The Industry 4.0 Market is expected to be valued at USD 240.55 Billion in 2027 from USD 71.63 Billion in 2019, registering a CAGR of 16.3% through the forecast period, according to the recent report by Emergen Research. The expected steady growth of the Global Industry 4.0 market can be attributed to a rising focus on the quality of production and a decline in operating costs. Industry 4.0 allows for improved operating efficiency and self-managed manufacturing processes, allowing the interconnection and coordination of individuals, machinery, devices, and logistics and supply chain management systems. Multiple network components and communication protocols for centralized system supervision and semi-automated/automated decision making are used by information and communication technology, which is an important part of Industry 4.0, resulting in reduced downtime. Industry 4.0 also allows for automated monitoring and tracing of processes and quicker batch changes, contributing to increased efficiency.
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Key Report Highlights
- Mitsubishi Electric’s Factory Automation EMEA division entered into a collaboration with software developer ‘Touch’ in September 2019 to provide personalized smart manufacturing solutions using digital twin technology.
- In order to enhance industrial and manufacturing processes, the Industrial Internet of Things (IIoT) uses smart sensors and actuators. The main benefit of IIoT is that it allows production process automation and thus optimizes operational performance. According to a report, automation findings using IIoT suggest an improvement in the efficiency of about 30.0%.
- In the pharmaceutical sector, Industry 4.0 helps boost product quality and efficiency, contributing to improved profitability. Industry 4.0 also makes pharmaceutical manufacturing more well-organized and stable. Pharma 4.0, based on Industry 4.0, allows a centralized production management strategy to be run by comprehensive automated processes.
- In terms of revenue share contribution to the global market in 2019, the Industry 4.0 Market in the Asia Pacific dominated other regional markets. The heavy presence of leading manufacturing firms in countries such as Japan, China, and South Korea can be attributed to this high rise in sales. Among other factors driving the market growth are increased use of IoT, robotics, AI, and additive manufacturing in industries in the region.
- Major companies operating in the global industry 4.0 market include General Electric Company, Mitsubishi Electric Corporation, Cisco Systems Inc., ABB, KUKA, Stratasys Ltd., IBM Corporation, FANUC, Yaskawa Electric Corporation, and Siemens AG.
Emergen Research has segmented the global industry 4.0 market in terms of technology, industry vertical, and region:
- Technology Outlook (Revenue, USD Million; 2017–2027)
- Artificial Intelligence
- Internet of Things
- 3D Printing
- Augmented Reality
- Virtual Reality
- Industrial Robotics
- Digital Twin
- Industrial Metrology
- Industry Vertical Outlook (Revenue, USD Million; 2017–2027)
- Energy & Utilities
- Consumer Electronics
- Regional Outlook (Revenue, USD Million; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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