Global Industry 4.0 Market Grows Significantly at a CAGR of 18.38%

Introduction

Industry 4.0 is bringing about a transformative period for enterprises, significantly reshaping the realm of product fabrication, advancement, and dissemination. Manufacturers effectively incorporate advanced technologies such as the Internet of Things (IoT), cloud computing, analytics, artificial intelligence, and machine learning into their manufacturing facilities and operational frameworks. Smart factories have advanced sensors, embedded software, and robotic systems that gather and analyze data, facilitating enhanced decision-making processes. The integration of production data with operational information derived from business systems such as supply chain management, Enterprise Resource Planning (ERP), and customer service provides a novel means of enhancing visibility and gaining valuable insights. This integration effectively dismantles previously existing data silos.

Market Dynamics

Advancing Technological Advancements in Robotics and Artificial Internet of Things Drive the Global Market

Industries are transitioning from traditional industrial practices to digital methodologies, employing advanced technology such as AIoT (Artificial Intelligence of Things) for automation and Robotics. According to the report published by the World Economic Forum, a significant increase in productivity has been observed in more than 1000 factories that have used Artificial Intelligence of Things (AIoT) technology. This adoption has facilitated the customization of products on a broad scale, resulting in improved operational profitability. The factories employ many technological components such as sensors, autonomous robots, and smart meters to gather data.

The utilization of Artificial Intelligence of Things (AIoT) facilitates data analysis, enabling the identification of potential issues within the manufacturing process. Moreover, AIoT empowers the resolution of these issues autonomously, without needing external assistance. This methodology results in expedited product delivery, streamlined production processes, heightened automation, enhanced adaptability, and enhanced customer satisfaction.

Incorporation of Emerging Technologies to Shape Prospects of Industry 4.0 Creates Tremendous Opportunities

An assortment of cutting-edge technologies that can be used in production systems in the future, such as cyber-physical systems, RFID, IoT, cloud computing, big data analytics, advanced robots, and smart factories, are depicted in Industry 4.0, which represents the fourth industrial revolution. The technologies have the power to transform several industries, including energy, automotive, logistics, and aerospace, and they could also accelerate the incorporation of ICTs into corporate processes.

Furthermore, Industry 4.0's constituents confer notable benefits upon enterprises, such as personalized products, instantaneous data processing, increased visibility, self-governing oversight, flexible product development, improved efficiency, and competitiveness. Putting these technologies into practice can save expenses while increasing production, efficiency, flexibility, and the ability to create customized products.

Regional Analysis

North America is the most significant global Industry 4.0 market shareholder and is expected to grow significantly over the forecast period. The region held a significant market share in 2022 and is expected to increase favorably between 2023 and 2031. The emergence of Industry 4.0 can be attributed to several significant factors, including the rapid progression of technological advancements, significant financial support from regional governmental entities, and concerted efforts to establish real-time quality control and enhanced visibility throughout the manufacturing sector. The presence of a robust industrial sector and the application of significant technological advancements are driving the expansion of Industry 4.0 in North America.

Key Highlights

• The global industry 4.0 market was valued at USD 113.86 billion in 2022. It is projected to reach USD 516.69 billion by 2031, growing at a CAGR of 18.38% during the forecast period (2023-2031).
• Based on the technology type, the global industry 4.0 market is bifurcated into Industrial Robots, Blockchain, Industrial Sensors, Industrial 3D Printing, Machine Vision, HMI, AI in Manufacturing, Digital Twin, AGVs, and machine condition monitoring.Artificial intelligence in manufacturing segment is the highest contributor to the market and is expected to expand substantially over the forecast period.
• Based on end-user, the global industry 4.0 is bifurcated into aerospace and defense, automotive, energy and utilities, food and beverages, manufacturing, and oil and gas.The manufacturing segment dominates the global market and is expected to expand significantly over the forecast period.
• North America is the most significant global Industry 4.0 market shareholder and is expected to grow significantly over the forecast period.

Competitive Players

1. ABB Ltd
2. Siemens AG
3. Cognex Corporation
4. Schneider Electric SE
5. Honeywell International Inc.
6. Emerson Electric Co.
7. Rockwell Automation Inc.
8. General Electric Company
9. Robert Bosch GmbH
10. Cisco Systems Inc.
11. 3D Systems
12. Advantech
13. Basler
14. Daifuku
15. IBM
16. Intel
17. John Bean Technologies Corporation
18. Nvidia
19. SAP SE
20. Microsoft Corporation
21. Techman Robot
22. AlBrain
23. Algolux
24. Beckhoff Automation
25. BigchainDB GmbH
26. LogiLube
27. Sculpteo
28. Sigfox

Recent Developments

Recent Developments

• June 2023- GE HealthCare introduced Sonic DL, a deep learning technology that acquires high-quality magnetic resonance (MR) images up to 12 times faster than conventional methods, enabling cardiac imaging within a single heartbeat. The technology results in up to 83% reduction in scan time, setting a new industry standard for rapid, high-quality MRI. The technology has enabled access to cardiac patients with arrhythmias and breath-holding challenges, helping to ensure swift, consistent, and more comfortable exams.
• January 2023- Singapore-based 3D printing service company Creatz3D, in collaboration with partners Qosmosys and NuSpace, unveiled a groundbreaking lightweight satellite launch container. This specialized structure, designed using 3D printing technology, serves as a satellite test container and is integrated into the Zeus-1 satellite holder, playing a crucial role in securing 50 anodized artworks while the satellite orbits in space. The project, aptly named Godspeed, commemorates the 50th anniversary of the Pioneer-10 probe, signifying a remarkable fusion of cutting-edge technology and a tribute to a historic space exploration milestone.
• February 2022- IBM acquired Sentaca, one of the leading telco consulting services and Solutions providers. This acquisition will accelerate IBM's hybrid cloud consulting business, adding critical skills to help Communication Service Providers (CSPs) and media giants modernize on multiple cloud platforms, innovate, and transform their businesses.

Segmentation

1. By Technology
   1. Industrial Robots
   2. Blockchain
   3. Industrial Sensors
   4. Industrial 3D Printing
   5. Machine Vision
   6. HMI
   7. AI in Manufacturing
   8. Digital Twin
   9. AGVs
   10. Machine Condition Monitoring
2. By End-User
   1. Aerospace and Defense
   2. Automotive
   3. Energy and Utilities
   4. Food and Beverages
   5. Manufacturing
   6. Oil and Gas