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Industry 4.0 Market Size, Share, Growth Analysis, Business Opportunities, Future Prospects, Demand Forecast, Industry Challenges and Impact of COVID

Jan 13, 2022 7:15 PM ET

Industry 4.0 Market Size, Share, Growth Analysis, Business Opportunities, Future Prospects, Demand Forecast, Industry Challenges and Impact of COVID

Market Scenario:

‘Industry 4.0’ stands for the fourth industrial revolution. The rise of new digital industrial technology is referred to Industry 4.0.  Industry 4.0 is the grouping of numerous major innovations in digital technology. These technologies include advanced robotics and artificial intelligence; sensors; cloud computing; the Internet of Things; data capture and analytics; digital fabrication (3D printing); software-as-a-service and other new marketing models; smartphones and other mobile devices. Industry 4.0 refers to development of machines which would be using self-optimization, self-configuration and artificial intelligence to complete difficult tasks so as to deliver cost efficiencies and better quality goods or services.

Industry 4.0 includes data, computational power, connectivity, analytics and intelligence, human machine interaction and digital to physical conversion. The market gets digitized and integrates processes vertically across the entire organization, from product development and purchasing, through manufacturing, logistics and service. The factors contributing to the growth of the market are evolution of cloud computing technologies, technological advancements in electronics industry, implementation of smart factory concept & factory automation technologies and government initiatives by different countries.

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The major drivers for industry 4.0 are digitization and integration of vertical and horizontal value chains, digitization of product and service offerings, digital business models and customer access, Faster, Flexible and Efficient Production and Increasing popularity of smart factories. The study indicates that Cyber security risks is the major threat involved in Industry 4.0 market.

Key Players

The prominent players in the Industry 4.0 Market are – Bosch Rexroth AG (Germany), Maschinenfabrik Reinhausen GmbH (Germany), SAS (U.S.), Siemens AG (Germany), Wittenstein AG (Germany), General Electric Company (U.S.), Daimler AG (Germany), Klöckner & Co. SE (Germany), TRUMPF GmbH (Germany), Festo AG & Co. KG (Germany), Wittenstein AG (Germany) among others.

Industry News

December, 2017, HCL and Siemens collaborate on Industry 4.0 Solutions. HCL Technologies (HCL), a leading global IT services company, has entered into a strategic partnership with Siemens on Industry 4.0 solutions, with a strategic collaboration on the Siemens Industry Software Suite. The global partnership with Siemens on Mind sphere, a cloud–based open Internet of Things (IoT) operating system, comprises technology, application development, connectivity solutions, system integration and go–to–market strategy. This collaboration will be a growth factor for the market to grow in Asian Countries. This partnership will give both HCL and Siemens a better opportunity to enter market with products having advanced technology such as IoT (Internet of things), connectivity solutions, system integration etc.

December, 2017, Industry 4.0’s Impact on Aviation Design and MRO. The aerospace industry is an early adopter of smart manufacturing as the transition to what has become known as Industry 4.0. 62% of aerospace and defence companies had a smart manufacturing initiative as of March 2017, putting aerospace ahead of not only the automotive sector (50%) but also energy and utilities (42%), consumer goods (40%) and life sciences and pharmaceuticals (37%) in adoption of the digital factory. This increased adoption of smart manufacturing and automation, in addition with the Internet of Things (IoT) can potentially provide a real-time data connection to thousands of physical aerospace components so that a huge level of opportunity arises because understanding how the system is working while flying. This provides many key players in the space of aviation across the U.S. and Europe to capture the market of industry 4.0

December, 2017, Industry 4.0 to affect retail banking. The trend towards non-cash payments and digitalization in retail banking and the maturation of FinTech (financial technology) companies in Vietnam present major opportunities as well as challenges for retail banks during the fourth industrial revolution (Industry 4.0). the effect of Industry 4.0 is supposed to hit globally and majorly the countries in Asia Pacific and the Middle East, as these regions possess some of the fastest developing countries adopting the latest industrial technology.

Industry 4.0 Global Market- Segmentation

  • Segmentation by Technology: Cloud Computing, IOT platform, Augmented reality, Location detection technology, advanced human machine interfaces, big data analytics, smart sensors, 3D printers, mobile devices..
  • Segmentation by Application: Industrial Automation, smart factory, industrial internet of things (IIoT).
  • Segmentation by End users: Industrial manufacturing, Oil & gas, Construction, Aerospace & defence, Electronics, Automotive, Transportation, Chemical, Pharmaceuticals, Mining & metals, Food & beverages.

Regional Analysis:

The regional analysis of Industry 4.0 market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. The study indicates that North America and Europe regions would dominate the industry 4.0 market by the forecast period. However countries like in Japan and Germany are the farthest along in digitizing internal operations and partnering across the horizontal value chain owing to the high investments in technology and employee training. They view their digital transformation, primarily in terms of gains in operational efficiency, cost reduction and quality assurance. China is one of the countries that stand to gain the most from automating and digitizing labor-intensive manufacturing processes. In addition, Chinese companies are highly flexible and are open to digital change, and the Chinese workforce is embracing digital technologies. The study reveals that at present Asia Pacific companies report the highest digitization and digital integration levels.

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Intended Audience:

  • Process Automation and Instrumentation Manufacturers
  • Industrial Robot Manufacturers
  • Semiconductor product designers and fabricators
  • Automation product manufacturers
  • Technology investors
  • Hardware & software manufacturers
  • MES (Manufacturing Execution System)
  • MOM (Manufacturing Operations Management)
  • System Integrators
  • Government Organizations
  • Research/Consultancy firms

About Market Research Future:

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