Industry 4.0 Market (Component: Solutions and Services; Technology: 3D Printing, Advanced Robotics, AR/VR Systems, Internet of Things [IoT], Artificial Intelligence, and Others; Enterprise Size: Small & Medium Enterprises and Large Enterprises; and Industry: Manufacturing, Energy & Utilities, Automotive, Oil & Gas, Aerospace & Defense, Electronics & Consumer Goods, Food & Beverage, and Others)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

According to Nova one advisor, the global Industry 4.0 market size was valued at USD 114.60 billion in 2021 and is predicted to hit USD 1.2 Trn by 2030 with a registered CAGR of 27.5% during the forecast period 2022 to 2030.

Industrial sectors are increasing the adoption of advanced smart factory solutions and connected device systems to control the production and supply chain operations from a centralized system. Companies are investing in advanced technologies such as human-machine interaction, analytics & intelligence, advanced engineering, connectivity, data, and computational power to increase production efficiency and reduce the production cost by avoiding downtime in the production process.

Manufacturing companies are adopting digital work instructors, digital performance management, basic retrofit automation systems for loading, and robotic process automation systems with existing industrial infrastructure to increase profitability in the manufacturing and production process

Industry 4.0 solutions help in improving productivity performance and performance management; asset utilization and efficiency; and improved quality of the production process. Solution providers are offering an instructive repository to manufacture smart robots to reduce the downtime to bring down production costs and expenses on the production process. Companies are deploying smart systems to end-use industries to automate the production process with the predefined process. For instance, researchers at the Cornell University are building a cloud-based, large-scale knowledge repository named Robobrain. This can be used over the Internet to enable collaborative learning for robots such as Baxter, to sense their environments and quickly undertake new tasks. Hence, increasing focus on enhanced efficiency and reduced production costs is expected to drive the growth of the Industry 4.0 market during the forecast period.

Report Scope of the Industry 4.0 Market

Increasing Consumer Spending on Digitalization, Advanced Smart Factory Solutions

• Leading manufacturing and automobile companies are expanding production efficiency by setting up new production plants based on smart factory solutions. The companies are changing their business policies by adopting advanced smart manufacturing technologies and connected production systems instead of traditional production methods.
• As per the global Industry 4.0 survey by PwC, digitalization in the production process can help increase annual revenue by 2.10% and reduce the overall cost by 3.9% per annum for end-use industries. Companies are investing in smart factory solutions such as wearable wristband to track employees, 3D printing of spares, digital twin technologies, digital war-room dashboards, AR-based glasses to assist factory workers, machine vision for predictive quality control, and sensor-based data capturing systems. Increasing consumer spending on smart factory solutions is expected to increase the demand for Industry 4.0 solutions during the forecast period.
• Industry 4.0 solutions help companies in real-time supply chain optimization, smart energy consumption, and remote monitoring & control for various production processes. Industry 4.0 includes industrial solutions such as cyber-physical systems, connected production assets, and advanced automation equipment to ensure quality, safety, and enhanced efficiency of production processes. Solution providers are offering industrial connected solutions that integrate with existing system infrastructure to reduce excessive infrastructural cost for new technologies. Hence, increasing consumer spending on digitalization and advanced smart factory solutions is expected to boost the demand for Industry 4.0 solutions during the forecast period.
• On the other hand, the high upfront investment for implementation and integration of sensors, electric actuators, and controllers in manufacturing and production operations is a key factor responsible for the low adoption rate of Industry 4.0 in small & medium-sized enterprises. The overall initial cost includes integration and implementation cost, customization and system or solution design, and industrial training & maintenance cost.
• Industry 4.0 solution providers are offering advanced solutions in mobile workforce management, predictive maintenance, field surveillance & monitoring, demand & supply monitoring, and smart production operations to manage supply chain operations with digital platforms and connected devices. The lack of skilled professionals in developing countries is another major restraining factor of the market.
• Lack of awareness and knowledge about the application and benefits of connected devices, sensors, and analyzing applications in the production & manufacturing sector decreases the adoption rate of digitalization in developing countries. Companies are adopting more budget-friendly technologies in production operations to maintain the quality of the production line and for more productivity. Solution providers are providing cost-effective solutions and increasing penetration in small regions as well; thus, this restraint has a short-term impact on the market.

 Technological Revolution in Most Industries Expands Scope for Industry 4.0 Market

Industry 4.0 is known to be the fourth industrial revolution that concentrates on interconnectivity, automation, machine learning, and real-time data. It is also referred to as the Internet of Things (IoT) or smart production coupled with the smart digital technology. Moreover, it utilizes machine learning and Big Data to build a more holistic and better-connected ecosystem for businesses that center manufacturing and SCM. Various businesses from different industries can face a common challenge to access real-time insights across processes, partners, products, and people. Several key businesses are presently adopting IoT metrics and key performance indicators that exhibit operational development, consumer experience, logistics, and supply chain profits. Industrial sectors are expanding the adoption of superior smart industry solutions and applicable device systems to regulate the production and supply chain operations from a centralized system. The increased deployment of IoT-connected machines is expected to significantly drive the Industry 4.0 market in the manufacturing sector during the forecast period.

Multiple businesses are investing in advanced technologies, such as human-machine interaction, analytics & intelligence, advanced engineering, connectivity, data, and computational power to increase production efficiency and reduce production costs by avoiding downtime in the production process. Industry 4.0 solutions give businesses the ability to forecast and predict the potential difficulties that might arise with the ongoing operations. The conventional way for preventive maintenance happens manually based on routine or time. With the introduction of IoT, however, preventive maintenance is much more automated and streamlined. Systems can sense the upcoming problem or if the machinery needs to be fixed, and can allow businesses to resolve potential issues before they become bigger problems. All these factors are contributing to the growth of the Industry 4.0 market during the forecast period.

Rise of Industry 4.0 Proves Effective in Business Planning Amid Pandemic

The start of the COVID-19 pandemic resulted in the slowdown and closure of various projects and businesses due to strict regulations for the supply chain, disrupted electronic value chain, and infection risk on products. Even in regions where COVID-19’s primary effects have begun to decline, serious dislocations seem likely to persist as a fact of life for some time to come, with businesses constantly facing new pressure. It is an undeniable certainty that Industry 4.0 is supporting to deal with the unprecedented steps that have been in place in response to the global COVID-19 pandemic. Industry 4.0 plays a critical role in the backdrop of a pandemic such as COVID-19. Manufacturers utilizing digital solutions are better positioned to overcome the storm, having advanced quicker and further than their competition during the crisis. As businesses think about restoring operations and developing the muscle to deal with future disasters, using digital technologies will be top of mind for many.

In many ways, the coronavirus crisis has influenced not only the manufacturers’ operations in the Industry 4.0 market but also the value of investments, especially in digital technologies. For many, COVID-19 has increased the demand for specific tools enabling developments presently. The coronavirus crisis tested the ability of the Industry 4.0 market. With a pandemic all over the world, the ability to have real-time data for everything, from suppliers to the workshop floor, authorized teams to operate at the desired speed. In the automation and robotics factories, regulations to provide employee safety are strictly being followed with proper distancing measures. Moreover, augmented reality executed a significant role in fixing lines quickly. Furthermore, simulation was necessary for virtually showcasing and inventing changes to factories, lines, and ramps. The Industry 4.0 market succeeded to prove that advanced manufacturing technologies are ready for primetime.

Improved Performance, Production Outcomes in Various Sectors Manipulate Demand

Industry 4.0 helps businesses operate and optimize all aspects of their production operations and supply chains. Machine monitoring solutions, imminent sustaining strategies, and other superior operational technologies can help businesses decrease downtime, improve throughput, and reduce the overall cost of supplying quality parts. Along with many other industries, manufacturing businesses have undergone isolated data with separate departments within the organization, and at different levels such as machine level, plant level, and corporate. A combined operation grants convenience to diverse data sources, and if executed correctly, presents an easy way to use that data for efficient decision-making. Furthermore, being able to immediately react to varying demand, latest product trends, ability gap, and other irregular hurdles are key for any manufacturer. With the appropriate technology in place, manufacturers have a greater possibility to strongly pivot when encountering trouble.

The increasing adoption of technology in businesses across the world is boosting the growth of the global Industry 4.0 market during the forecast period. In addition, rising Internet invasion and digitization trends due to the increasing need for efficiency and cost-efficient productivity in various industries are propelling the Industry 4.0 market.

Moreover, the number of market players in developed regions such as North America has been increasing. The rising need for technological advancements and growing consumer spending in Industry 4.0 solutions such as advanced robotics, AR/VR systems, and 3D printing solutions are anticipated to expand the North America Industry 4.0 market during the forecast period.

Some of the prominent players in the Industry 4.0 Market include:

• ABB Ltd.
• Alphabet Inc.
• Ansys, Inc.
• Cisco Systems, Inc.
• Cognex Corporation
• FANUC Corporation
• General Electric Company
• HMS Networks AB
• Intel Corporation
• International Business Machines Corporation
• KUKA AG
• Microsoft Corporation
• Mitsubishi Electric Corporation
• Rockwell Automation, Inc.
• SAP SE
• Schneider Electric SE
• Siemens AG
• Stratasys, Ltd.
• The Hewlett Packard Enterprise Company
• The Yaskawa Electric Corporation

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Industry 4.0 market

Component

• Solutions
• Industrial Automation Solutions
• Smart Factory Solutions
• Industrial IoT Solutions
• Services
• Implementation & Integration
• Support & Maintenance
• Consulting & Training

Technology

• 3D Printing
• Advanced Robotics
• AR/VR Systems
• Internet of Things (IoT)
• Artificial Intelligence
• Others (Cyber Security, Big Data, and Predictive Maintenance)

Enterprise Size

• Small & Medium Enterprises
• Large Enterprises

Industry

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

By Geography

North America

• U.S.
• Canada

Europe

• Germany
• France
• United Kingdom
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Industry 4.0 industry analysis from 2022 to 2030 to identify the prevailing Industry 4.0 industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Industry 4.0 industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Industry 4.0 industry trends, key players, market segments, application areas, and market growth strategies.