of technology, the global industry 4.0 market has been segmented into big data analytics, cloud computing, 3d printing, augmented reality, smart sensors, advanced human-machine interfaces, IoT platforms, mobile devices, location detection technology, and others.
By mode of application, the global industry 4.0 market has been segmented into smart factory, industrial automation, and industrial internet of things.
By mode of end-users, the global industry 4.0 market has been segmented into transportation, industrial manufacturing, mining & metals, pharmaceuticals, construction, chemical, food & beverages, electronics, aerospace & defense, oil & gas, automotive, and others.
Industry 4.0 Global Market – Regional Analysis
Geographically, the market for industry 4.0 spans across regions namely North America, Asia Pacific, Europe, and Rest-of-the-World.
Among all the regions, the European region is estimated to dominate the industry 4.0 market over the assessment period. Countries such as Germany and Japan are the farthest along in partnering across the horizontal value chain and digitizing internal operations due to high investment in employee training and technology. These regions view their digital transformation in terms of gain in cost reduction, operational efficiency, and quality assurance. Chinese companies are flexible and open to digital change. Additionally, Asia Pacific showcases the highest digital integration and highest digitization.
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