The Industry 4.0 market is estimated to be valued USD 71.7 billion in 2019 and is expected to reach USD 156.6 billion by 2024, at a CAGR of 16.9% from 2019 to 2024. Increasing adoption of the industrial internet worldwide in manufacturing units, growing focus on enhanced efficiency of machinery and systems, and reduced production costs play a significant role in the growth of the market worldwide. Also, the growing demand for industrial robotics is expected to fuel the growth of the Industry 4.0 market.
On the basis of technology, IoT segment is largest contributor in Industry 4.0 market during forecasted period
The potential benefits of IoT have encouraged several industrial equipment manufacturers to implement IoT. By connecting industrial equipment together using wireless connectivity and gathering sensor data from the equipment, manufacturers can accurately determine the current state of machines, optimize their performance, identify potential failures, and plan maintenance schedules accordingly. Its ability to remotely monitor enterprise assets and perform predictive maintenance is the prime reason for its increasing adoption. Remote monitoring is a necessity in industries, especially for equipment deployed under extreme conditions, such as in subsea oil wells or mines. The failure of equipment operating under such conditions can be potentially disastrous, as it may result in heavy financial losses and can also threaten the lives of people in the neighborhood.
Industrial robotics is expected to be second-largest market for Industry 4.0 market during forecasted period
The price of industrial robots has decreased in recent years and has become much easier to program. As a result, the integration of peripherals, such as end effectors and vision systems, has also become easier. Manufacturers are turning to automation in response to the increasing shortage of skilled workers in the manufacturing sector. Robot density is expected to increase, especially in developed countries, in response to this skill gap.
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APAC to hold major share of Industry 4.0 market during forecasted period
Increasing the adoption of robotics in countries such as China, Japan, and South Korea is the major factor for the growth of the Industry 4.0 market. The low cost of production, enabling various manufacturers to set up manufacturing facilities, is the key driver for the robotics market in APAC. The market in APAC is also expected to grow at the fastest rate, considering the continuous technological advancements and financial support from the governments. Government initiatives, funding in R&D, and extensive industrial base are the major factors that make APAC a dynamic region for Industry 4.0, with Japan and China being the major contributors.
Key Market Players in Industry 4.0 Market
The major players in the Industry 4.0 market are ABB (Switzerland), Mitsubishi (Japan), Yaskawa (Japan), KUKA (Germany), FANUC (Japan), General Electric (US), IBM (US), Cisco (US), Microsoft (US), Stratasys (US), Google (US), Intel (US), HP (US), Siemens (Germany), Ansys (US), AIBrain (US), SAP (US), Amazon Web Services (US), and General Vision (US).
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