Product ID: SQMIG45D2056
Report ID:
SQMIG45D2056 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
70 |
Figures:
77
North American corporations are increasingly adopting the notion of smart manufacturing, and the region is expected to dominate the market. The majority of factories in the market are now outfitted with new machinery and smart factory technology, allowing other enterprises to shift from traditional production processes to smart manufacturing. Major market players, government efforts, and increased financing for research and development activities are all important aspects that contribute to North America being a dynamic place for market growth.
In 2023, Europe had the second largest global industry 4.0 market share. To maintain its position in the global market, the European sector has made significant investments in technology and capabilities. The use of connected objects and automated techniques has altered German industry and ushered in the fourth industrial revolution. The proliferation of connections, networked objects, real-time data processing, and pervasive information is altering industry paradigms. Siemens, Honeywell, and General Electric are among the early adopters of 14.0 and are far ahead of the curve in terms of implementation.
Japan, China, and South Korea are leading the Asia Pacific market growth due to their extensive measures to adopt industrial automation and integrate disruptive technologies in their manufacturing system value chain. The strategy includes the top ten industries, such as semiconductors, advanced robotics, electric vehicles, and artificial intelligence. This state-led industrial program, inspired German government's 14.0 development plan, aspires to make China the global leader in high-tech manufacturing. Japan created the Society 5.0 programs to solve economic, social, and industrial concerns.
The fourth industrial revolution is being helped across Latin America, the Middle East, and Africa by government initiatives and an understanding of how important it is to incorporate digital technology to sustain the global economy. The UAE economy's success also reaffirms its ability to become a world leader by solving the fundamental difficulties involved in digital transformation and technological advancements. The approach is intended to increase its position as a global center while also expanding its support for the national economy. In addition, prominent players in Brazil have joined forces to encourage the application of technology assets to accelerate adoption.
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Product ID: SQMIG45D2056