NEW YORK, Sept. 6, 2023 /PRNewswire/ -- The Industry 4.0 Market report has been added to Technavio's offering. The potential growth difference for the Industry 4.0 market between 2023 and 2027 is USD 211.43 billion. The need for simplification of complex manufacturing activities drives market growth. An important goal for industrial operators is to maintain plant assets. Production equipment, inventory, and support systems have a close interrelated relationship in various plants, creating a complex process environment. Industries these days face challenges with obtaining high operational efficiency and, at the same time, ensuring that their critical assets are properly maintained. Also, industrial automation ensures proper maintenance and effective management of physical assets. Hence, such factors boost the Industry 4.0 market during the forecast period. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
- Technical challenges associated with the implementation hinder the growth of the market. Design at the level of control rises significantly with the advent of the industrial Internet of Things (IoT) in the context of automation. However, given the increasing adoption of IoT-enabled devices, manufacturers and system integrators are facing design challenges in factory automation. Furthermore, there are three basic levels of control. These levels include field level, control level, and operator level within the factory automation process. Also, the smooth move from traditional automation to Industry 4.0 in the manufacturing industry. Hence, such factors challenge the growth of the Industry 4.0 market during the forecast period. - Explain. Learn about additional key drivers, trends, and challenges available with Technavio. Read FREE Sample PDF Report Now
The Industry 4.0 market is segmented by Application (Industrial IoT, Smart factory, and Industrial automation), End-user (Manufacturing, Automotive, Energy and utilities, Oil and gas, and Others), and Geography (North America, Europe, APAC, Middle East and Africa, and South America).
- The industrial IoT segment will be significant during the forecast period. It is a network of physical devices, machines, and sensors integrated into everyday objects connected to the Internet for effective data communications. Furthermore, it enhances operational efficiency. The efficiency is increased by increasing the speed of communications over the existing infrastructure. This, in turn, improves business productivity in any industrial setup. IoT software helps to set, monitor, and keep track of connected devices that are part of the manufacturing process. Hence, such factors boost the industry IoT segment of the Industry 4.0 market during the forecast period.
- North America will contribute 31% to the growth of the global market during the forecast period. View the FREE Sample Report for insights into the contribution of all the segments and regional opportunities in the report.
Key Companies in the Industry 4.0 market:
ADLINK Technology Inc., Advantech Co. Ltd., AURA DIFUSION S.L., Cisco Systems Inc., Cognex Corp., Emerson Electric Co., FANUC Corp., General Electric Co., Honeywell International Inc., Huawei Technologies Co. Ltd., MIDEA Group Co. Ltd., Mitsubishi Electric Corp., OMRON Corp., Qualcomm Inc., Robert Bosch GmbH, Rockwell Automation Inc., SAP SE, Schneider Electric SE, Siemens AG, and Stratasys Ltd.
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Industry 4.0 Market Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 21.88% |
Market growth 2023-2027 |
USD 211.43 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
19.67 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 31% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ADLINK Technology Inc., Advantech Co. Ltd., AURA DIFUSION S.L., Cisco Systems Inc., Cognex Corp., Emerson Electric Co., FANUC Corp., General Electric Co., Honeywell International Inc., Huawei Technologies Co. Ltd., MIDEA Group Co. Ltd., Mitsubishi Electric Corp., OMRON Corp., Qualcomm Inc., Robert Bosch GmbH, Rockwell Automation Inc., SAP SE, Schneider Electric SE, Siemens AG, and Stratasys Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Application
Market Segmentation by End-user
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
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SOURCE Technavio
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