BANGALORE, India, April 1, 2020 /PRNewswire/ -- Industry 4.0 refers to a new step in the Digital Revolution with an emphasis on interconnectivity, automation, Machine Learning, and real-time data.
Growing the adoption of the industrial internet in manufacturing units worldwide, rising emphasis on improved machinery and equipment performance, and reduced production costs play an important role in the growth of the industry 4.0 market size.
The global Industry 4.0 Market Size is expected to rise from USD 68,125.13 Million in 2018 to USD 205,236.13 Million by 2025 at a CAGR of 17.06%. The global market for industry 4.0 is highly competitive and is marked by the presence of many foreign and regional players. The market has witnessed growing rivalry between vendors based on the pricing model, differentiation of technology, brand name, service quality, product differentiation, and technical expertise.
By linking industrial equipment together using wireless networking and collecting sensor data from the equipment, manufacturers can accurately evaluate the machine's current state, optimize its performance, identify possible failures, and prepare maintenance schedules. These advantages offered by the internet of things have made it the largest contributor to the growth of industry 4.0 market.
3D printing technology enables the transition from centralized to distributed production and from mass production to full customization. Together with 3D printing, the Industry 4.0 revolution has the ability to change supply chains, product portfolios, and conventional business models. This advantage of 3D printing over traditional manufacturing methods is expected to increase the industry 4.0 market size.
Another factor that drives the market size is the manufacturing of robots using Industry 4.0. Robots created using Industry 4.0 can communicate with each other and function safely next to humans without harming them. Such robots operate more efficiently than humans and are available on the market at a low cost.
Industry 4.0 utilizes Machine Learning algorithms to create flexibility in the production process and improves the overall production quality. These factors in turn are expected to increase the industry 4.0 market size.
REGION WISE INDUSTRY 4.0 MARKET SHARE ANALYSIS
The APAC region is expected to have the highest growth rate in the industry 4.0 market due to the increasing adoption of robotics in countries such as China, Japan, and South Korea. The major factors that make APAC a competitive region for Industry 4.0 are favorable government policies, R&D funding, and low cost of production.
Smart Factories are advanced factory setups that have integrated cyber-physical systems, which allows materials to be moved efficiently across the factory floor. This advanced system has integrated computing codes to provide solutions for automation. Cyber-physical systems track physical processes within the modular organized, smart factories, build a virtual copy of the physical environment, and make autonomous decisions.
North America held the largest smart factory market share with 29.09 % in 2017 and 26.56 % market share in 2012, showcasing a 2.53 % raise. It is followed by Europe with a market share of 26.50 % and China with a market share of 18.92 % in 2016.
The global industrial IoT (IIoT) market size is projected to rise from USD 65,452.15 million in 2018 to USD 118,413.63 million by 2025, at a CAGR of 8.83%.
The Industrial IoT market size is driven by factors such as technological advancements in semiconductors and electronic devices, increased use of cloud computing systems, standardization of IPv6, and funding for IIoT-related R&D activities from governments.
The study offers in-depth insights into demand forecasts, industry dynamics, and micro and macro indicators. Moreover, this report offers insights into the factors that drive and inhibit Industrial IoT Market demand.
Global cloud computing industrial IoT market size is expected to rise from USD 3,685.06 million in 2018 to USD 7,373.29 million by 2025, at a 10.41 % CAGR.
In the cloud computing industrial IoT, the market is highly competitive and marked by the presence of large numbers of foreign and regional players. The market has witnessed intensified competition between vendors based on the pricing model, differentiation of technology, brand name, service quality, product differentiation, and technical expertise.
Cloud computing industrial IoT market report offers in-depth insights into forecasts of demand, industry dynamics, and micro and macro indicators. This report also provides insights into the factors that drive and restrain the demand for cloud computing in the industrial IoT market.
Technological advancements and declining costs make industrial robots more affordable for small and medium-sized businesses and allow smooth integration and program. Skilled labor shortages and increasing manufacturing requirements are driving automation needs and acceptance. Another major factor driving the industrial robotics market size is the growing penetration of collaborative robots in various industries.
The Robotics Market report provides the industry participants with an analysis of market share. The major players were also profiled along with an overview of the organization, a financial summary, market strategy, SWOT analysis, and recent developments in industrial robotics. The major market participants profiled in this report include Kuka Robotics, Denso, Fanuc, Mitsubishi, and Universal Robots.
5. Artificial Intelligence (AI) in Manufacturing Market Report
The Artificial Intelligence in manufacturing market size is expected to increase from USD 513.6 million in 2017 to USD 15,273.7 million in 2025, rising at a CAGR of 55.2%.
Factors such as mass production, organizational abilities, and improved efficiency achieved through automation in the manufacturing industry are expected to raise Artificial Intelligence in manufacturing market size. The Artificial Intelligence in the manufacturing market report offers an in-depth review of the manufacturing market's global Artificial Intelligence, and existing & future developments to elucidate the imminent investment pockets.
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