Industry 4.0 Market
Market Insights on Industry 4.0 covering sales outlook, demand forecast & up-to-date key trends
Industry 4.0 Market: Increased Adoption of Smart, Network-enabled Solutions and Services that Define Industrial Production is being recorded on a Global Scale
Industry 4.0 Market Overview
Industry 4.0 is the fourth generation of the industrial technology revolution, that is, the fourth generation developmental stage in the management and organization of all the value chain related processes involved in the manufacturing industry. Industry 4.0 entails the procurement and use of industrial solutions augmented with sensors and wireless communication technologies, which are tethered to an autonomous or semi-autonomous industrial system that monitors and controls the complete production line.
Industry 4.0 is a step towards fully autonomous data accumulation and management in manufacturing processes. Some of the innovative technologies showcasing high potential for growth in the global Industry 4.0 market include Artificial Intelligence (AI), cognitive computing, cloud computing, Industrial Internet of Things (IIoT), Internet of Things (IoT) and Cyber Physical Systems (CPS), among others.
Incorporation of such technologies facilitates networking and communication between products and production processes, thus enabling innovative ways of industrial production, real time optimization and value creation.
Impact of COVID-19 Pandemic Outbreak on Industry 4.0 Market
Due to the ongoing pandemic, industrial supply chains have been disturbed on a global level. Manufacturers are facing difficulties in sourcing partially assembled systems and raw materials. Disruptions in logistics, along with unpredictable and irregular consumer demand, is restricting business.
Coronavirus has brutally affected the manufacturing, transportation and logistics industries. For instance, the average revenue of semiconductor assembly and testing companies in the United States and Taiwan took a major hit as it plunged 27% at the end of the Q1, 2020. Such companies are dependent on supply and demand generated from the Asia Pacific region.
End-users are finding Industry 4.0 to be much more relevant and useful amid the COVID-19 pandemic. Manufacturers are realizing the value of network and inter-device connectivity, along with real time data access. These features offer complete visibility throughout the supply chain. Strategists across every industry vertical are motivating companies to invest in Industry 4.0 amid the ongoing pandemic.
However, with hardware and services segments estimated to take a dip of around 60 BPS, end-users should focus on salvaging their business by at least incorporating Industry 4.0 software solutions. These software solutions will help enhance aspects of supply chains that demand data intelligence.
Industry 4.0: Market Dynamics
Industry 4.0 is characterized by an added layer of automation that bridges the physical and digital worlds of manufacturing via CPS accommodated by IIoT. Increased adoption of smart, network-enabled solutions and services that define industrial production is being recorded on a global scale.
This factor is estimated to boost the growth of the global Industry 4.0 market. Increasing usage of closed loop control systems and data models, along with high demand for application-specific customization of industrial hardware, software and services, is another factor propelling the growth of the global Industry 4.0 market.
The primary goal of vendors operating in the Industry 4.0 market is to generate revenue by deploying automated process control systems that monitor production and assets in real time, while enabling connected value creation networks. These networks are enabled via horizontal and vertical integrations, and early involvement of stakeholders. Such trends are being showcased in the global Industry 4.0 market.
High initial procurement costs of smart factory solutions, along with the delicate nature of smart industrial machinery, are estimated to challenge the adoption of Industry 4.0 technologies during the forecast period. IIoT enabling hardware solutions also demand expensive maintenance at regular intervals, which further restricts the growth of the global Industry 4.0 market.
Industry 4.0 Market: Competition Landscape
Some of the key vendors operating in the global Industry 4.0 market are:
- Mitsubishi Electric Corporation
- YASKAWA ELECTRIC CORPORATION
- KUKA AG
- General Electric
- Cisco Systems, Inc.
- Alphabet Inc
Following are some key strategies incorporated by companies competing in the global Industry 4.0 market
- Companies are operating with a twist of transformation in production processes and business models. The operational strategies revolve around their need to increase profits, decrease expenses, optimize the end-user’s experience, and enhance customer lifetime value and loyalty to sell more and remain relevant in the global market.
- Vendors operating in the Industry 4.0 market are striving to enhance their revenue generation by deploying autonomous manufacturing process control systems that monitor and control industrial production and assets in real time.
Industry 4.0 Market: Regional overview
Currently, the Industry 4.0 market in Europe is dominating the global Industry 4.0 market. Accelerated adoption of autonomous production monitoring and control equipment is enabling the Industry 4.0 market in Europe to record the largest market share, among all the regional markets.
The Industry 4.0 market in North America is estimated to record the fastest growth during the forecast period, followed by the Industry 4.0 market in South Asia and Pacific region. Increasing demand for industrial robotics in manufacturing hubs of the United States and China is estimated to enable the regional markets to record a strong growth rate during the forecast period.
The Industry 4.0 market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.
The report covers exhaustive analysis on
- Industry 4.0 Market Segments
- Industry 4.0 Market Dynamics
- Industry 4.0 Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Technology Landscape
- Value Chain of the Market
- Market Drivers and Restraints
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of LATAM)
- Europe (Germany, Italy, U.K, Spain, France, Nordic countries, BENELUX, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia & Pacific (India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC Countries, Turkey, Northern Africa, South Africa, Rest of MEA)
Industry 4.0 Market: Segmentation
The Industry 4.0 market can been segmented on the basis of solution and technology.
With respect to solution, the global Industry 4.0 market can be segmented into:
- Professional Services
- Managed Services
With respect to technology, the global Industry 4.0 market can be segmented into the following:
- Additive Manufacturing
- Industrial Robotics
- Blockchain Technology
- Digital Twin
- Augmented Reality (AR) and Virtual Reality (VR)