Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Industry 4.0 market projected to propel due to the growing demand for industrial robots and increasing focus on enhanced efficiency and reduced production costs
Global Industry 4.0 market size was valued at USD 74.8 billion in 2019 and is anticipated to which expected to reach USD 213.84 billion by 2027, growing at a CAGR of 12.77 % from 2020-2027. The primary factors are the rise in the adoption of industrial internet in various industries. Additionally, the shifting focus of manufactures towards their increasing production efficiency, controlling, and effectively and streamlining heterogeneous manufacturing processes are anticipated to fuel the growth of the global Industry 4.0 market in the future periods. Further, the mounting popularity of intelligent manufacturing techniques to enhance productivity across various industry verticals will spur Industry 4.0 in the coming years. Also, the evolution of cloud computing technologies, technological advancements in the electronics industry, implementation of smart factory concept & factory automation technologies, and government initiatives by different countries are estimated to foster the robust growth of the Industry 4.0.
The four major themes of Industry 4.0 are smart factories, smart production, smart logistics, and smart services. The manufacturing industry expands new applications and services by systematically building based on modularization and encapsulation; big data drives connected manufacturing technology. Moreover, the growing adoption of automation for high-quality production will accelerate the market expansion of Industry 4.0 in the forecast span. Also, the surge in the applications of Industry 4.0 to enable manufacturing operational intelligence, remote servicing, remote monitoring, and predictive maintenance will boom market growth. Additionally, the introduction of Big Data and innovative methods to handle massive amounts of data in the industrial process are likely to promulgate the growth of global Industry 4.0.
Component Overview in the Global Industry 4.0 Market
Based on the component, the global Industry 4.0 market classified into hardware, software, and services. The software segment likely to lead the market by 2027, owing to software help in data management, remote monitoring, security solutions, analytics, and others.
Technology Overview in the Global Industry 4.0 Market
Based on the component, the global Industry 4.0 market classified into hardware, software, and services. The software segment likely to lead the market by 2027, owing to software help in data management, remote monitoring, security solutions, analytics, and others.
Application Overview in the Global Industry 4.0 Market
Based on the application, the global Industry 4.0 market classified into Industrial Automation, Smart Factory, and Industrial Internet of things (IIoT). The Industrial Internet of things (IIoT) segment projected to lead the market by 2027. It is due to the IIoT helps in save energy costs, maintenance costs, and waste and improve workforce productivity and service. Additionally, the growing adoption of IIoT in enabling asset monitoring, manufacturing operational intelligence, remote servicing, remote monitoring, and predictive maintenance will propel the growth of the IIoT market in future periods.
End-User Industry Overview in the Global Industry 4.0 Market
Based on the end-user industry, the global Industry 4.0 market segmented into Automotive, Electronics, Oil & Gas, Energy & Power, Chemicals, Pharmaceuticals, Food & Beverages, Manufacturing, and Others. The manufacturing segment anticipated to dominate the market by 2027. It is attributable to manufacturing companies using industry 4.0 to increase the shortage of skilled workers in the manufacturing sector, and robots help optimize their performance and identify potential failures.
Regional Overview in the Global Industry 4.0 Market
By geography, the Global Industry 4.0 Market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific held a higher market share in 2019 and will continue its dominance by 2027. It is attributable to considering continuous technological advancements and financial support from the governments in the region, coupled with high adoption of automated & robotic systems for performing various operational tasks at manufacturing & warehouse facilities to gain productivity.
Global Industry 4.0 Market: Competitive Landscape
Companies such as ABB, Mitsubishi, Yaskawa, KUKA, FANUC, General Electric, IBM, Cisco, Microsoft, Stratasys, Google, Intel, HP, Siemens, Ansys, AIBrain, SAP, Amazon Web Services, Texas Instruments, and General Vision, are the key players in the global Industry 4.0 Market.