The size of the Industry 4.0 Market was estimated in 2021 at USD 61.0 billion. According to projections, the market for industry 4.0 will increase from USD 73.81 billion in 2022 to USD 280.2 billion in 2030, with a compound annual growth rate (CAGR) of 21.0% over the forecast period (2022– 2030). The development of value chains and the increasing uptake of a variety of cutting-edge and futuristic smart devices are the main factors boosting the industry 4.0 market expansion.
Industry 4.0 has forced OEMs to include it into their business operations as a result of the IoT’s and the digital transformation’s growing traction across many industries. For instance, according to the Worldwide Semiannual Internet of Things Expenditure Guide from International Data Corporation (IDC), Europe would spend more than USD 202 billion on IoT in 2021. It is anticipated to expand by double digits through 2025. Maryville University predicts that by 2025, the world would produce more than 180 trillion gigabytes of data annually. Industries utilising IIoT will produce a sizeable portion of this.
In order to assist market expansion, increased alliances between international firms to implement cutting-edge technology and digital solutions are also predicted. For instance, the Nokia Firm joined WEG Industries, a Brazilian energy and automation company, to further the development of the Nokia Digital Automation Cloud (DAC) technology and create an industrial 4.0 solution.
Technology advancements and the increasing affordability of sensors and processors that can give real-time information access are expected to propel the increase. It is also projected that expansion will be fueled by the need to improve operational proficiency and the effective collaboration among the major industry participants to achieve so. It is projected that the strategies created to create a workforce that combines digital and human resources would present significant growth potential. Therefore, it is projected that these factors will increase the industry 4.0 market CAGR globally in recent years.
However, other reasons driving the growth of the industry 4.0 market revenue include the shift in demand for industrial automation, the increase in the use of robot technology, and the rising government investment in digitalization.
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Key Companies in the industry 4.0 market include
Industrial automation, smart factories, and industrial IoT are included in the technology-based Industry 4.0 Market segmentation. In terms of revenue from the Industry 4.0 Market, the industrial IoT segment contributed over 48% in 2021, holding the majority of the market. Developments from two key revolutions are included into industrial IoT (Industrial IoT).
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According to end-user, the industrial manufacturing, oil & gas, construction, electronics, automotive, energy & utilities, and other sectors are included in the Industry 4.0 Market segmentation. During the predicted period, the manufacturing sector is expected to lead the industry 4.0 market.
The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. The North American Industry 4.0 market had a value of USD 26.6 billion in 2021 and is anticipated to develop at a notable CAGR over the research period.
One of the main causes of this is the rise of interest in smart manufacturing in North America. Particularly in America and Canada, technologically advanced manufacturing is seeing a revival due to its contemporary infrastructure and more highly educated labour force.
The second-largest market share belongs to the industry 4.0 market in Europe. The European sector has made large investments in capabilities and technology in order to maintain its position in the global market. The fourth industrial revolution has been initiated by the adoption of automation and connected objects technology in German industry. Connection, networked objects, real-time data processing, and ubiquitous information are transforming industry paradigms. Early industry 4.0 adopters and IT behemoths like General Electric, Siemens, and Honeywell are far ahead of others.
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Additionally, the UK industry 4.0 market is the one in Europe with the quickest rate of growth, while the industry 4.0 market in Germany has the largest market share.
Participants in the industry 4.0 market are anticipated to use a variety of strategic efforts to expand their worldwide reach, with significant market developments including new contracts, product launches, higher investments, mergers and acquisitions, and partnerships with other businesses. In order to grow and thrive in a market that is becoming more and more competitive, industry 4.0 competitors must provide affordable goods and services. Manufacturing locally to cut operational costs is one of the main business methods manufacturers use in the global industry 4.0 sector to benefit customers and increase the market.
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