Published Date : 18 Dec 2023
The global industry 4.0 market size was exhibited at USD 114.01 billion in 2022 and is anticipated to reach around USD 634.94 billion by 2032, growing at a CAGR of 18.74% from 2023 to 2032.
Industry 4.0 refers to the revolutionary transformation of the industrial and manufacturing sectors, also known as the fourth industrial revolution. Industry 4.0 combines the traditional and technological processes in manufacturing and industrial operations. Industry 4.0 uses the technologies like Internet of Things (IoT), machine learning, artificial intelligence, robotics, advanced automation, and robotics. Industry 4.0 use a minimal level of human intervention due to its vision of using smart factories, machines, and process for efficient operations in the manufacturing industry.
Rising technological adoption in several industries for the development of production is driving the growth of the Industry 4.0 market. It is beneficial in terms of improvement in productivity and efficient operations. Major manufacturing sectors are adopting industry 4.0 technologies such as IoT sensors, automation robotics, and advanced analytics in their operations. Implementation of Industry 4.0 allows for optimizing resource utilization, reducing waste, and streamlining processes, which will result in cost savings, increased competitiveness, and improved outputs. It allows real-time monitoring which improves the visibility into the supply chain management, meets the regularity requirements, and improves the transparency. All those factors are collectively contributing to the growth of the Industry 4.0 market.
The implementation of smart manufacturing has increased by 50%. Technological adoption in manufacturing such as smart and automation manufacturing are positively impacting the growth in 2022.
Cloud technology, process automation, and industrial hardened are aiming to support organizations to overcome challenges like supply chain management, worker shortage, and risk mitigation. Nearly 64% of the organization agrees that the terms of the technology reduce the challenges of a worker shortage and accelerate the growth in the coming 5 years.
North America dominated the Industry 4.0 market with the largest size in 2022. The region is expected to continue its dominance in the market owing to the rising technological adaptation in several industries that are driving the growth of the Industry 4.0 market. Increasing technology starts with the established multinational technology giants that are driving the innovatory encompassing areas like artificial intelligence, Internet of Things (IoT), and advanced analytics. Increasing government support for technological advancements in the manufacturing sector is driving the growth of the Industry 4.0 market.
Industry 4.0 Market Report Scope
|Market Revenue in 2023
|USD 135.32 Billion
|Projected Forecast Revenue by 2032
|USD 634.94 Billion
|Growth Rate from 2023 to 2032
|CAGR of 18.74%
|2023 to 2032
|North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Emphasis on improving productivity
Industry 4.0 is a revolutionary technology in the field of manufacturing and industrial development. It is the game-changing revolution that emphasizes the Internet of Things (IoT) sensors, artificial intelligence, empowering businesses, and automation which results in low-cost operation, reducing the time of operations, and operational inefficiencies. Increasing technological adoption in the manufacturing process results in higher productivity and efficiency in the production process. Industry 4.0 allows real-time monitoring that will be useful in the precise decision-making process and reduces the possibility of losses.
Increasing the use of Industry 4.0 in the additive manufacturing
Additive manufacturing and 3D printing is one of the most technologically advanced sector. Increasing demand for ventilator valves in hospitals around the world is driving the demand for 3D printing. Additionally, 3D printing is gaining popularity in the manufacturing industry. Extensive use of 3D printing technology by several sectors including manufacturing is driving the growth of the market.
Complexities in integration
Diversity in industry 4.0 technologies including data analytics platforms, IoT devices, and AI system platforms, implementation of all these processes in the manufacturing sector can be challenging. Thus the complexities in integration are restraining the growth of the Industry 4.0 market.
Increasing implementation costs of the advanced technologies are restraining the growth of the market. Higher costs of industrial robots that are not affordable for tech start-ups are impacting the growth of the market.
5G in cloud robotics
The increasing deployment of robotics in the manufacturing industry is driving the growth of cloud robotics. Cloud robotics works to place the system intelligence in the cloud and integrate the information into the robots that are deployed in the manufacturing units. The rising use of cloud robotics in the manufacturing sector requires a high-end 5G network connectivity or bandwidth and lower latency than Wi-Fi. There are various departments like support in the organization are rely on the network connectivity in real time. 5G network allows the efficient workflow of robots deployed in the factories.
Personalization and customization
In recent times, consumers are increasingly focusing on products and services which are according to their unique requirements and preferences. Industry 4.0 technologies allow the business to have the power to deliver particularly through the concept of “mass customization”. Organizations are offering a wide range of customized products like personalized consumer electronics, clothing, and crafted industrial equipment. Rising demand for personalized products is also one of the major opportunities in the growth of the industry 4.0 market.
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