“Industry 4.0 market projected to grow at 16.9% CAGR from 2019 to 2024”
The Industry 4.0 market is estimated to be valued USD 71.7 billion in 2019 and is expected to reach USD 156.6 billion by 2024, at a CAGR of 16.9% from 2019 to 2024. Increasing adoption of the industrial internet worldwide in manufacturing units, growing focus on enhanced efficiency of machinery and systems, and reduced production costs play a significant role in the growth of the market worldwide. Also, the growing demand for industrial robotics is expected to fuel the growth of the Industry 4.0 market.
“Internet of Things market is expected to hold largest market share during forecasted period”
IoT is accelerating the speed of modernization in the manufacturing industry. IoT helps the industry to solve challenges such as safety, transportation efficiency, and infrastructure challenges. For instance, IoT is driving the automotive industry space through innovations such as autonomous cars, intelligent transportation infrastructure, and smart fleet management. Moreover, increasing penetration of the internet in technologically advancing economies and growing adoption of wireless sensors and networks across major end-user applications such as healthcare, retail, consumer electronics, industrial, and automotive and transportation has resulted in the growth of the IoT market.
“5G technology is expected to grow at highest CAGR during forecasted period”
In industrial automation, IoT and M2M communication are the key technologies. Massive applications based on these technologies require high-speed networking, low-latency communication, ultra-fast response times, and a large number of simultaneously connected smart devices. The 5G network is a key enabler of IoT, providing a platform to connect all devices to the internet for using high-speed data transmission and processing.
“North America is expected to be a lucrative market for industry 4.0 during forecasted period”
Industries are opting for digitization and connecting functions and processes, such as supply chain, product development planning, and products across the value chain. The US is expected to be the major contributor to the Industry 4.0 market in North America as it offers a large industrial base and high production capacity of companies. In the technological sphere, the US has been a leader in adopting and applying technologies. Continuous investment in the manufacturing industry in the US would enable the country to continue to retain its technological superiority. 3D printing is now being widely used by manufacturing industries such as automotive, aerospace, and industrial equipment to develop tools, molds, and casts, as well as to develop and repair machinery parts that allow manufacturers to maximize functional integration and consistency while minimizing costs.
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 key industry experts in Industry 4.0 marketspace. The break-up of primary participants for the report has been shown below:
- By Company Type: Tier 1 = 40%, Tier 2 = 25%, and Tier 3 = 35%
- By Designation: C-level Executives = 45%, Directors = 25%, and Others = 30%
- By Region: North America = 55%, Europe = 20%, APAC = 15%, and RoW = 10
The major players in the Industry 4.0 market are ABB (Switzerland), Mitsubishi (Japan), Yaskawa (Japan), KUKA (Germany), FANUC (Japan), General Electric (US), IBM (US), Cisco (US), Microsoft (US), Stratasys (US), Google (US), Intel (US), HP (US), Siemens (Germany), Ansys (US), AIBrain (US), SAP (US), Amazon Web Services (US), and General Vision (US).
This research report categorizes the global Industry 4.0 market on the basis of technology (including offering, application, and end users) and region. The report describes the major drivers, restraints, challenges, and opportunities pertaining to Industry 4.0 market and forecasts the same till 2024.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
- This report segments the Industry 4.0 market comprehensively and provides the closest market size projection for all subsegments across different regions.
- The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
- The report helps stakeholders to understand the value-chain of the Industry 4.0 market along with recent case studies.
- This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes product launch, acquisition, collaboration, expansion, and partnership.