“Industry 4.0 market is expected to grow at a CAGR of 14.72% between 2017 and 2022”
The overall Industry 4.0 market was valued at USD 66.67 billion in 2016 and is expected to reach USD 152.31 billion by 2022, at a CAGR of 14.72% between 2017 and 2022. Increasing adoption of industrial Internet and increased focus on efficiency and cost of production plays a significant role in the growth of the Industry 4.0 market. However, lack of cost–benefit analysis and a shortage of skilled workforce are key factors limiting the growth of this market.
“Artificial Intelligence technology expected to grow at the highest rate during the forecast period”
Artificial Intelligence (AI) constitutes various technologies, which are vital in developing the ecosystem. As AI enables machines to perform activities as that of human beings, it has opened up enormous opportunities in the Industry 4.0 market. NVIDIA Inc. (US) and FANUC Corporation (Japan) have entered into a collaboration to implement AI on the FANUC Intelligent Edge Link and Drive (FIELD) system to increase robotics productivity and bring new capabilities to automated factories worldwide. Adding AI to the FIELD system will give robots the ability to teach themselves to do tasks faster and more efficiently.
“Market for automotive vertical for Industry 4.0 market was the largest in 2016”
Industry 4.0 in the automotive sector has several advantages such as self-monitoring capabilities, network flexibility, capacity for customizations, and an agile supply chain. Industry 4.0-enabled plants will have robust monitoring systems to identify potential maintenance issues. Industry 4.0 gives auto manufacturers the option to customize individual vehicles, and shorten the delivery time for these vehicles. The implementation of technologies such as IoT, industrial robotics, and cyber security has made this sector to have the largest market share.
“Industry 4.0 market in APAC is expected to grow at the highest rate during the forecast period”
APAC is expected to grow at the fastest rate, considering the continuous technological advancements and financial support from governments. Government initiatives, funding in R&D, and extensive industrial base are the major factors that make Asia Pacific a dynamic region for Industry 4.0 with Japan and China being the major contributors.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with people holding key positions across several regions. The breakup of the profile of primary participants has been given below.
- By Company Type: Tier 1?55 %, Tier 2?30%, and Tier 3?15%
- By Designation: C-Level Executives?55%, Manager Level?35%, and Others (Sales, Marketing, and Product Managers)?10%
- By Region: North America?43%, Europe?29%, APAC?14%, and RoW?14%
The major players in the Industry 4.0 market are General Electric Company (US), International Business Machines Corporation (US), Cisco Systems (US), Microsoft Corporation (US), Stratasys Ltd. (US), Alphabet Inc. (US), ABB Ltd. (Switzerland), Mitsubishi Electric Corporation (Japan), Intel Corporation (US), Hewlett-Packard Enterprise Company (US), Siemens AG (Germany), Qualcomm Inc. (US), Samsung Electronics Co. Ltd. (South Korea), Texas Instruments Inc. (US), Rockwell Automation Inc. (US), 3D Systems Corporation (US), Cognex Corporation (US), Basler AG (Germany), and Denso Group (Japan).
The Industry 4.0 market has been segmented on the basis of technology, vertical, and region. The market, based on technology, has been segmented into industrial robotics, cyber security, Internet of Things, 3D printing, advanced Human Machine Interface, big data, augmented reality & virtual reality, and artificial intelligence. On the basis of vertical, the Industry 4.0 market has been segmented into automotive, food & agriculture, chemical & materials, energy & power, oil & gas, aerospace, industrial equipment, electrical & electronics equipment, and healthcare. The market, on the basis of region, has been segmented into North America, Europe, Asia Pacific, and RoW.
Reasons To Buy the report:
The report would help the market leaders/new entrants in this market in the following ways:
- This report segments the Industry 4.0 market comprehensively and provides the closest approximations of the size of the overall market and its sub-segments for various applications and across different regions.
- The report helps stakeholders understand the pulse of the market and provides them with the information on key market drivers, restraints, challenges, and opportunities.