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:
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:
“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.
Global Industry 4.0 Market – Industry Trends and Forecast to 2028