The adoption of 5G in the field of cloud automation is expected to provide lucrative opportunities for Industry 4.0 market growth during the forecast period.
PORTLAND, PORTLAND, OR, UNITED STATES, October 4, 2023 /EINPresswire.com/: Industry 4.0 is transforming how businesses produce, enhance, and disseminate their goods. The Internet of Things (IoT), cloud computing, analytics, AI, and machine learning are among the cutting-edge technologies that manufacturers are incorporating into their manufacturing processes. Advanced sensors, embedded software, and robotics are all featured in these “smart factories,” which gather and analyse data to help with decision-making.
According to the report, the global economy generated $113.39 billion in 2021 and is estimated to reach $618.39 billion by 2031, witnessing a CAGR of 18.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Factors such as the rise in adoption of industrial robots and the increase in deployment of additive manufacturing primarily drive the growth of the Industry 4.0 market. However, expensive deployment costs of industrial robots and complications in the integration and interoperability of industrial robots hamper market growth to some extent. Moreover, an increase in the adoption of 5G in the field of cloud automation is expected to provide lucrative opportunities for market growth during the forecast period.
Key players profiled in the Industry 4.0 industry include Cognex Corporation, Schneider Electric SE, Emerson Electric Co., Rockwell Automation Inc., Cisco Systems Inc., ABB Ltd., Siemens AG, Honeywell International Inc., General Electric Company, and International Business Machines Corporation. Market players have adopted various strategies, such as product launches, collaboration and partnership, joint ventures, and acquisitions, to expand their foothold in the Industry 4.0 industry.
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The report analyses these key players in the global industry 4.0 market. These players have adopted various strategies, such as expansion, new product launches, partnerships, and others, to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
By end user, the manufacturing segment accounted for nearly two-fifth of the global Industry 4.0 market share in 2021 and is expected to dominate the boost by 2031. The aerospace and defence segment would also display the fastest CAGR of 22.2% throughout the forecast period, owing to increased flexibility that enables producers to use mass customization to better satisfy client requests, eventually aiming to maximise efficiency with, in many circumstances, a lot of one.
By technology type, the industry automation segment held the major share in 2021, garnering nearly two-thirds of the global Industry 4.0 market revenue. The blockchain segment would also showcase the fastest CAGR of 22.3% during the forecast period, owing to essential elements of Industry 4.0 to detect, measure, analyse, and process various transitions in industrial production facilities, such as changes in positions, length, height, exterior, and dislocations.
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Region-wise, the industry 4.0 market size was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to ongoing technical breakthroughs, financial assistance from regional governments, and initiatives to achieve real-time quality control and real-time visibility across the manufacturing sector. The U.S. has a sizable industrial base and several businesses with high production capacities; hence, it is anticipated to dominate the North American Industry 4.0 market. However, Asia-Pacific is expected to witness the highest growth in the upcoming years, owing to the analytics, automation, and machine-learning algorithms that have released human operators from performing a significant percentage of the detailed work. Moreover, artificial intelligence and machine learning can generate insights that give business operations visibility, predictability, and automation.
Covid-19 scenario-
• Digitalization across sectors is accelerating quickly as the COVID-19 pandemic decimates the global industry 4.0 market environment.
• The COVID outbreak is accelerating the emergence of Industry 4.0, catapulting companies from various industries to a higher degree of Internet of Things (IoT) technology and workflow.
• For manufacturers and businesses worldwide, adaptability in analysing and adjusting inventory requirements, optimising supply chains, and increasing manufacturing capacities with cutting-edge technologies will be essential in this situation. In addition, supportive government efforts are anticipated to help businesses survive the pandemic.
• During the COVID-19 pandemic, the industry was being transformed by a number of technologically cutting-edge technologies, including cloud computing, artificial intelligence (AI), 5G networks, and big data.
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