Industry 4.0 Market Forecast to Grow at 16.2% CAGR from 2024 to 2031 | SkyQuest Technology
Westford, June 25, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the industry 4.0 market will attain a value of USD 513.89 billion by 2031, with a CAGR of 16.2% during the forecast period (2024-2031). As businesses across industries find it difficult to access real-time information across various domains, they are eventually shifting towards the industry 4.0. Industrial sectors are increasingly implementing better smart industry solutions and adaptable device systems to control production and supply chain operations from a centralized system. Increased deployment of IoT-connected machines is predicted to considerably drive the industry 4.0 market in the manufacturing sector during the forecast period.
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Browse in-depth TOC on “Industry 4.0 Market”
- Pages – 242
- Tables – 70
- Figures – 77
Industry 4.0 Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 154.6 Billion |
| Estimated Value by 2031 | $ 513.89 Billion |
| Growth Rate | Poised to grow at a CAGR of 16.2 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, and Industry |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Growing Adoption of Digital Twins in Industry 4.0 |
| Key Market Drivers | Increasing the Use of Additive Manufacturing |
Innovation and Efficiency Helps Digital Twin Segment to Dominate the Industry 4.0 Market
Within the Industry 4.0 market, the largest market segment is the digital twin technology segment due to its remarkable impact on innovation and efficiency. Digital twin technology plays an important role by offering virtual representation of physical assets, processes, and systems. These provide real time monitoring and help in optimizing the process. This results in minimum downtime and cost savings, needed for competitive advantages. It enhances decision making, increases efficiency and drives innovation across different sectors such as manufacturing, healthcare, and others.
Blockchain Technology Growing at a Faster Rate by Offering Secure Data Exchange
The blockchain in manufacturing technology helps in enhancing traceability, and security in manufacturing processes. The secure data exchange is also driving the market, which is important for supply chain management and quality control. They provide decentralized and secure platforms for digital transactions, representing a huge benefit for this segment. Therefore, it reduces the risk of fraud and cyber-attacks while contributing towards market growth. These factors altogether make the blockchain segment the fastest growing segment.
Massive Adoption of New Technologies Helps Asia Pacific to Dominate the Industry 4.0 Market
Countries like China, Japan, and Korea have the major manufacturing hubs, contributing towards the dominance of the Asia Pacific region in the industry 4.0 market. The countries in this region are consistently adopting new technologies with China being the major contributor are driving the market. On the top of that, regions such as Australia, Singapore, and Malaysia have also been investing in this market contributing to research and development activities to increase efficiency and safety.
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Industry 4.0 Market Insights:
Drivers
- Increasing Use of Additive Manufacturing
- Growing Automation and Smart-Manufacturing Solutions Adoption
- Promotion of Digital Transformation and Connectivity Across Various Industries
Restraints
- Significant Implementation Costs to Restrict Employment of Industrial Robots in Startups
- Data Privacy and Cybersecurity Vulnerability Concerns
- Lack of Trained and Upskilled Workforce
Prominent Players in Industry 4.0 Market
The following are the Top Industry 4.0 Companies
- General Electric
- Siemens
- Honeywell International
- ABB
- Emerson Electric
- 3D Systems
- Advantech
- Basler
- Cisco Systems
- Cognex Corporation
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Key Questions Answered in Industry 4.0 Market Report
- What is the market size of Industry 4.0 Market?
- Which is the leading segment in Industry 4.0 Market?
- What are the key market trends in the Industry 4.0 Market?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of industry 4.0 market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the industry 4.0 market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
Related Reports:
Big Data In Manufacturing Industry
Blockchain In Manufacturing Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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Skyquest Technology
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