In 2021, Industry 4.0 market was estimated to be worth US$ 89.2 Billion in 2023. According to projections, the market will increase by 18.4% CAGR from 2023 to 2033, growing from US$ 89.2 billion to US$ 484.5 billion.

Solutions in the area under consideration are provided, among others, by ABB Ltd., Siemens AG, and Cognex Corporation. Industry 4.0 products from ABB Ltd. include motors, generators, control room solutions, PLC automation, robotics, and robotics. Similar to this, Siemens AG provides technology for building, industrial automation, and transportation.

The growth potential of the market is being driven by rising trends of digitization and internet penetration, which are caused by an increased focus on effectiveness and profitable productivity in many sectors. Recent changes in digital technologies and industrial computerization have made it more likely that the industrial value chain will be changed.

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Recent Developments:

• March 2021 – NOKIA Corporation has teamed up with Brazil-based power and automation company WEG Industries to accelerate the development of the Nokia Digital Automation Cloud (DAC) platform and launch an Industry 4.0 solution.
• April 2021 – Cyient, a digital technology and engineering solutions company, launches the IntelliCyient family of products enabling digital transformation in the manufacturing industry. These solutions deliver significant value to assets such as manufacturing, industrial, aerospace, automotive and utilities.

Segment Overview

Vertical Insights

Based on vertical, the market is further split into manufacturing, energy and utilities, automotive, oil and gas, aerospace and defence, electronics and consumer goods, and others. During the expected time frame, the manufacturing sector is expected to be the most important part of the global market. The automotive, transportation, and chemical industries are thought to have the most potential for using i4.0. In the industrial sector, the number of intelligent robots and machines has grown over the past few years. Research and development funds are being used to build an integrated system that will let humans and robots work together on hard tasks through human-machine interfaces that are connected to sensors.

Application Insights

Based on application, the market is split into three groups: industrial automation, smart factories, and industrial IoT. Industrial IoT (Industrial IoT) combines innovations from two major changes. Several companies that make industrial equipment have decided to use IoT because it could be useful. By connecting industrial equipment using wireless connectivity and collecting sensor data from it, manufacturers can find out how their machines are doing right now, improve their performance, and predict when they might break down. For industrial automation, there are many technologies that help reduce the need for people to interact. It also makes industrial processes more flexible and improves their quality.

Regional Outlook:

Smart manufacturing is becoming more and more popular in North America, and it is expected that these companies will control the market. Most factories today have modern equipment and smart factory technologies. This means that other companies can switch from traditional production methods to smart manufacturing. North America is a dynamic region for the growth potential of the market because it has a lot of big players, a lot of government programmes, and more money for R&D.

Europe had the second-largest share of the global market for industry 4.0 in 2021. European businesses have put a lot of money into technology and skills in order to keep their place on the international market. The use of connected things and automation technologies in German industry has led to the fourth industrial revolution. Because of connections, networked objects, real-time data processing, and the fact that information is everywhere, industry paradigms are changing. Tech giants like General Electric, Siemens, and Honeywell were some of the first companies to use i4.0, so they are way ahead of the curve when it comes to putting it to use.

Japan, China, and South Korea are leading the growth of the Asia-Pacific market because they work hard to integrate industrial automation and disruptive technologies into the value chain of their manufacturing systems. The plan covers the top 10 industries, such as artificial intelligence, advanced robotics, electric vehicles, and semiconductors. This government-run industrial programme, which was modelled after the i4.0 development plan of the German government, aims to make China the world leader in high-tech manufacturing. Japan announced its Society 5.0 programme, which aims to solve problems in the industrial, social, and economic fields.

Latest Trends:

A big market trend will be to use a digital twin for predictive maintenance.

As the Internet of Things (IoT) has become more popular, there has been a lot of talk about digital twins. A digital twin is a virtual copy of a real object or device that works the same way it does in real life. This technology has made it possible for OEM manufacturers and automakers to track and manage machines and systems from a distance. It does this by letting physical and digital worlds share information in near real-time. Digital twin technology gives businesses a unique look at their assets and production. This lets them find bottlenecks, improve operations, and plan for product growth.

Driving Factors:

Industrial robots are becoming more popular, and the demand for industrial automation is going through the roof.

Over the past few decades, robots have gone from being very expensive and only able to do a few things to being cheaper and able to do a lot of different jobs. People everywhere use robots, especially industrial robots, a lot. Recent trends in the robotics business show that production centres are using industrial robots more and more. This is leading to fast breakthroughs, development, and change.

Restraining Factors:

Integration of new technologies and data poses risks that could slow down growth.

Integration and implementation of industry solutions have some benefits, but they also pose some risks that could slow the growth of a company in the future. When new technologies are introduced, there are likely to be data and security concerns that will slow down business growth. Cybercrime cost the world economy USD 6.0 trillion in 2021, and it is expected to cost USD 10.5 trillion by 2025, according to a study published by Cybercrime Magazine in 2021. Hackers can get into a manufacturer's data and get all the important information they need because Industry 4.0 systems are easy to break into. Because of this, more people need to know about these weaknesses and understand the value of cybersecurity solutions at all levels of an organization's network.

Key Segments Covered:

Top Market Players:
ABB Ltd (Switzerland), Siemens AG (Germany), Cognex Corporation (U.S.), Schneider Electric SE (France), Honeywell International Inc. (U.S.), Emerson Electric Co. (U.S.), Rockwell Automation, Inc. (U.S.), General Electric Company (U.S.), Robert Bosch GmbH (Germany), Cisco Systems Inc. (U.S.), and others.

By Vertical

• Manufacturing
• Energy & Utilities
• Automotive
• Oil and Gas
• Aerospace and Defense
• Electronics and Consumer Goods
• Others

By Application

• Industrial Automation
• Smart Factory
• Industrial IoT
• Others

Regions and Countries Covered

• North America: (US, Canada, Mexico, Rest of North America)
• Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
• Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
• The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
• Latin America: (Brazil, Argentina, Rest of Latin America)
• Rest Of the World