The global industry 4.0 market is anticipated to reach market size of around US$ 160 Bn by 2027 and is anticipated to grow at a CAGR of around 16% in terms of revenue during the forecast period 2020 - 2027. Sector 4.0 is the fourth development to be fuelled by technology and machine learning in the manufacturing industry. Industry 4.0 provides state-of-the-art technologies for automation and data sharing. It also offers producers the chance to develop their activities quickly and efficiently. The variety of applications in Industry 4.0 includes, for instance, sensors, robotics control, product design and logistics.
Industry 4.0 includes technology, computing resources, communication, research and knowledge, the relationship between human and digital devices and physical conversion. The industry digitized and vertically combines operations across the business, from product design and sourcing to production, logistics and operation. Cloud technological, technology advancements in the electronics industry, the introduction of smart factory principle, automation technologies in manufacturing, and regulatory policies in different countries are all factors leading to demand development. Digital technology and convergence of vertical and horizontal supply chain goods, product digitisation and service networks are both the main factors for industry 4.0. Smart factories are becoming increasingly common in terms of fast, scalable and productive production, digital business models and customer access. The study shows that the major threat to the market of industry 4.0 is cyber security risks.
Industrial IoT (IIoT) to Gain Momentum during the Forecast Period
The sector is defined as commercial, intelligent and automotive IoT depending upon the use. IoT incorporates results of two transformative developments within the manufacturing industry (Manufacturing IoT). Many electronic equipment suppliers were inspired by the future advantages of implementing IoT. The manufacturers are capable of determining the existing condition of devices, improving their performance and identifying possible problems when preparing repair programs, using a wireless connection and the processing of sensor data from the equipment. Intelligent plants allow competitive fulfillment of any customer's requirements. In Industry 4.0, complex market and development systems allow final manufacturing operations to react flexibly to disturbances and defects rather than suppliers.
In Japan, China and South Korea, Asia Pacific Industry 4.0 is regulated by its systematic steps to take industrial automation and to apply innovative technologies in the supply chain of production processes. In 2015, China's government unveiled "Made in China" for 10 years until 2025. This plan covers the top ten sectors, including semiconductors, advanced robotic systems, electric cars and artificial intelligence. This state-led industrial policy seeks to ruler China in global high-tech manufacturing and has been inspired by the development plan of the German government Industry 4.0. Japan launched the Society 5.0 Initiative to overcome the problems of environment, culture and business. Policy policies and the importance of the introduction of emerging technology on the world economy promote the fourth industrial revolution in Latin America and the Middle East and Africa. In September 2017, for instance, at the annual cabinet meetings, the UAE government launched the UAE I4.0 plan. The plan is planned as a global hub for Industry 4.0 and as a global hub to improve its support for the domestic economy. In Brazil, too, top teams have partnered to boost technological asset deployment in order to speed up industry 4.0.
Major players included in this report are Maschinenfabrik Reinhausen GmbH, osch Rexroth AG, SAS, Siemens AG, Wittenstein AG, General Electric Company, Daimler AG, Klöckner & Co. SE, Festo AG & Co. KG, TRUMPF GmbH, Wittenstein AG, and others. General Electric ( GE) has modified its corporate strategy to rely more on the evolving IIoT market environment. Within its subsidiary Intelligent Platforms, the company has been designing business tech applications leveraging big data. GE is also a founding member of the Industrial Internet Consortium which has been established for the advancement of the Collaborative IIoT Project. ABB Ltd (Switzerland), which is an significant part of Industry 4.0 's market, is offering technological tools and applications such as human-machine interaction, communication systems and industrial robotics. The company's wide-ranging automated control systems and technologies have been built across numerous vertical platforms and other equipment such as power sector products, electrical products and drives in order that the HMI market expands effectively.
The global industry 4.0 market is segmented as below:
Industry 4.0 Market By Technology
Internet of Things (IoT)
Advanced Human–Machine Interface (HMI)
Augmented Reality & Virtual Reality
Industry 4.0 Market By Vertical
Electrical & Electronics Equipment
Chemical & Materials
Food & Agriculture
Oil & Gas
Energy & Power
Industry 4.0 Market By Geography
Middle East & Africa
The market value of industry 4.0 is anticipated to be around US$ 160 Bn in 2027.
It is anticipated to grow around 16% CAGR amid the forecast period 2020-2027
Asia Pacific held maximum share in 2019.
North America is projected to grow at a fast pace during forecast period from 2020-2027.
The surging focus of industries on efficiency and cost of production which is leading to digitization is expected to drive the growth of the industry 4.0 market.
The lack of cost benefit analysis is a major factor expected to restraint the growth of the market.
Maschinenfabrik Reinhausen GmbH, osch Rexroth AG, SAS, Siemens AG, Wittenstein AG, General Electric Company, Daimler AG, Klöckner & Co. SE, Festo AG & Co. KG, TRUMPF GmbH, Wittenstein AG, and others are the prominent players in the industry 4.0 market.