The Industry 4.0 market includes IoT, AI, AR/VR, blockchain, 3D printing and 5G. By 2019 that market was worth US$71.7 billion. By 2024, it will be worth closer to US$156.6 billion, with a CAGR of 16.9% between 2019 to 2024. The figures are included in ResearchandMarket’s new “Industry 4.0 Market by Technology” report.
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.
The major players in the Industry 4.0 market are ABB, Mitsubishi, Yaskawa, KUKA, FANUC, General Electric, IBM, Cisco, Microsoft, Stratasys, Google, Intel, HP, Siemens, Anysys, AIBrain, SAP, Amazon Web Services, and General Vision.
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.
Source: Research and Markets