As robots and machines have started to replace their human counterparts functions, this has ushered in an age of the forth wave of industrialization i.e. 4.0 Industry. Market Research Future, a firm which specializes in market reports related to the semiconductor electronics domain among others, recently published a study report on Industry 4.0 Market Research Report - Forecast 2022, according to which the industry is set to generate exceptional levels of revenue and will produce an incredible CAGR% during the forecast period.
The industry 4.0 market is gaining traction gradually which is driving the upward growth of this sector. Digitization of the manufacturing sector has started to transform the way businesses carry out their activities particularly their manufacturing functions. The tech that is in play here includes advanced robotics, sensors, internet of things, cloud computing and software as a service to name a few which are revolutionizing the way manufacturing activities are carried out. The vast benefits offered by industry 4.0 are promoting huge demand interest from adopters of this technology wave. Development of value chains are one of the major factors that are instrumental in driving the market ahead. Industry 4.0 is based on cyber physical systems such as sensors and IoT, advancements in big data, powerful analytics and a secure communications infrastructure.
The growth of cloud computing technology, factory automations, advancements in electronics industry and government initiatives and focus has weighed in favorably for the growth of the sector. The market though may be restrained by cyber threats that are widely prevalent, and slow pace of implementation. However, the sector is further benefitted by vertical horizontal value chains, digitization of products, service offerings and business models will further supplement the popularity of the industry 4.0 market.
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The prominent players in the Industry 4.0 Market are – Bosch Rexroth AG (Germany), Maschinenfabrik Reinhausen GmbH (Germany), SAS (U.S.), Siemens AG (Germany), Wittenstein AG (Germany), General Electric Company (U.S.). Some of the other key players are Daimler AG (Germany), Klöckner Co. SE (Germany), TRUMPF GmbH (Germany), Festo AG Co. KG (Germany), Wittenstein AG (Germany) among others.
The industry 4.0 sector has been segmented on the basis of technology, application, end user and regions:
On The Basis Of Technology: Cloud Computing, IOT Platforms, Augmented Reality, Location Detection Technology, Advanced Human Machine Interfaces, Big Data Analytics, Smart Sensors, 3D Printing, Mobile Devices and Others
On The Basis Of Application: Industrial Automation, Smart Factory and Industrial Internet of Things (IIOT)
On The Basis Of End-User: Industrial Manufacturing, Oil Gas, Construction, Aerospace Defense, Electronics, Automotive, Transportation, Chemical, Pharmaceuticals, Mining Metals, Food Beverages and Others
On The Basis Of Region: North America, Europe, Asia pacific, Latin America, Middle East Africa
The regional analysis of Industry 4.0 market is being studied for regions such as Asia pacific, North America, Europe and Rest of the World. The study indicates that North American and European regions would dominate the industry 4.0 market by the forecast period. However countries like Japan and Germany are the farthest along in digitizing internal operations and partnering across the horizontal value chain owing to the high investments in technology and employee training. They view their digital transformation, primarily in terms of gains in operational efficiency, cost reduction and quality assurance. China is one of the countries that stand to gain the most from automating and digitizing labor-intensive manufacturing processes. In addition, Chinese companies are highly flexible and are open to digital change, and the Chinese workforce is embracing digital technologies. The study reveals that at present Asia Pacific companies report the highest digitization and digital integration levels.
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