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Industry 4.0 Market to Reach USD 337.10 Billion in 2028; Emergence of Digital Twin Technology to Propel Growth, reports Fortune Business Insights™

Pune, India, April 29, 2021 (GLOBE NEWSWIRE) -- The global industry 4.0 market is set to gain impetus from the increasing demand for the Internet of Things (IoT). It has given rise to the surging usage of digital twins to remotely manage and track systems and equipment in real-time. In February 2020, for instance, China-based Huawei Technologies Co., Ltd. introduced its latest 5G digital engineering solution. It can develop a replica of a physical site and allow operations on the digital site. This information is given by Fortune Business Insights™ in a new report, titled, “Industry 4.0 Market, 2021-2028.” The report further states that the market size is projected to grow from USD 116.14 billion in 2021 to USD 337.10 billion in 2028 at a CAGR of 16.4% in the forecast period. It stood at USD 101.69 billion in 2020.

COVID-19 Pandemic: Surging Digitalization in Various Sectors to Affect Growth Positively

The outbreak of the COVID-19 pandemic has accelerated digitalization in a wide range of industries. It is providing multiple opportunities for prominent companies to adopt and create creative solutions for boosting digital transformation. The concept of industry 4.0 would help organizations run their businesses smoothly by adopting IoT and other similar technologies. But, some of the companies have stopped their manufacturing processes because of supply chain disturbances. Our reports will help you to better understand the current situation.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/enquiry/queries/industry-4-0-market-102375

Segmentation-

Industrial Automation Segment Held Share of 21.0% in 2020

Based on the vertical, the market is categorized into manufacturing, energy & utilities, automotive, oil and gas, aerospace and defense, electronics and consumer goods, and others. By the application, it is trifurcated into industrial automation, smart factory, and industrial IoT. Amongst them, the industrial automation segment generated 21.0% in 2020 in terms of the industry 4.0 market share. Various manufacturers are connecting their industrial equipment wirelessly to collect data, which, in turn, is helping them to recognize potential failures of machines, improve their performance, and estimate their current state.

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Report Coverage-

The research report of the market delivers a brief analysis of existing companies that can affect the outlook in the near future. Also, it provides an accurate assessment by highlighting information on numerous factors that include growth drivers, opportunities, trends, and hindrances. It represents the market size from a global perspective by analyzing historical data and qualitative insights.

Drivers & Restraints-

Increasing Utilization of Robotic Engineering and Technologies to Boost Growth

Robots nowadays have become inexpensive and are capable of performing various tasks. Industrial robots are being rapidly used across the globe on account of evolution, development, and advancements. The manufacturing sector has also accepted robotic technologies and engineering to enhance their production processes. They can perform testing, product inspection, palletizing, pick and position, assembling, ironing, heavy-lifting, and welding. These factors are expected to bolster the industry 4.0 market growth in the upcoming years. However, the implementation of unique technologies can often lead to security and data breaches. Also, industry 4.0 solutions cannot prevent hackers from accessing the confidential data of manufacturers. It may hinder growth.

Regional Insights-

North America to Grow Steadily Fueled by Increasing Investments in R&D Activities

Geographically, North America is anticipated to remain in the dominant position throughout the forthcoming years. This growth is attributable to the rising acceptance of smart manufacturing by various reputed firms. Additionally, surging investments in R&D activities, coupled with favorable government initiatives would accelerate growth in this region. Europe, on the other hand, held USD 34.60 billion in terms of revenue in 2020. The presence of robust tech giants, namely, General Electric, Honeywell, and Siemens is set to spur the demand for industry 4.0 in this region. Coupled with this, the increasing establishment of real-time data processing and connectivity is anticipated to propel growth.

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Competitive Landscape-

Key Players Focus on Developing New Solutions to Intensify Competition

The global market houses numerous manufacturers that are trying to develop state-of-the-art and easy-to-use solutions for various sectors. Most of them are participating in partnerships and acquisitions to compete in the market. Below are the two latest industry developments:

  • February 2020: Tech Mahindra and Honeywell collaborated to develop ‘Industries of the Future.’ Both companies are planning to capitalize on software, Industry 4.0, 5G, and digital transformation capabilities.
  • March 2019: Ericsson introduced a novel connectivity solution named Ericsson Industry Connect. It would help communication service providers to provide dedicated cellular networks at warehouses and factories.

A list of renowned providers of industry 4.0 present in the global market:

  • ABB Ltd (Zürich, Switzerland)
  • Siemens AG (Berlin, Germany)
  • Cognex Corporation (Massachusetts, United States)
  • Schneider Electric SE (Rueil-Malmaison, France)
  • Honeywell International Inc. (North Carolina, United States)
  • Emerson Electric Co. (Missouri, United States)
  • Rockwell Automation, Inc. (Wisconsin, United States)
  • General Electric Company (New York, United States)
  • Robert Bosch GmbH (Stuttgart, Germany)
  • Cisco Systems Inc. (California, United States)
  • Denso Corporation (Aichi, Japan)
  • Intel Corporation (California, United States)
  • Fanuc Corporation (Yamanashi, Japan)
  • L&T Technology Services (LTTS) (Vadodara, India)

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Detailed Table of Content

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Key Takeaways
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • Porter’s Five Force Analysis
  • Global Industry 4.0 Key Players Market Share Insights and Analysis, 2020
  • Key Market Insights and Strategic Recommendations
  • Primary Interviewee’s Key Responses
  • Companies Profiled (Covered for key 10 players only)
    • Overview
      • Key Management
      • Headquarters etc.
    • Offerings/Business Segments
    • Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
      • Employee Size
      • Key Financials
        • Past and Current Revenue
        • Gross Margin
        • Geographical Share
        • Business Segment Share
    • Recent Developments

TOC Continued

Have a Look at Related Research Insights:

Smart Manufacturing Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Deployment (Cloud and On-premise), By Enterprise Size (Small & Medium Enterprise (SMEs) and Large Enterprise), By Industry (Discrete and Process), and Regional Forecast, 2020-2027

Internet of Things (IoT) in Manufacturing Market Size, Share & Industry Analysis, By Platform (Device Management, Application Management, Network Management), By Software & Services (Software Solution and Services), By Application (Predictive Maintenance, Asset Tracking and Management, Logistics and Supply Chain Management, Real-Time Workforce Tracking and Management, Emergency and Incident Management and Others) and Regional Forecast, 2019-2026

Face Recognition Door Lock Market Size, Share & COVID-19 Impact Analysis, By Application (Residential, Hospitality, Commercial, Government, and Others), and Regional Forecast, 2021-2028

IoT in Smart Cities Market Size, Share & COVID-19 Impact Analysis, By Component (Solution and Services), By Application (Smart Building, Smart Healthcare, Smart Energy, Smart Transportation, Public Safety, Smart Infrastructure, and Others), and Regional Forecast, 2021-2028

Mobile Virtual Network Operator (MVNO) Market Size, Share & COVID-19 Impact Analysis, By Operational Model (Reseller MVNO, Service Provider MVNO, and Full MVNO), By Service Type (Postpaid and Prepaid), By Subscriber (Business and Individual/Residential), and Regional Forecast, 2021-2028

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