Industry 4.0 Market
The Industry 4.0 market witnesses substantial revenue growth. According to Market Research Future (MRFR), the global Industry 4.0 market is poised to create a substantial revenue pocket by 2027, registering a moderate CAGR during the forecast period (2020-2027). Factors such as rising deployments of IIoT devices and growing automation across industries boost the market growth.
Industry 4.0 played a causal role in making operation strategies when the unprecedented crisis of COVID-19 hit the world, sustaining the global infrastructure and ensuring critical power supply. Many industries leveraged advanced Industry 4.0 technologies to continue operations by maintaining safe social distancing or working remotely while meeting customers’ deadlines and continue product development programs.
Rising adoption of various advanced and futuristic smart devices, including smart conveyors, sensors, cameras, robots & cobots across manufacturing sectors worldwide push market size. Increasing adoption of various services, including device management and connectivity management provided by Industry 4.0 and their applications, escalates the market growth, helping organizations enhance various business processes.
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Global Industry 4.0 Market – Segments
The market is segmented into technology, application, vertical, and region. The technology segment is bifurcated into augmented reality (AR), Internet of Things (IoT) platforms, cloud computing, location detection technology, advanced human interactive machine interface, big data, data fabrication/3D printing, data analytics, smart sensors, robotics, and others (smart & connected handheld devices, smartphones, laptops, and computers, etc.).
The application segment is bifurcated into smart factory, industrial internet of things (IIoT), industrial automation, and others. The vertical segment is bifurcated into mining, metals, food & beverages, chemical industry, oil & gas refinery, pharmaceuticals, industrial manufacturing, aerospace, construction, defense, electronics, automotive, transportation, and others. The region segment is sub-segmented into Europe, Americas, Asia-Pacific, and the Rest-of-the-World.
Global Internet of Things Market – Geographical Analysis
North America and Europe lead the global Industry 4.0 market, witnessing the rising demand and early adoption of innovative technologies. Besides, the rising penetration of smart devices led by automation in increasing numbers of enterprises boosts the Industry 4.0 market share. The presence of leading industry players and well-established technology development centers in these regions fosters the Industry 4.0 market size.
Active participants of the global Industry 4.0 market are SAS (US), MaschinenfabrikReinhausen GmbH (Germany), Bosch Rexroth AG (Germany), Daimler AG (Germany), General Electric Company (US), Wittenstein AG (Germany), Klockner & Co. SE (Germany), Wittenstein AG (Germany), Siemens AG (Germany), Festo AG & Co. KG (Germany), and TRUMPF GmbH (Germany), among others.
Global Industry 4.0 Market – Competitive Landscape
The Industry 4.0 market appears highly competitive and fragmented due to the presence of many market players. Innovation, mergers & acquisitions, and expansion remain key trends for these players to gain a larger competitive share.
They make substantial R&D investments in the development of new technologies and cost-effective portfolios. Also, considerable investments are fostered in expanding global footprints and gaining diverse expertise.
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Sep. 20, 2021 --- Screevo (Italy), a provider of hands-free voice assistants for Industry 4.0, announced raising a funding round of approx. €510K to expand its operations nationally and internationally, such as in the United States and beyond. LVenture Group would support Screevo in the development of Italian and European markets. Simultaneously, Boost VC and its network would help Screevo grow in the United States.