Industry 4.0 Market Expands with Rise in Digitalization, Says TMR Study
The Industry 4.0 market is estimated to be valued at US$ 1 Trn by 2031, Rise in spending of consumers on next-gen smart factory solutions is propelling the Industry 4.0 market
ALBANY, N.Y., April 19, 2022 (GLOBE NEWSWIRE) -- The global Industry 4.0 market is estimated to register growth at a CAGR of 26.7% during the forecast period, according to a research report by Transparency Market Research (TMR).
Companies operating in the automobile and manufacturing industries are increasing their focus on improving production efficiency. Hence, they are seen developing new production plants using smart factory solutions. Moreover, these enterprises are focusing on replacing conventional production techniques with next-gen smart manufacturing technologies and connected production systems, which, in turn, is creating business prospects in the global Industry 4.0 market.
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Industry 4.0 Market: Key Findings
Industry 4.0 includes various industrial solutions such as connected production assets, cyber-physical systems, and next-gen automation equipment in order to ensure safety, quality, and improved efficiency of several production processes. Industry 4.0 solutions are gaining popularity, owing to their ability to assist enterprises in smart energy consumption, remote monitoring and control for different production processes, and real-time supply chain optimization. Rise in awareness on advantages of these solutions is prognosticated to help in creating profitable business prospects in the global Industry 4.0 market during the forecast period.
Companies operating in the Industry 4.0 market are providing industrial connected solutions that can be incorporated with current system infrastructure. Moreover, latest solutions are helping in decreasing additional infrastructural cost for latest technologies. Besides, many companies in the Industry 4.0 market are providing advanced solutions in predictive maintenance, mobile workforce management, field surveillance & monitoring, demand & supply monitoring, and smart production operations. These solutions are helping in the management of supply chain operations using connected devices and digital platforms.
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Industry 4.0 Market: Growth Boosters
Rise in focus of various companies on improving their efficiency and minimizing production costs is projected to create business prospects in Industry 4.0 market
Increase in inclination of consumers toward the adoption of digitalization and next-gen smart factory solutions is generating lucrative opportunities in the Industry 4.0 market
Industry 4.0 Market: Regional Analysis
The Industry 4.0 market in North America is prognosticated to gain lucrative opportunities during the forecast period due to increased technological advancements, rising number of consumers spending on Industry 4.0 solutions such as AR/VR systems, advanced robotics, 3D printing solutions, and presence of key market players in the region
The Europe Industry 4.0 market is projected to expand in the upcoming years, owing to the presence of many Industry 4.0 providers in several regional nations such as Germany and the U.K. together with a surge in commercial investment in Industry 4.0 in the region
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Industry 4.0 Market: Competition Landscape
Companies are increasing investments toward the development of cost-efficient Industry 4.0 and next-gen technologies in order to expand their commercial customer base
Many enterprises in the Industry 4.0 market are using strategies such as partnerships and acquisitions in order to maintain their market position and expand their businesses
Players are increasing the use of budget-friendly technologies in varied production operations so as to boost their productivity and maintain the quality of the production line. Moreover, several solution providers are focusing on offering cost-efficient solutions and expanding their presence in small regions.
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Industry 4.0 Market: Key Players
Some of the key players profiled in the report are:
Alphabet Inc.
ABB Ltd.
Cisco Systems, Inc.
Ansys, Inc.
FANUC Corporation
Cognex Corporation
HMS Networks AB
General Electric Company
International Business Machines Corporation
Intel Corporation
Microsoft Corporation
KUKA AG
Rockwell Automation, Inc.
Mitsubishi Electric Corporation
Schneider Electric SE
SAP SE
Stratasys, Ltd.
Siemens AG
The Yaskawa Electric Corporation
The Hewlett Packard Enterprise Company
Industry 4.0 Market Segmentation
Component
Solutions
Industrial Automation Solutions
Smart Factory Solutions
Industrial IoT Solutions
Services
Implementation & Integration
Support & Maintenance
Consulting & Training
Technology
3D Printing
Advanced Robotics
AR/VR Systems
Internet of Things (IoT)
Artificial Intelligence
Others (Cyber Security, Big Data, and Predictive Maintenance)
Enterprise Size
Small & Medium Enterprises
Large Enterprises
Industry
Manufacturing
Energy & Utilities
Automotive
Oil & Gas
Aerospace & Defense
Electronics & Consumer Goods
Food & Beverage
Others
Region
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Spain
Italy
Rest of Europe
Asia Pacific
China
India
Japan
ASEAN
Rest of Asia Pacific
Middle East & Africa
United Arab Emirates
Saudi Arabia
South Africa
Rest of Middle East & Africa
South America
Brazil
Argentina
Rest of South America
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