Global Industry 4.0 Market: Is Industry 4.0 Transforming the Industries Worldwide?

Global Industry 4.0 Market

Industry 4.0 is the new phase of the industrial revolution that is used in industries so that data can be analyzed easily and faster and high quality goods can be produced at cheaper cost. They use different smart technology so that the productivity can be improved and real time connection can be created between humans and machines. IoT, LPWANs, IT/OT convergence, artificial intelligence, machine learning, advanced robotics and others are some of the common technologies which are used in the industry 4.0. This is a very beneficial for manufacturing processes as they help them to achieve their goals and also utilize all the data so that it can work more efficiently. Industry 4.0 is widely used in industries such as automotive, aerospace, chemical and material, oil and gas, energy and others.

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Few of the factors which are accelerating the market growth are:

  • Increasing adoption of Industrial Internet: Industrial internet is used to combine the machine intelligent with other technology and Internet of Things (IoT). Industrial internet is very useful for the industries because they are going interconnect the object and will improve the performance and reliability. For better efficiency and performance, industries is adopting industrial internet which is the reason driving the global industry 4.0 market
  • Increased focus on efficiency and cost of production leading to digitization: Digitalization is creating new opportunities for the small and medium businesses so that they can improve their productivity and increase the product quality by reducing the production cost. This help the company so that they can change their strategy, restructure the factory and optimize their supply chain. They will be able to meet the need of the customer in a flexible way.

The global industry 4.0 market is segmented as technology which is segmented as industrial robotics, cyber security, internet of things (IoT), 3D printing, advanced human–machine interface (HMI), big data, augmented reality & virtual reality, artificial intelligence; application which is segmented as industrial automation, smart factory, industrial internet of things and vertical which is segmented as automotive, electrical & electronics equipment, industrial equipment, aerospace, chemical & materials, food & agriculture, oil & gas, energy & power and healthcare

Some of the developments in the market are:

  • In May 2019, PTC announced the launch of their Industry 4.0 technology suite which is specially designed for Smart Manufacturing. The main aim of the launch is to face the problems which are faced by the manufactures due to new innovations in the technologies. This is will help the build a compact relationship between private technology companies like PTC, academia (IIT & FSM) and government initiatives (SAMARTH UDYOG). This will help the manufacturing industries to get access to all the new digital technologies
  • In July 2019, FICCI announced the launch of their new FICCI Future- X' platform. This platform is specially designed to expound the benefits and opportunities of the industry 4.0. The main aim of the launch is to help the people to know about the benefits and challenges of industry 4.0 so that they can efficiently use this technology. This platform has different industry leaders and experts which will help them to share information

 “According to Data Bridge Market Research, global industry 4.0 Market accounted for USD 68.83 billion in 2016 growing at a healthy CAGR during the forecast period of 2017 to 2024”

Some of the major players of the global industry 4.0 market are General Electric, Microsoft Corporation, Stratasys Ltd., Oculus VR, ABB Ltd., Mitsubishi Electric Corp., Intel Corporation, Hewlett Packard Enterprise Company, Siemens AG, Cisco Systems, Samsung Electronics Co. Ltd., Rockwell Automation, Inc., Denso Corporation, Qualcomm Inc., Oracle Corporation, SAP SE, Aibrain, Inc., Eos GmbH, Intelligent Automation, Inc., Zih Corporation, Exone Company, Advantech Co. Ltd., Sensory Inc., Rethink Robotics, Ngrain, Interset Software, Inc., Arcadia Data, Inc., U-Blox, General Vision, Inc., Magic Leap, XJET, Splunk Inc., Beijer Electronics Ab, Worldsensing, Sri International, Cyberx, and others.

Industry 4.0 is playing a very important role in the business as it is helps in improving the productivity and also improves the customer experience. With new advancement and collation of new advanced system, these are changing the scenario of the industries. It is improving the manufacturing oversite, automation and decision making which is helping the companies to increase their profits. It is also improving the communication between the departments and creating a platform for more knowledge sharing for the smooth work. These are some of the factors which are creating new opportunities for this market.