Rising Demand for Industry 4.0 due to Adoption of Artificial Intelligence in Manufacturing Sector

industry 4.0The industry 4.0 market is forecasted to grow at a high rate owing to the accelerating demand for AI and ML from the manufacturing industry

The Global Industry 4.0 Market was valued at USD 81.7 Bn in 2020 and is expected to reach USD 298.1 Bn by 2027, with a growing CAGR of 20.3% during the forecast period.

The global industry 4.0 market is expected to grow at a remarkable growth rate primarily owing to the rising adoption of technology by enterprises worldwide. In addition, the increasing trend of Internet penetration and digitalization driven by the increasing demand for efficiency and cost-effective productivity in various industries is driving the industry 4.0 Market.

As per the global Industry 4.0 survey by PwC, digitalization in the production process can help in increasing annual revenue by 2.9% and reduce the overall cost by 3.6% per annum for end-use industries. Digitalization in industry can benefit with increased productivity, enhanced flexibility, and better consumer experience among others.

The report overview includes studying the market scope, leading players like General Electric Co., Cognex, Siemens, Daifuku, Honeywell, etc., market segments and sub-segments, market analysis by type, application, geography. The report covers Leading Countries and analyzes the potential of the global Industry 4.0 industry, providing statistical information about market dynamics, growth factors, major challenges, PEST analysis, and market entry strategy Analysis, opportunities, and forecasts. The biggest highlight of the report is to provide companies in the industry with a strategic analysis of the impact of COVID-19.

The key players operating in the industry 4.0 market are: General Electric Co., Cognex Corporation, Siemens AG, Daifuku, Honeywell International, International Business Machines , Corporation, ABB Ltd., Intel Corporation, Emerson Electric, John Bean Technologies Corporation, 3D Systems, Nvidia Corporation, Microsoft Corporation, Mitsubishi Electric Corporation, Alphabet Inc. , Techman Robot, Cisco Systems, Inc., Schneider Electric SE, The Yaskawa Electric Corporation, Swisslog Holding AG (Kuka AG), Universal Robots, Beckhoff Automation, Addverb Technologies, BigchainDB GmbH

Global Industry 4.0 Market by Technology Outlook (Revenue, USD Billion, 2021-2027)

  • AI and ML
  • Extended Reality
  • Industrial Robotics
  • 3D Printing
  • Industrial IoT
  • Digital Twin
  • Blockchain
  • Machine Condition Monitoring
  • Others (Industrial Sensor, HMI, Machine Vision)

Global Industry 4.0 Market by End User Industry Outlook (Revenue, USD Billion, 2021-2027)

  • Aerospace and Defense
  • Oil and Gas
  • Electronics and Foundry
  • Manufacturing
  • Food and Beverage
  • Automotive
  • Energy and Utilities
  • Other

In terms of geography, the Asia Pacific region held the largest market share in the year 2020 and is expected to grow significantly during the forecast period owing to accelerating adoption of advancements in technology such as robotics, artificial intelligence, and IoT in Asia Pacific countries like India, China, and Japan. For instance, in December 2019, Plus Automation, a logistics and supply chain technology startup won its first robotics-as-a-service contract with Jun Co, a Japanese-owned company with diversified businesses, including food, fitness products, and fashion. According to the International Federation of Robotics (IFR) report 2019, India is expected to witness a rapid increase of 6000 industrial robotics till 2020. The development of automation in India is comparatively low from that of the rest of the world but the development of the Indian region is observed to be growing at a significant pace in the forecast period.

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