Industry 4.0 Market: USD 337.10 Billion by 2028 at a 16.4% CAGR
Fortune Business Insights
6 min read
Fortune Business Insights
According to Fortune Business Insights Industry 4.0 Market size is projected to reach USD 337.10 billion in 2028, at a CAGR of 16.4% during forecast period; Increasing Adoption of Automated Systems to Augment Market Growth
Pune, India, May 24, 2022 (GLOBE NEWSWIRE) -- The global industry 4.0 market size is expected to gain momentum by reaching USD 337.10 billion by 2028 while exhibiting a stellar CAGR of 16.4% between 2021 to 2028. In its report titled “Industry 4.0 Market,” Fortune Business Insights mentions that the market stood at USD 101.69 billion in 2020.
Key Industry Developments:
March 2020 - Cisco Systems Inc. announced its collaboration with Microsoft Corporation. This collaboration will allow seamless data orchestration from Cisco IoT Edge to Azure IoT Cloud, and it also empowers users to get a pre-integrated IoT edge-to-cloud application solution and seamless flow of data through IoT edge.
The increasing internet penetration is boosting the market growth opportunity. The recent advancements in digital technologies, along with industrial automation, have widened the opportunity for the market. For instance, in May 2021, Robert Bosch Engineering and Business Solutions Private Limited announced the launch of Phantom Edge to offer real time view of electric parameters, appliance level information, electrical energy consumption, and operating usage. The Phantom Edge combines of Artificial Intelligence and Internet of things (IoT) and can be used in various sectors including retail, industrial manufacturing, healthcare, agriculture and mobility among others.
Report Scope & Segmentation
Report Coverage
Details
Forecast Period
2021 to 2028
Forecast Period 2021 to 2028 CAGR
16.4%
2028 Value Projection
USD 337.10 Billion
Base Year
2020
Industry 4.0 market Size in 2020
USD 101.69 billion
Historical Data for
2017 to 2019
No. of Pages
160
Segments covered
Application, Vertical, and Geography
Industry 4.0 market Growth Drivers
Increased Adoption of Industrial Robots is Expected to Drive Growth
Data Risks Associated with Integration of Advanced Technologies to Restrict Growth
The outbreak of the coronavirus has affected the global economy adversely, however, it had positive impact on industrial revolution (Industry 4.0). As the businesses are adopting to a higher level of internet of things (IoT) technology and workflow. For instance, in March 2020, the European Commission came up with a temporary framework that promoted the growth of advanced industry solutions among small and medium-sized businesses. This is expected to boost the market in upcoming years.
Click here to get the short-term and long-term impact of COVID-19 on this Market:
The Industry 4.0 market report offers in depth analysis of various factors, which are influencing the market growth. Additionally, the report provides insights into the regional analysis of different regions. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration that contribute in boosting the market.
Market Segmentation:
By application, the market is segmented into industrial automation, smart factory, and industrial IoT.
Based on application, the industrial automation system held a market share of 21.0% in 2020. This is attributable to increasing adoption of automated services by businesses to increase their efficiency.
By vertical, the market is divided into manufacturing, energy & utilities, automotive, oil and gas, aerospace and defense, electronics and consumer goods, and others.
Lastly, in terms of geography, the market is divided into North America, Europe, South America Asia Pacific, and the Middle East & Africa.
Driving Factor
Increasing Adoption of Robots to Drive Industry 4.0 market Growth
In recent times, the demand for robots have increased. Moreover, robots, which were previously costlier and had limited offerings are now inexpensive machines that are capable of performing a wide range of tasks. Specifically, industrial robots, are widely used by people all over the world. For instance, a report by the latest robotics industry trends, suggest that industrial robots are increasingly being used in manufacturing hubs, resulting in rapid advancements, development, and evolution, and this is expected to drive the industry 4.0 market growth.
The Industry 4.0 market Size report offers a comprehensive analysis of various factors such as the key drivers, and restraints which are likely to impact the market growth in upcoming years. The report also provides insights of different regions that are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration to contribute to the market growth.
Regional Insights
Europe to Dominate Backed by Increasing Investments
Europe is expected to remain at the forefront and hold the largest position in the market during the forecast period owing to the substantial investment in technologies and skills to maintain its position in the global market. The deployment of connected objects and automation techniques has transformed the German manufacturing process and has given rise to the fourth industrial revolution. The region’s market stood at USD 34.60 billion in 2020.
North America is expected to showcase significant industry 4.0 market share in upcoming years, owing to the presence of major players operating in the region, government initiatives, and increasing funding in research and development activities are vital factors that is propelling the regional market.
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