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, 2021-2028” Fortune Business Insights mentions that the market stood at USD 101.69 billion in 2020.
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.
List of Key Players Profiled in the Report
- ABB Ltd (Zürich, Switzerland)
- Siemens AG (Berlin, Germany)
- Cognex Corporation (Massachusetts, U.S.)
- Schneider Electric SE (Rueil-Malmaison, France)
- Honeywell International Inc. (North Carolina, U.S.)
- Emerson Electric Co. (Missouri, U.S.)
- Rockwell Automation, Inc. (Wisconsin, U.S.)
- General Electric Company (New York, U.S.)
- Robert Bosch GmbH (Stuttgart, Germany)
- Cisco Systems Inc. (California, U.S.)
What does the Report Provide?
The market 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.
Increasing Adoption of Robots to Drive 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, the 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.
Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/industry-4-0-market-102375
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.
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.
Key Players to Focus on Collaborations to Strengthen their Market Prospects
The market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects. Below is the industry development:
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 empower users to get a pre-integrated IoT edge-to-cloud application solution and seamless flow of data through IoT edge.
Read Press Release: https://www.fortunebusinessinsights.com/press-release/industry-4-0-market-9631