Global Industry 4.0 Market Analysis and Forecast To 2024
Industry 4.0' stands for the fourth industrial revolution. The rise of new digital industrial technology is referred to Industry 4.0. Industry 4.0 is the grouping of numerous major innovations in digital technology. These technologies include Industrial Robotics, Cyber Security, Internet of Things (IoT), 3D Printing, Advanced Human–Machine Interface (HMI), Big Data, Augmented Reality & Virtual Reality, Artificial Intelligence. However, lack of cost-benefit analysis and a shortage of skilled workforce are key factors limiting the growth of this market.
The Global Industry 4.0 Market accounted for USD 68.83 billion in 2016 growing at a CAGR of 15.2% during the forecast period of 2017 to 2024.
Global 4.0 industry market refers to the fourth industrial revolution. The introduction of internet and its incorporation in operational processes has led to real time connection between humans, machines & objects. It has its wide applications in automotive, electrical & electronics equipment, industrial equipment, aerospace, chemical & materials, food & agriculture, oil & gas, energy & power, healthcare, and others. Increase in acquisition of industrial internet is the major driver of industry 4.0 market. Industry 4.0 is also driven by multiple challenges in the supply chain and customer expectations. On the other side lack of skilled manpower may hinder the market.
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Major Market Drivers& Restraints:
- Increasing adoption of industrial internet
- Growth in the adoption of automation for quality production
- Increased focus on efficiency and cost of production leading to digitization
- Shortage of proficient workforce
- Lack of cost-benefit analysis
Major Market Competitors:
Some of the major players of the global industry 4.0 market are General Electric, Microsoft Corporation, Stratasys Ltd., Oculus VR, ABB Ltd., Mitsubishi Electric Corp., Intel Corporation, Hewlett Packard Enterprise Company, Siemens AG, Cisco Systems, Samsung Electronics Co. Ltd., Rockwell Automation, Inc., Denso Corporation, Qualcomm Inc., Oracle Corporation, SAP SE, Aibrain, Inc., Eos GmbH, Intelligent Automation, Inc., Zih Corporation, Exone Company, Advantech Co. Ltd., Sensory Inc., Rethink Robotics, Ngrain, Interset Software, Inc., Arcadia Data, Inc., U-Blox, General Vision, Inc., Magic Leap, XJET, Splunk Inc., Beijer Electronics Ab, Worldsensing, Sri International, Cyberx, and others.
Segments:
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On The Basis Of Technology : industrial robotics cyber security, internet of things (IoT), 3D printing, advanced human–machine interface (HMI), big data, augmented reality & virtual reality, artificial intelligence, and others.
The industrial robotics segment is further segmented into collaborative industrial robot, articulated robot, cylindrical robot, scara robot, parallel robot, cartesian robot, and others.
On the basis of application: industrial automation, smart factory, industrial internet of things (IIOT), and others.
On The Basis Of Vertical: automotive, electrical & electronic equipment, industrial equipment, aerospace, chemical & material, food & agriculture, oil & gas, energy & power, healthcare, and others.
On The Basis Of Geography: Comprises Geographical regions - North America, South America, Europe, Asia-Pacific, and Middle East & Africa
Share Analysis:
The report for global industry 4.0 market include detailed vendor level analysis for market shares in 2016 for Global, North America, Europe, Asia Pacific, Middle East and Africa and South America specifically. Also impact and development analysis of key vendors is registered in the market and factored on the basis of Vendor Positioning Grid Analysis which measures the vendors strengths and opportunities against present market challenges, measure providers ability to identify or satisfy present market needs, map providers market vision to current and upcoming market dynamics among others. The report also measures technology life line curve and market time line to analyze and do more affective investments.
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