WASHINGTON, May 02, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Industry 4.0 Market finds that the increasing adoption of artificial intelligence (AI) and internet of things (IoT) in manufacturing sector is expediting market growth. Primarily driven by rising adoption of rechargeable batteries, the total Global Industry 4.0 Market is estimated to reach USD 254.5 Billion by the year 2028.
The Global Market revenue was USD 86.1 Billion in the year 2021 and is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 19.8%.
Furthermore, the increase in adoption of blockchain technology is also anticipated to augment the growth of the Global Industry 4.0 Market, states Vantage Market Research, in a report, titled “Industry 4.0 Market Size, Share & Trends Analysis Report by Component (Solutions, Services), by Technology (3D Printing, Advanced Robotics, AR/VR Systems, Internet of Things (IoT), by Enterprise Size (Small & Medium Enterprises, Large Enterprises), by Industry (Manufacturing, Energy & Utilities, Automotive, Oil & Gas), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Increasing Adoption of Artificial Intelligence (AI) and Internet of Things (IoT) in Manufacturing to Fuel Global Industry 4.0 Market
The increasing adoption of artificial intelligence (AI) and internet of things (IoT) in manufacturing sector is expected to fuel the growth of the Industry 4.0 Market during the forecast period. Manufacturers are incorporating new technology into their manufacturing facilities and operations, such as the Internet of Things (IoT) and AI and machine learning. Smart factories rely greatly on the Internet of Things (IoT). Sensors having an IP address are mounted on the factory floor, allowing machines to communicate with other web-enabled devices. Large volumes of important data can be collected, analysed, and distributed due to this mechanisation and connectivity technology. Furthermore, manufacturing companies may employ AI and machine learning to fully utilise and benefit from the massive amounts of data generated not only on the factory floor, but also across their entire organisation, as well as from partners and third-party sources. Artificial intelligence (AI) and machine learning can provide insights into operations and business processes, allowing for more visibility, predictability, and automation. Industrial machines, for example, are prone to failure during the manufacturing process. Businesses can use data generated from these assets to perform predictive analysis using machine learning algorithms, resulting in increased uptime and efficiency and hence driving Industry 4.0 Market.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Industry 4.0 market is predicted to grow at a CAGR of roughly 19.8% during the forecast period.
- The Industry 4.0 market was estimated to be worth roughly USD 86.1 Billion in 2021 and is expected to reach USD 254.5 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Industry 4.0 market.
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Segmentation of the Global Industry 4.0 Market:
- 3D Printing
- Advanced Robotics
- AR/VR Systems
- Internet of Things (IoT)
- Artificial Intelligence
- Others (Cyber Security)
- Big Data
- Predictive Maintenance
- Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
- Energy & Utilities
- Oil & Gas
- Aerospace & Defense
- Electronics & Consumer Goods
- Food & Beverage
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Rising Demand for Edge Computing to Augment Market Growth
The increasing demand for edge computing is anticipated to augment the growth of the Industry 4.0 Market within the estimated period. Because of the demands of real-time manufacturing, some data analysis must be performed at the “edge” that is, where the data is generated. This cuts down on the time it takes for data to be generated and a response to be required. Detecting a safety or quality issue with equipment, for example, would need a near-real-time response. The time it takes to move data from the manufacturing floor to the enterprise cloud and back might be lengthy, and it is dependent on network stability. Additionally, edge computing keeps data close to its source, reducing security risks. This is further expected to fuel the demand for battery management systems in near future. However, lack of skilled workforce conversant with new developments in AI and IoT technologies along with data security risks associated with integration of these technologies is anticipated to limit the growth of the market in near future. Moreover, rising popularity of 5G along with adoption of blockchain technology in manufacturing is expected to create immense opportunities for the growth of the market in the years to come.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the automation industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Industry 4.0 Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Asia Pacific to Dominate the Global Industry 4.0 Market
Asia Pacific has dominated the Global Industry 4.0 Market in 2021 and is likely to continue the same trend during the forecast period. China dominated Asia Pacific in 2021. This is attributable to the rising adoption of robotics in the manufacturing sector in economies like China, India and Japan in the region. Furthermore, the increasing implementation of advanced technologies in manufacturing is also anticipated to fuel the growth of the market in the region. Additionally, increasing government initiatives is also expected to support regional growth of the market in the years to come.
List of Prominent Players in the Industry 4.0 Market:
- ABB Ltd.
- Alphabet Inc.
- Ansys Inc.
- Cisco Systems Inc.
- Cognex Corporation
- FANUC Corporation
- General Electric Company
- HMS Networks AB
- Intel Corporation
- International Business Machines Corporation
- KUKA AG
- Microsoft Corporation
- Mitsubishi Electric Corporation
- Rockwell Automation Inc.
- SAP SE
- Schneider Electric SE
- Siemens AG
- Stratasys Ltd.
- The Hewlett Packard Enterprise Company
- The Yaskawa Electric Corporation
Browse market data Tables and Figures spread through 174 Pages and in-depth TOC on “Industry 4.0 Market Size, Share & Trends Analysis Report by Component (Solutions, Services), by Technology (3D Printing, Advanced Robotics, AR/VR Systems, Internet of Things (IoT), by Enterprise Size (Small & Medium Enterprises, Large Enterprises), by Industry (Manufacturing, Energy & Utilities, Automotive, Oil & Gas), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/industry-4.0-market-786563
April, 2021: Cyient announced the launch of its INTELLICYIENT suite of Industry 4.0 Market solutions that will enable digital transformation for industries that draw significant value from their assets such as manufacturing, industrial, aerospace, automotive and off-highway, utilities, and mining and natural resources.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Industry 4.0 Market?
- How will the Industry 4.0 Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Industry 4.0 Market?
- What is the Industry 4.0 market drivers and restrictions?
- What will be the CAGR and size of the Industry 4.0 Market throughout the forecast period?
This market titled “Industry 4.0 Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
|Market Size Provided for Years||2016-2028|
|Segments Covered|| • Component
• Enterprise Size
|Region & Counties Covered|| • North America
• Asia Pacific
• Latin America
• Middle East & Africa
|Companies Covered|| • ABB Ltd.
• Alphabet Inc.
• Ansys, Inc.
• Cisco Systems, Inc.
• Cognex Corporation
• FANUC Corporation
• General Electric Company
• HMS Networks AB
• Intel Corporation
• International Business Machines Corporation
• KUKA AG
• Microsoft Corporation
• Mitsubishi Electric Corporation
• Rockwell Automation, Inc.
• SAP SE
• Schneider Electric SE
• Siemens AG
• Stratasys Ltd.
• The Hewlett Packard Enterprise Company
• The Yaskawa Electric Corporation
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
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