A recent report published by Infinium Global Research on industry 4.0 market provides in-depth analysis of segments and sub-segments in the global as well as regional industry 4.0 market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional industry 4.0 market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global industry 4.0 market. According to the report, the global industry 4.0 market is projected to grow at a CAGR of 15.3% over the forecast period of 2018-2024.
Industry 4.0 was first devised by the German government that represents the implementation of artificial intelligence, industrial internet of things and big data in the factories. From smartphones to smart fridges, technology has played a foremost role in progressing most areas of everyday lives nevertheless it is furthermore transforming the world of industry. For instance, once computers can exchange information from each other they automate themselves where AI (Artificial Intelligence) can understand issues and address them quickly. Hence, there is no need for humans to perform the assigned task. The use of industry 4.0 helps in the congregation the data and further integrate it with the digital services. This is anticipated to enhance the demand for industry 4.0 market. Optimizing production is the key advantage of industry 4.0. Similarly, with the help of industry 4.0, it is possible to host microservices and it enables execution of transactions with soft real time.
The automation in the industry 4.0 delivers improved productivity, manufacturing efficiency and enables faster, more flexible, and more efficient processes. Growing adoption of the internet in different industrial applications drives the growth of the industry 4.0 market. Moreover, expansion in the use of robot technology and an increase in government spending on digitalization is strengthening the growth of the industry 4.0 market. Technological advancement in the electronics industry, evolution in the cloud computing technologies and implementation of the smart factory are further contributing to the growth of the industry 4.0 industry.
Self-driving vehicles in the automotive sector are the primary example of the technological evolution of industry 4.0 transforming the manufacturing sector. SDVs(self-driven vehicles) such as “OTTO “offer intuitive light signals, much like vehicles on outdoor roads, to effectively communicate behaviors such as turning, stopping, or parking. This industrial revolution is anticipated to use the shared data to the industry can reach up to new heights in safety driving the manufacturing sector closer to the ultimate goals.
The scarcity of skilled workforce is likely to curtail the growth of the industry 4.0 market. Perhaps the most stimulating characteristic of implementing Industry 4.0 techniques is the IT security risk. This online incorporation is anticipated to give the opportunity to security breaches and data leaks. Therefore, research in security is crucial. Furthermore, investing in big data analytics for cybersecurity is anticipated to open several doors of opportunity for the key players in the industry 4.0 market. On the other hand, the revolution will not be for just factories. Nevertheless, entire sectors from fast food giant McDonalds to mega-retailer Walmart will move some of its operations towards automation and digitization. Industrial units are starting to spend in 3D printers for cheaper manufacturing, industrial internet of things for connectivity between machines, and big data to analyze every process and boost efficiency.
Industry 4.0 is a fragmented market. Among the geographies, Asia Pacific dominated the industry 4.0 market. The growth in the Asia Pacific region is due to governments of the country such as India, China and Japan are endorsing industry 4.0 as Make in India, Make in China and Industrial Value Chain Initiative in Japan. China is the country that outlook to gain the most from automating and digitizing labor-intensive manufacturing processes. Moreover, North America and Europe are further anticipated to grow at a faster rate by the forecast period. The demand for the internet of things and cloud-based computing is probably to drive the market growth in the North American region.
The report on global industry 4.0 market covers segments such as component, technology, and end user. On the basis of the component, the sub-markets include hardware and software. On the basis of technology, the sub-markets include industrial robotics, internet of things (IoT), 3D printing, and machine learning. On the basis of an end user, the sub-markets include industrial equipment, automotive, and other.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in this region. The Asia-pacific region offers substantial potential for the market growth owing to rapid growth in markets such as India and China.
The report provides profiles of the companies in the market such as ABB, DENSO CORPORATION, SAP, Basler AG, GENERAL ELECTRIC, Intel Corporation, Microsoft, Cognex Corporation, Qualcomm Technologies, Inc and IBM.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of industry 4.0 market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.