Industry 4.0 Market - Forecast(2020 - 2025)
Global Industry 4.0 Market: Overview
Industry 4.0 is the fourth revolution of the manufacturing industry which is fuelled by data and machine learning. Industry 4.0 offers the latest manufacturing technologies which provide tools for automation and data exchange. It also provides the opportunity to enhance the operations efficiently and quickly for the manufacturers. Industry 4.0 has a wide range of applications such as sensors, robotics control, product design, and logistics.
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According to this research report from IndustryARC, the global industry 4.0 market size was between $70,000 million to $75,000 million as of 2018. The increasing usage of industry 4.0 technologies in big data analytics, horizontal and vertical system integration and logistics industry are the factors driving the growth of the market. In big data analytics, industry 4.0 allows the collection of comprehensive evolution of data from production equipment systems, and customer management systems to support real-time decision making. The demand in the global Industry 4.0 market is projected to grow at a notable CAGR of 15% to 20% during the forecast period of 2019 to 2025.
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Global Industry 4.0 Market: Outlook
The demand for industry 4.0 in the manufacturing field is high and is estimated to grow with a good CAGR of 8% to 10% among other applications such as energy, healthcare, and transportation. Industry 4.0 technologies such as information communication technology and cyber-physical systems are used in the manufacturing process of furniture. The increasing cost, customized market, and excess capacity are controlled by using industry 4.0 in furniture manufacturing. Europe held the largest share of 30% to 35% in the global industry 4.0 market in the year 2018. The growth in this region is because of the strategic readiness and implementation of Industry 4.0 enabling technologies during the forecast period of 2019 to 2025.
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Global Industry 4.0 Market: Growth Drivers
Industry 4.0 and Smartphones Usage –
The increasing digitalized world is the major factor attributing the growth of the global industry 4.0 market. According to the World Economic Forum, three billion people are using smartphones all over the world, with the annual growth rate of 10%. Innovations of industry 4.0 such as IoT and voice assistants in smartphones are providing the customers with a good shopping experience and to decide on a purchase of a product.
Interactive Robots by Industry 4.0 –
The manufacturing of robots using industry 4.0 is another factor fuelling market growth. Robots manufactured using I4.0 will interact with each other and works safely beside humans without causing any harm to them. These robots work more efficiently than humans and are available at low costs in the market.
Global Industry 4.0 Market: Challenge
Lack of Security –
The missing growth factor for the industry 4.0 market is security. According to the 2018 IBM-X Force Threat Intelligence Index, manufacturing is the second largest targeted industry for attacks. Due to less security, industry 4.0 technologies are allowing hackers to attack the manufacturer’s data and also infecting new systems to detention and vend confidential information.
Global Industry 4.0 Market Players Perspective:
Mitsubishi Electric Corporation’s uses internet of things (IoT) and cyber-physical systems in the manufacturing of industry 4.0 or I4.0. I4.0 offers consumers lower costs, better resource efficiency, faster production, higher quality control, and product traceability systems. Using the Internet and Ethernet technologies, the IoT technology used in the manufacturing enables multiple devices to exchange data. Implementing the principles of I4.0 and smart manufacturing, manufacturers should earn massive market revenue through automation and investment.
Microsoft Corporation, Schneider Electric SE, Hewlett Packard Enterprise Company, Siemens AG, Rockwell Automation Inc., General Electric Co., International Business Machines Corporation, ABB Ltd., and Intel Corporation are the other players operating in the global industry 4.0 market.
Global Industry 4.0 Market: Trends
Application of Virtual, Augmented, and Mixed Reality –
Virtual, augmented, and mixed reality is applied in the manufacturing facilities of industry 4.0 using production line development, technical and engineering support, and inventory management. These technologies are used by the industries to work more effectively and efficiently.
Opportunities for Production Facility –
Industry 4.0 offers various opportunities for the production facilities using small batch and mixed manufacturing techniques. This techniques provides individual product customization options for the customers and also creates new business opportunities such as wide range of contracts for the players operating in the industry 4.0 market.
Players Shifting from B2B to B2B2C –
Industry 4.0 offering various benefits of selling products directly to the customers using e-commerce sites. The benefits provided by the I4.0 in B2B2C includes price control, better customer data, brand control, increased profit, and faster time delivery. It also offers secure payment, order fulfillment and tracking, sales, customer service management, and marketing.
Global Industry 4.0 Market: Research Scope
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the industry 4.0 market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the technologies of industry 4.0 market and their specific applications in different types of vehicles.
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