Product ID: SQMIG45D2056
Global Industry 4.0 Market Size, Share, Growth Analysis, By Technology(Augmented Reality, Advanced Robotics), By Industry Vertical(Manufacturing, Energy & Utilities) - Industry Forecast 2024-2031
Report ID:
SQMIG45D2056 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
70 |
Figures:
77
Global Industry 4.0 Market Insights
Global Industry 4.0 Market size was valued at USD 133.05 billion in 2022 and is poised to grow from USD 154.6 billion in 2023 to USD 513.89 billion by 2031, growing at a CAGR of 16.2% during the forecast period (2024-2031).
The fourth industrial revolution, known as Industry 4.0, focuses on interconnectivity, automation, machine learning, and real-time data. It is also known as the Internet of Things (IoT) or smart manufacturing combined with smart digital technology. Also, it employs machine learning and Big Data to create a more holistic and well-connected environment for firms centered on manufacturing and SCM. Accessing real-time information across processes, partners, products, and people can be a common difficulty for businesses across industries. Several major corporations are currently implementing loT measurements and key performance indicators to demonstrate operational progress, consumer experience, logistics, and supply chain profits. Several major corporations are currently implementing loT measurements and key performance indicators to demonstrate operational progress, consumer experience, logistics, and supply chain profits. Industrial sectors are increasingly implementing better smart industry solutions and adaptable device systems to control production and supply chain operations from a centralized system. Increased deployment of IoT-connected machines is predicted to considerably drive the Industry 4.0 market in the manufacturing sector during the forecast period.
Several companies are investing in advanced technologies such as human-machine interaction, analytics and intelligence, advanced engineering, connectivity, data, and processing capacity to boost production efficiency and lower production costs by reducing downtime in the manufacturing process. These technologies enable firms to forecast and predict future problems that may develop during ongoing operations. The traditional method of preventive maintenance is done manually depending on routine or time. However, with the arrival of IoT, preventive maintenance has become much more automated and streamlined. Systems can detect impending difficulties or whether machinery needs to be repaired, allowing organizations to tackle possible concerns before they become major issues. All of these reasons will contribute to the expansion of the Industry 4.0 market in the coming years.
Industry 4.0 assists firms in operating and optimizing all areas of their manufacturing operations and supply networks. Machine monitoring solutions, predictive maintenance techniques, and other improved operational technology can assist firms in reducing downtime, increasing throughput, and lowering the overall cost of supplying quality parts. Manufacturing organizations, like many others, have seen isolated data with separate divisions inside the organization and at various levels such as machine level, plant level, and corporate. A combined operation provides convenience to several data sources and, when properly conducted, provides an easy way to utilize that data for effective decision-making. Furthermore, any manufacturer must be able to respond quickly to changing demands, the latest product trends, skill gaps, and other irregular obstacles. Manufacturers have a better chance of successfully pivoting when they have the right technologies in place.
The increasing usage of technology in organizations around the world is driving the growth of the market over the forecast period. Additionally, rising internet penetration and digitization trends are boosting the Industry 4.0 market, owing to the increasing requirement for efficiency and cost-effective production in numerous industries. Also, the number of market participants in developed nations such as North America is growing. The increased need for technical improvements, as well as rising consumer spending on Industry 4.0 solutions such as advanced robotics, AR/VR systems, and 3D printing solutions, are expected to drive growth of the market during the forecast period.
US Industry 4.0 Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Industry 4.0 Market Report Snapshots
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