The global industry 4.0 market size is predicted to reach USD 12.3 billion by 2023, asserts Market Research Future (MRFR) in its report. Industry 4.0 is the term for industrial automation and rapidly being adopted by large industries to expedite their process in response to demand. MRFR’s report on the industry 4.0 market focuses on rapid changes in technologies and latest evolutions. It offers drivers, opportunities, and restraints for the forecast period (2020-2027). The COVID-19 pandemic and its implications are explored in depth in the market.
Market Scope
The global industry 4.0 market is set to thrive over the forecast period owing to plans for digitization of processes and data by key leaders across various verticals. Adoption of internet of things and artificial intelligence for predictive maintenance of equipment, quality control, and optimizing processes can bode well for the market. Remote monitoring of facilities due to lack of workforce caused by the COVID-19 lockdown was assisted by industry 4.0. The technology will be a mainstay for tackling uncertain events and spike in demand.
The utilization of wearables in the healthcare sector for monitoring the health of patients and tracking equipment can bode well for the industry 4.0 market. Mobile personal emergency response systems had witnessed a surge for playing a huge role in remote patient monitoring.
But lack of skilled personnel with qualifications for running AI and IoT can be detrimental to the market.
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COVID-19 Impact Analysis
The COVID-19 pandemic has propelled the industry 4.0 market demand as digital transformation initiatives are undertaken by small and large corporations for streamlining their supply chain. Investments in automated solutions to improve resiliency and efficiency and curb exorbitant costs can drive regional market growth. Rise in reshoring as well as increase in international trade can influence market growth in the coming years.
Segmentation Analysis
Industrial Automation Application to Register Huge Growth
The industrial automation application can register a phenomenal growth owing to the effects of the COVID-19 pandemic and use of sensors for monitoring, tracking, and maintaining of various assets.
Manufacturing to be Leading End-user
The manufacturing industry is anticipated to be the biggest user of industry 4.0 due to use of robots for repetitive tasks and encouraging rise of smart production. Automation provides an edge to manufacturing companies and a viable alternative to offshoring and maintain the product quality.
Regional Analysis
APAC to Capture Considerable Market Share by 2027
Asia-Pacific (APAC) is set to lead in the global industry 4.0 market owing to adoption of robotics in the manufacturing and ecommerce sectors. Rising rate of consumption of goods and needs to improve last-mile delivery can drive regional market demand.
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Competitive Analysis
General Electric Company (US), SAS (US), Wittenstein AG (Germany), Siemens AG (Germany), Festo AG Co. KG (Germany), Daimler AG (Germany), TRUMPF GmbH (Germany), Bosch Rexroth AG (Germany), MaschinenfabrikReinhausen GmbH (Germany), and Klockner Co. SE (Germany) are key players in the global industry 4.0 market.
Industry News
Bosch has decided to open 2 new education centers to train workers in processes and software pertaining to industry 4.0 and safeguard future jobs.
