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The global adoption of the intelligent, connected technology era is causing a significant change in the dynamics of the Industry 4.0 sector. The market forces of Industry 4.0, which is defined by the emergence of digital technology, are influenced by numerous factors that have an impact on industries worldwide.
The development of data analytics is a key component of Industry 4.0 market dynamics. Predictive maintenance and improved decision-making are made possible by the wealth of data produced by linked devices and sensors. The analytics solutions industry is expanding significantly as more businesses aim to become data-driven.
Sophisticated cybersecurity solutions are being developed to protect sensitive data in the interconnected Industry 4.0 ecosystem, as data security is simultaneously growing in importance. One key element influencing the dynamics of the market in Industry 4.0 is interconnectivity. Throughout the value chain, machine, process, and system integration promotes an environment in manufacturing that is quicker and collaborative.
A key factor in forming the Industrial 4.0 environment is artificial intelligence. Artificial intelligence (AI) is being used in product design and development as well as predictive maintenance and quality control. AI is transforming traditional manufacturing processes by enabling companies to evaluate massive volumes of data in real-time and becoming more responsive to changing market demands.
The dynamics of the Industry 4.0 market are significantly influenced as well by globalization. Because the modern economy is interrelated, improvements in one area can have an impact on other parts of the world. Innovation and cooperation are surging in the global Industry 4.0 market as businesses adopt new manufacturing techniques to maintain their competitiveness. These market dynamics do, however, come with challenges. Large financial commitments are necessary for the integration of new technology, and old industrial jobs may be lost as a result.
New potential for productivity, creativity, and sustainable practices are presented by the changing industrial landscape, which is a result of industries continuing to adopt breakthrough technologies. A strategy approach that strikes a balance between technical improvements, security concerns, workforce consequences, and the Fourth Industrial Revolution's overall societal influence is necessary to navigate these dynamics.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Application, End-User and Region |
Industry 4.0 Market Highlights:
Global Industry 4.0 Market Overview:
Industry 4.0 Market Size was valued at USD 86.45 billion in 2023. The industry 4.0 market industry is projected to grow from USD 102.27 Billion in 2024 to USD 309.45 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.80% during the forecast period (2024 - 2032). The rising adoption of various advanced and futuristic smart devices and the development of value chains are the key market drivers enhancing the industry 4.0 market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Industry 4.0 Market Trends
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Rising adoption of industry 4.0 across industries to boost the market growth
Due to the gradual uptake of IoT and digital transformation across numerous industries, Industry 4.0 has pushed OEMs to integrate it into their operations. For instance, the International Data Corporation (IDC) Worldwide Semiannual Internet of Things Expenditure Guide estimates that Europe will spend more than USD 202 billion on the Internet of Things (IoT) in 2021. Through 2025, it'll probably grow at a double-digit rate. According to Maryville University, every year by 2025, more than 180 trillion gigabytes of data will be produced globally. A significant chunk of this will be produced by industries using IIoT.
Additionally, expanding partnerships between multinational corporations to adopt cutting-edge technology and digital solutions are anticipated throughout the forecast period to support market expansion. For instance, to further the development of the Nokia Digital Automation Cloud (DAC) technology and deliver an industrial 4.0 solution, NOKIA Firm joined WEG Industries, a Brazilian energy and automation firm, in March 2021.
The expansion is anticipated to be fuelled by technological developments and the rising affordability of sensors and processors that can deliver real-time information access. The need to increase operational proficiency and the good cooperation among the key market players to do so are also anticipated to fuel expansion. It is anticipated that the methods developed to build a combined digital-human workforce would offer major growth opportunities. Therefore, such factors are anticipated to enhance the industry 4.0 market CAGR worldwide in recent years.
However, to the shift in industrial automation demand, the rise in robot technology utilization, and the rising government investment in digitalization are other factors driving the growth of the industry 4.0 market revenue.
Industry 4.0 Market Segment Insights:
Industry 4.0 Technology Insights
The Industry 4.0 Market segmentation, based on technology, includes industrial automation, smart factory, industrial IoT. The industrial IoT segment held the mainstream share in 2021 contributing to around ~48% in respect to the Industry 4.0 Market revenue. Industrial IoT (Industrial IoT) incorporates developments from two fundamental revolutions. Several industrial equipment producers have decided to use IoT due to the potential benefits of the technology.
Manufacturers are able to determine the current state of machines, improve their performance, and identify possible breakdowns while planning maintenance programs by connecting industrial equipment utilizing wireless connectivity and collecting sensor data from the same. Various technologies are available for industrial automation that reduce the need for human interaction. Additionally, it improves the quality and flexibility of industrial processes.
Figure 2: Industry 4.0 Market, by Technology, 2021 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Industry 4.0 End-User Insights
The Industry 4.0 Market segmentation, based on end-user, includes industrial manufacturing, oil & gas, construction, electronics, automotive, Energy & Utilities, and others. The manufacturing sector is anticipated to dominate the Industry 4.0 Market during the projected period. The most potential verticals for implementing 4.0 are predicted to be those in the automotive, transportation, and chemical industries.
Over the past few years, there has been an increase in intelligent robots and machinery use in the industrial industry. Research and development funds are being used to create an integrated system enabling humans and robots to collaborate on challenging tasks via sensor-connected human-machine interfaces. Besides, the automotive category witnessed the fastest growth in the industry 4.0 market growth.
Industry 4.0 Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Industry 4.0 market accounted for USD 26.6 billion in 2021 and is presumed to witness a noteworthy CAGR growth over the study period. The resurgence of interest in smart manufacturing in North America is a key reason for this. Because they have the modern infrastructure and more highly educated labor to support it, America and Canada are particularly experiencing a renaissance in technologically advanced manufacturing.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Industry 4.0 Market SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe industry 4.0 market accounts for the second-largest market share. In order to maintain its place in the international market, the European industry has made significant investments in technology and capabilities. The use of linked things and automation technologies in German industry has sparked the fourth industrial revolution. Industry paradigms are changing due to connection, networked objects, real-time data processing, and omnipresent information.
Tech behemoths like General Electric, Siemens, and Honeywell were among industry 4.0's early adopters and are far ahead of the curve with their deployment. Further, the Germany industry 4.0 market held the highest market share, and the UK industry 4.0 market is the fastest-growing market in the European region.
The Asia-Pacific Industry 4.0 Market is expected to grow at the fastest CAGR from 2022 to 2030. In recent years, the use of smart manufacturing and robotics in manufacturing activities has dramatically increased in China, Japan, and India. This explains why the Asia-Pacific region's industry 4.0 market growth rate is the highest. In the Asia-Pacific area, Industry 4.0 technologies are continually advancing.
This is a significant factor in the industry 4.0 market in this area's explosive expansion. The Asia-Pacific region is anticipated to experience a higher growth rate for the industry 4.0 market due to growing digitalization and rising adoption of cloud computing. Moreover, China industry 4.0 market held the largest market share, and the India industry 4.0 market was the fastest-growing market in the Asia-Pacific region.
Industry 4.0 Key Market Players & Competitive Insights
Major market players are investing heavily in R&D to enhance their product lines, which will help the industry 4.0 market grow even more. Industry 4.0 Market participants are expected to take a range of strategic initiatives to enhance their global footprint, with key market developments such as new contractual agreements, product launches, increased investments, mergers and acquisitions, and collaboration with other organizations. Competitors in the industry 4.0 industry must offer cost-effective products and services to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies manufacturers adopt in the global industry 4.0 industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, industry 4.0 industry has provided medicine with some of the most significant benefits. The industry 4.0 market major player such as Bosch Rexroth AG (Germany), SAS (US), MaschinenfabrikReinhausen GmbH (Germany), Wittenstein AG (Germany), Daimler AG (Germany), and others are working on expanding the market demand by investing in research and development activities.
Siemens is a technology corporation focusing on business, transportation, infrastructure, and healthcare. The company develops technologies to create actual value for consumers, from resource-efficient industries, resilient supply chains, smarter buildings and grids, to cleaner and more comfortable transportation and cutting-edge healthcare. Siemens gives its clients the power to alter their markets and businesses, changing the daily lives of billions of people by fusing the physical and digital worlds.
Additionally, Siemens holds a controlling interest in Siemens Healthineers, a market leader in medical technology influencing the future of healthcare. Siemens Energy, a world leader in the transmission and generation of electrical power, also has a minority position in the company. In June 2022, to enable the industrial metaverse and increase use of AI-driven digital twin technology that will help bring industrial automation to a new level, Siemens and NVIDIA, two leaders in accelerated graphics and artificial intelligence (AI), have announced an expansion of their partnership.
Also, ABB is a leader in automation and electrification technology, creating a more resource-conserving and sustainable future. The company's solutions link software and engineering expertise to optimise objects' production, movement, power, and operation. In February 2021, GoFa was developed by ABB Ltd. to help employees with repetitive and ergonomically challenging jobs. Additionally, the launch will help meet the rising need for robots that can lift greater payloads to increase flexibility and productivity.
Key Companies in the industry 4.0 market include
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Bosch Rexroth AG (Germany)
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SAS (US)
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MaschinenfabrikReinhausen GmbH (Germany)
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Wittenstein AG (Germany)
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Daimler AG (Germany)
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Siemens AG (Germany)
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Klockner & Co. SE (Germany)
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Wittenstein AG (Germany)
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Festo AG & Co. KG (Germany)
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TRUMPF GmbH (Germany), among others
Recent Industry News:
June 2023- To educate young people on the newest industrial technologies, Tata Technologies, a division of Tata Motor, opened 22 industry 4.0 technology centers across Tamil Nadu on Thursday.
N Chandrasekaran, the Tata Sons Chairman, Warren Harris Tata Technologies MD and CEO and numerous other State politicians were present as Tamil Nadu Chief Minister MK Stalin officially opened the technological hubs at a ceremony in Oragadam, Chennai.
Tata Technologies works with the worldwide industrial industries to develop new products, outsource engineering services, and offer IT services.
Recalling that in June 2022, Tata Technologies and the Tamil Nadu government had signed a Memorandum of Agreement (MoA) to transform 71 government ITIs (Industrial Training Institutes) into technology hubs with up-to-date training facilities that adhere to Industry 4.0 standards.
Tata Technologies would also give industrial assistance for trainers' training and assuring maintenance of the novel set-up in addition to transforming the ITIs' technology. After being upgraded, such technology centers will serve as industrial and technological centers for MSMEs in addition to meeting the needs of students for advanced skills.
Through long-term training in advanced manufacturing, industrial robotics, electric car mechanics, virtual verification, and other topics, these facilities seek to enable upskilling. The centers provide short-term upskilling classes in robotics, CAD/CAM, automation, CNC machining, additive manufacturing, advanced plumbing, and electric vehicle servicing. The enhanced technology centre will aid in upskilling and reskilling Tamil Nadu youth to match the state's developing industrial requirements, luring in more investments, producing more employment possibilities, and aiding the state's government in expanding its economy.
Tata Technologies previously agreed to spend Rs 4200 crore both in the technical education as well as skill development sectors by signing a MoU in Uttar Pradesh. Along with a list of other states, it has also made agreements with Chattisgarh to establish its ITI centers.
April 2023- Four new third-party apps for the MX Industrial Edge (MXIE), which will aid businesses in hastening their transition to Industry 4.0, have been released by Finnish telecom equipment maker Nokia.
Industry 4.0 or the Fourth Industrial Revolution, is the next stage in the digitization of the manufacturing industry. It is fueled by data and connectivity, human-machine interaction, analytics, cloud computing automation, and advancements in robotics. Industry 4.0 also refers to the process of modernizing the supply chain with digital technologies to handle disruptions.
According to the manufacturer of telecom equipment, the new apps make use of the GPU functionality recently introduced for Nokia MXIE. Enterprises may connect to, gather, and analyze data from operational technology assets on on-premises edge with the aid of MXIE.
The Atos Computer Vision - Quality Inspector is one of the new apps that was just released. It combines AI & deep learning to find flaws, foreign objects, and abnormalities in production settings. With the addition of GPU power, businesses can now swiftly provide new models.
'Crosser', a low-code streaming analytics and integration platform for the Industrial IoT & Industry 4.0, 'Litmus Edge', an edge data platform, and Palo Alto Networks' next-generation firewalls were also added by Nokia.
Businesses confront several major hurdles as they transition to digital operations. These include gathering, integrating, and analyzing all forms of data—including video—from various systems, sensors, and data silos, as well as knowing that private information is safe once shared with the other cloud ecosystems.
These market-leading apps assist businesses in overcoming these obstacles by transforming enterprise data into something that is safe, useable, and actionable. They do this by utilizing Nokia MXIE's low latency processing power and highly dependable 4.9G/5G private wireless connection. Many innovative use cases may be developed as a consequence, including early alarms and anomaly detection, preventative & predictive maintenance, condition monitoring, digital twins, and more. All of these contribute to better operations and higher returns on investment.
Industry 4.0 Market Segmentation:
Industry 4.0 Type Outlook
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Industrial Internet of Things
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Smart factory
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Industrial automation
Industry 4.0 End-User Outlook
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Industrial manufacturing
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Oil & gas
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Construction
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Electronics
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Automotive
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Energy & Utilities
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Others
Industry 4.0 Regional Outlook
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North America
- US
- Canada
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Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
Industry 4.0 Industry Developments
June 2022: Industry NeXT, a revolutionary architecture from HCL Technologies (HCL), helps clients digitally reimagine their businesses. The Industry NeXT platform from HCL Technologies is based on the industry 4.0 (I4.0) framework and aids businesses worldwide in organizing themselves and smoothly transitioning to a collaborative setting. Linked interactions, robust processes, and the delivery of integrated physical and digital goods and services driven by cutting-edge digital technologies make this feasible.
March 2020: For seamless data orchestration from Cisco IoT Edge to Azure IoT Cloud, Cisco Systems Inc. worked with Microsoft Corporation. Customers will benefit from this collaboration's pre-integrated edge-to-cloud application solution and seamless data flow through IoT edge.
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