Growing demand for Industry 4.0 due to adoption of artificial intelligence in manufacturing
The Industry 4.0 market is expected to grow at a high rate due to the increasing demand for AI and ML from the manufacturing industry.
The global Industry 4.0 market was valued at USD 81.7 billion in 2020 and is expected to reach USD 298.1 billion by 2027, with a CAGR increasing 20.3% during the forecast period.
The global Industry 4.0 market is expected to grow at a remarkable growth rate, mainly due to the increasing adoption of the technology by companies around the world. In addition, the increasing trend of internet penetration and digitalization driven by the increasing demand for efficiency and profitable productivity in various industries is driving the Industry 4.0 market.
According to PwC’s Industry 4.0 Global Survey, digitization in the production process can help increase annual revenue by 2.9% and reduce overall cost by 3.6% per year for industries in end use. Digitization in industry can benefit from increased productivity, increased flexibility and better customer experience, among others.
The report overview includes the study of market scope, major players like General Electric Co., Cognex, Siemens, Daifuku, Honeywell, etc., market segments and sub-segments, market analysis by type , application, geography. The report covers the leading countries and analyzes the potential of the global Industry 4.0 industry, providing statistical information on market dynamics, growth factors, major challenges, PEST analysis, and market analysis. market entry strategy, opportunities and forecasts. The highlight of the report is to provide companies in the sector with a strategic analysis of the impact of COVID-19.
The main players operating in the Industry 4.0 market are: General Electric Co., Cognex Corporation, Siemens AG, Daifuku, Honeywell International, International Business Machines, Corporation, ABB Ltd., Intel Corporation, Emerson Electric, John Bean Technologies Corporation , 3D Systems, Nvidia Corporation, Microsoft Corporation, Mitsubishi Electric Corporation, Alphabet Inc., Techman Robot, Cisco Systems, Inc., Schneider Electric SE, The Yaskawa Electric Corporation, Swisslog Holding AG (Kuka AG), Universal Robots, Beckhoff Automation, Addverb Technologies, BigchainDB GmbH
Global Industry 4.0 Market by Technology Outlook (Revenue, USD Billion, 2021-2027)
- IA and ML
- Extended reality
- Industrial robotics
- 3d printing
- Industrial IoT
- Dual digital
- Block chain
- Machine condition monitoring
- Others (industrial sensor, HMI, machine vision)
Global Industry 4.0 Market by End User Industry Outlook (Revenue, USD Billion, 2021-2027)
- Aeronautics and Defense
- Oil and gas
- Electronics and Foundry
- Food and drink
- Energy and utilities
In terms of geography, the Asia-Pacific region held the largest market share in 2020 and is expected to grow significantly during the forecast period due to the acceleration of adoption of technological advancements such as robotics, artificial intelligence and IoT in Asia-Pacific countries like India, China and Japan. For example, in December 2019, Plus Automation, a logistics and supply chain technology start-up, won its first robotics-as-a-service contract with Jun Co, a Japanese company with diversified businesses, including food. , fitness and fashion products. According to the 2019 report by the International Federation of Robotics (IFR), India is expected to experience a rapid increase of 6,000 industrial robots through 2020. The development of automation in India is relatively low compared to the rest of the world, But the development of the Indian region is growing at a significant rate during the forecast period.
- In November 2020, Ansys, Inc., a U.S. software company, announced a strategic technology partnership with LG Electronics, Inc., a South Korean multinational electronics company. The main goal of the partnership is to develop a virtual learning portal created by Ansys, Inc.
- In October 2020, Cisco Systems, Inc., a U.S. multinational networking hardware company, announced a successful acquisition of BabbleLabs Technology, Inc., a California-based startup that uses AI to separate human voices from other unwanted noise in video conferencing.
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