Industry 4.0 represents a transformative era in manufacturing and beyond. It involves the integration of advanced technologies like artificial intelligence, automation, IoT, and data analytics to create smart, interconnected systems. Optimizing production processes, enhancing supply chains, and enabling predictive maintenance, Industry 4.0 revolutionizes manufacturing efficiency and productivity. Beyond manufacturing, this innovative approach extends to various sectors, driving digital transformation, improving customer experiences, and shaping the future of industries worldwide.
According to Data Bridge Market Research, the Global Industry 4.0 Market accounted for USD 135.93 billion in 2022 and is expected to reach USD 579.44 billion by 2030. The market is expected to grow with a CAGR of 19.87% in the forecast period of 2023 to 2030.
“Increasing consumer spending on digitalization the market’s growth”
The growth of the industry 4.0 market is fueled by increasing consumer spending on digitalization. As businesses and industries prioritize digital transformation to optimize operations and enhance productivity, there is a higher demand for advanced technologies such as automation, artificial intelligence, and the Internet of Things. The adoption of industry 4.0 solutions enables companies to streamline processes, improve efficiency, and gain a competitive edge. Consequently, the market is experiencing growth as consumer spending continues to drive the implementation of digital technologies across various sectors.
What restraints the growth of the global industry 4.0 market?
“Increasing product prices restraints the market’s growth”
The growth of the industry 4.0 market can be impeded by high prices associated with implementing advanced technologies. Industry 4.0 solutions often require significant infrastructure, equipment, and software investments, which can be cost-prohibitive for some businesses. Additionally, the expenses related to training and upskilling employees on new technologies can further increase the financial burden. The high upfront costs and ongoing maintenance expenses may deter smaller companies or those with limited budgets from adopting industry 4.0 practices, potentially hindering the market's growth.
Segmentation: Global Industry 4.0 Market
The global industry 4.0 market is segmented on the basis of technology, enterprise size, vertical, and component.
- On the basis of technology, the industry 4.0 market has been segmented into industrial robotics, blockchain, industrial sensors, industrial 3d printing, machine vision, extended reality (XR), cyber security, Internet Of Things (IoT), 3d Printing, advanced human–machine interface (hmi), big data predictive maintenance, augmented reality and virtual reality, artificial intelligence, ai in manufacturing, digital twin, AGV’S, machine condition monitoring.
- On the basis of enterprise size, the industry 4.0 market has been segmented into small and medium enterprises, large enterprises.
- On the basis of vertical, the industry 4.0 market has been segmented into manufacturing, utilities, automotive, electrical and electronics equipment, industrial equipment, aerospace and defence, electronics and consumer goods, chemical and materials, food and agriculture, oil and gas, energy and power, healthcare, others.
- On the basis of component, the Industry 4.0 market has been segmented into hardware, software, services, solution.
Regional Insights: North America dominates the Global Industry 4.0 Market
North America dominates the industry 4.0 market as innovations garner increased attention. Technological advancements will play a key role in driving this growth by enhancing the adoption of industry 4.0 solutions in various sectors.
Asia-Pacific is projected to observe significant growth in the industry 4.0 market due to rising focus on innovations and technological advancements. As businesses and industries embrace advanced technologies like automation, AI, and IoT, the adoption of industry 4.0 solutions will increase, resulting in improved efficiency and productivity across various sectors during the forecast period.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-industry-4-0-market
Recent Development
- In 2022, Panasonic Life Solutions India has recently opened a production facility in Sri City to cater to the growing demands of the ECM (Electrical Construction Materials) industry. This state-of-the-art manufacturing facility, built on the principles of industry 4.0, aims to strengthen the company's presence in the Southern Area.
- In 2022, Youngstown State University and the University of Northern Iowa's National Center for Defense Manufacturing and Machining formed a new partnership, securing USD 10 million in initial funding for their first year. The objective is to boost the adoption of cutting-edge technologies among small-to-medium-sized businesses, fortify critical aspects of the defense manufacturing supply chain, and generate employment opportunities.
- In 2022, The University of Louisville established the Center for Organizational Readiness for Enterprise 4.0 (CORE4.0) to assist businesses in preparing to integrate intelligent and interconnected technologies like artificial intelligence, automation, and the Internet of Things.
- In 2022, HCL Technologies (HCL) introduces Industry NeXT, a groundbreaking architecture that supports clients in digitally transforming their businesses. Built on the industry 4.0 (I4.0) framework, Industry NeXT facilitates a seamless transition for businesses worldwide to a collaborative environment.
- In 2021, Intel India and the Society for Innovation and Entrepreneurship (SINE)-IIT Bombay jointly launched The Plugin Alliance, an industry-technology organization. Its primary objective is to drive India's transition to Industry 4.0. The Alliance aspires to foster a collaborative community, with members representing all aspects of the Industry 4.0 ecosystem, contributing to its advancement and growth.
The Prominent Key Players Operating in the Global Industry 4.0 Market Include:
- Qualcomm Technologies, Inc. (U.S.)
- Siemens (Germany)
- SAP SE (Germany)
- Cisco Systems, Inc. (U.S.)
- SAMSUNG (South Korea)
- Oracle (U.S.)
- Intel Corporation (U.S.)
- Microsoft (U.S.)
- Mitsubishi Electric Corporation (Japan)
- General Electric (U.S.)
- Rockwell Automation (U.S.)
- DENSO CORPORATION. (Japan)
- Sensory Inc. (U.S.)
- Hewlett Packard Enterprise Development LP (U.S.)
- ABB (Switzerland)
- OMRON Corporation (Japan)
- Robert Bosch GmbH (Germany)
- Huawei Technologies Co., Ltd (China)
- Hitachi Vantara LLC (U.S.)
- YASKAWA ELECTRIC CORPORATION. (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of global industry 4.0 market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Industry 4.0 Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
