According to Custom Market Insights (CMI), The Global Industry 4.0 Market Size was valued at USD 116.95 billion in 2021 and is estimated to reach USD 406.49 billion by the end of 2030 at a CAGR of approximately 16.5% during the forecast period 2022-2030.
The rapid advancements that have taken place worldwide have encouraged industrialization to a great extent. Industries have now started using modern techniques to increase the rate of production, which helps to generate better revenue over time. This has been facilitated with the help of artificial intelligence and robotic systems, which industries have adopted worldwide to avoid the risk of human errors and use artificial intelligence to earn maximum profits. That option of this new format of functioning by the manufacturing units has encouraged a huge revolution in industrialization.
Browse the full “Industry 4.0 Market Size, Trends and Insights By Application (industry IoT, Smart factory, industry automation), By Vertical Analysis (Electronics and consumer goods, Aerospace and Defense, Oil and gas, Automotive, Energy and utilities, Manufacturing, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/industry-4-0-market/
Market Dynamics
Drivers
The industry has adopted automated robots worldwide to boost the production rate and meet the growing population’s increasing demand. Artificial intelligence in the field of industries has transformed the entire process by increasing speed to a great extent. The chances of human error and negligence have been reduced to a great extent with the introduction of artificial robotic systems into the manufacturing process. A growing acceptance of using artificial intelligence has made work easier and faster. industry robotic systems can perform multiple tasks simultaneously, Which can be managed with the help of human intelligence. Once programmed, the robotic system need not be instructed again until necessary changes are required. Multiple reasons emerge as the driving factors for the growth of the market.
Restraints
The lack of skilled professionals who can handle artificial intelligence and advanced technologies has emerged as a major straining factor for the market’s growth. In a technical error, using human intelligence becomes essential to manage further processes. The data fed into the system is at great risk when technical errors occur from the server’s end. This proves to be a major restraining factor for the market’s growth during the forecast period. The increasing cases of cybercrime all over the globe have put the use of artificial intelligence at tremendous risk. The chances of losing data or higher with the use of artificial intelligence and robotic system.
Opportunities
The rapid research and development programs carried out by the key market players to boost the use of artificial intelligence and robotics in the Industry have emerged as a major opportunity for market growth. With the increasing trend of artificial intelligence and the use of robotics in manufacturing, the requirement for skilled professionals is increasing, creating job opportunities for people. The government’s support, obtained through various initiatives, has helped the industry boost production capacity and earn better profits. These various reasons emerge as opportunities for the growth of the market.
Challenges
The use of modern technologies and robotics systems in the field of manufacturing processes has increased the total cost of production, which includes the total maintenance which has to be carried out by the key market players. The lack of a skilled workforce has also hindered the growth of the market to a great extent. Technical errors and glitches cannot be handled with the help of an untrained labour force. The increasing prevalence of cybercrime worldwide has made it extremely unsafe to store critical information. These multiple reasons emerge as the challenges in front of the market during the forecast period.
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Report Highlights
Based on application, the segment of industry IoT has emerged as a major market that has significantly contributed to the growth phase of industry 4.0. This segment has combined the various advancements that have taken place, intending to revolutionize the entire process of industrialization. Based on the vertical analysis, the manufacturing segment has emerged as a major market in the global economy due to the rapid adoption of advanced technologies and automated robotic services. The entire production process has been automated by using the technology of robotics which has increased production speed. Based on geography, the region of North America has emerged as a major market for the growth of the industry 4.0 market due to the rapid adoption of advanced technologies and smart robots in the manufacturing system. Automated machines have been observed in various sectors such as defense, electronics, aerospace, and automotive.
Regional Snapshots
The region of North America has emerged as the largest market due to its rapid adoption of advanced technologies and smart manufacturing processes. The introduction of artificial intelligence and automated robots in the field of industries has helped this region to record a tremendous boost over time and is expected to be continued similarly in the future.
Key Player
- Ansys Inc.
- Cisco Systems Inc.
- ABB Ltd.
- Alphabet Inc.
- Cognex Corporation
- FANUC Corporation
- General Electric Company
- International Business Machines Corporation
- KUKA AG
- HMS Networks AB
- Intel Corporation
- Microsoft Corporation
- Mitsubishi Electric Corporation
- Schneider Electric SE
- Siemens AG
- Rockwell Automation Inc.
- SAP SE
- Stratasys Ltd.
- The Hewlett Packard Enterprise Company
- The Yaskawa Electric Corporation
Table of Contents: https://www.custommarketinsights.com/report/industry-4-market/#table-of-contents
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