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Manager at Zion Market Research
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Top Trends in Global Industry 4.0 Market: Industry to be Worth USD 155.30 Billion By 2024
Global industry 4.0 market was valued at around USD 66.10 billion in 2017 and is expected to reach approximately USD 155.30 billion by 2024, growing at a CAGR of slightly above 14.9% between 2018 and 2024.
Industry 4.0 is an integrated system which consists of an automation tool, robotic control, and big data analytics. Industry 4.0 holds a lot of potentials and is expected to register a substantial growth in the near future. The industry 4.0 is not only about technology but also about companies that gather appropriate data and integrate it with digital services for utilizing it for their own benefit. The industry 4.0 also consists of a physical cyber system, cloud computing, and the internet of things.
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Increasing adoption of the internet in different industrial applications is one of the major factors that are driving the growth of the market. For every enterprise, industry 4.0 is the heart of digital transformation. The goal is to create value for the insight that is generated through connected assets. Various key players are advocating IoT and industry 4.0 concepts in order to create smarter factories. For instance, sensors are at the forefront of the supply chain market as they improve the tasks and mode of tracking which is the part of industry 4.0 developments. Various companies are now adopting the industry 4.0 in order to improve the production efficiency and quality of the product. For instance, Nokia has applied a concept of supply network chain in its factories; this was done in order to leverage digitalization across its supply chain. This adoption has resulted in the higher growth of the company over the past five years and is expected to boost the growth of the company. Such an initiative taken by the key players is boosting the growth of the market. A major restraining factor for the global industry 4.0 market is lack of cost-benefit analysis. However, increased focus on efficiency and cost of production leading to digitalization is likely to provide various opportunities for the key players operating in the global industry 4.0 market.
The global industry 4.0 market is fragmented based on technology, vertical, and region. In terms of technology, the market is segmented into big data, robotics, cybersecurity, internet of things (IoT), advanced human-machine interface (HMI), 3D printing, augmented reality & virtual reality, and artificial intelligence. Based on vertical, the market is segmented into industrial equipment, oil & gas, healthcare, automotive, electrical & electronics equipment, aerospace, chemical & materials, food & agriculture, energy & power, and others.
Industrial equipment segment led the market of the global industry 4.0 market in 2017 and is anticipated to maintain this trend over the next few years. Increase in demand for value-based products around the globe is predicted to drive the industry 4.0 market during the years to come.
Based on region, the market is segmented into Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa. North America led the market for industry 4.0 and accounted for a significant market share in terms of revenue during 2017. This can be attributed to the huge technological advancements in the various regions. Asia Pacific industry 4.0 market is also expected to witness significant growth within the forecast period.
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Some of the major players operating in the global industry 4.0 market are International Business Machines Corporation, ABB Inc., Intel Corporation, Stratasys Ltd., Alphabet, Inc., General Electric Company, Mitsubishi Electric Corp., Microsoft Corporation, Hewlett Packard Enterprise Company, Cisco Systems, and others.