Industry 4.0 Market to Surpass USD 513.89 Billion by 2031 | SkyQuest Technology

WESTFORD, Mass., April 30, 2024 /PRNewswire/ -- SkyQuest projects that the Industry 4.0 market will attain a value of USD 513.89 billion by 2031, at a CAGR of 16.2% over the forecast period (2024-2031). The adoption of Industrial Internet of Things (IIoT) technologies is a significant opportunity in the global Industry 4.0 market. Through a combination of industrial tools, sensors and devices, companies can collect real-time data and enable device-to-device communication. This data can be used to streamline processes, reduce downtime and improve overall operational efficiency. As systems become more interconnected, ensuring technical connectivity and data security becomes increasingly important.  

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Browse in-depth TOC on "Industry 4.0 Market"

•  Pages - 242

•  Tables - 70

•  Figures – 77

Industry 4.0 Market Overview:

Internet of Things Segment to Dominate Market Due to Rapid Adoption across Different Sectors

The Internet of things segment is dominating the global Industry 4.0 market.  Offering comprehensive solutions for sectors such as manufacturing, healthcare and energy, IoT technology enables device systems that seamlessly talk to each other, enhancing automation, predictive maintenance and real-time decision-making.

Advanced Robotics Segment to Lead Market Owing to Improvement and Flexibility in Traditional Manufacturing Processes

The fastest growing segment within the Industry 4.0 market is advanced robotics. Internet of Things (IoT), big data and analytics, artificial intelligence (AI) and machine learning are propelling   the adoption of robotic solutions in many industries such as manufacturing, logistics, and healthcare. These smart robots have an edge over others with the additional advantages of flexibility, accuracy and creativity. This results in significant product improvement and flexibility in traditional manufacturing processes.

North America to Dominate Industry 4.0 Market Owing to Rise in R&D Activities

North America is dominating the Industry 4.0 market as its players are increasingly embracing the concept of smart products. Most factories in the regional market now are equipped with new machinery and smart industrial technologies, enabling other industries to shift from traditional manufacturing to smart manufacturing. The presence of key market players in the region, coupled with the increase in government efforts and rise in investments in R&D activities are all important factors for regional market growth.

Asia-Pacific market is expected to grow at a significant CAGR during the forecast period. The region is home to the world's largest manufacturing hubs, including China, Japan and South Korea. These countries have been early adopters of technology, with China leading the way in this regard. In addition, other countries in the region such as Australia, Singapore and Malaysia are investing in technology. Australia, for example, is promoting the use of robotic technology in the mining industry that improves efficiency and safety. Asia Pacific market is growing due to extensive strategies of companies for adopting industrial automation and disruptive technologies to add to their production value chain.  

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Industry 4.0 Market Insights:

Drivers

•  Increasing Usage of Technology in Organizations

•  Rising Internet Penetration and Digitization

Restraints

•  Significant Implementation Costs

•  Industrial Robot Deployment is Too Expensive

Prominent Players in Industry 4.0 Market

•  Siemens AG

•  ABB Ltd.

•  Cisco Systems Inc.

•  General Electric (US)

•  Honeywell International (US)

•  Emerson Electric (US)

•  3D Systems (US)

•  Advantech (Taiwan)

•  Basler (Germany)

•  Cognex Corporation (US)

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Key Questions Answered in Industry 4.0 Market Report

•  What specific growth drivers are projected to impact the market during the forecast period?

•  What are the different strategies adopted by key players to maintain their position?

•  In what ways do regional trends and patterns differ within the global market, and how do these differences shape the market's future growth?

This report provides the following insights:

•  Analysis of key drivers (increasing usage of technology in organizations, rising internet penetration and digitization), restraints (industrial robot deployment is too expensive, significant implementation costs), opportunities (Internet of Things (IoT) have risen in popularity), influencing the growth of global Industry 4.0 Market.

•  Market Dynamics: Comprehensive information about the various products offered by the dominant players in the global Industry 4.0 Market.

•  Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Industry 4.0 market.

•  Market Growth: Detailed information on profitable growing industries.

•  Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.

•  Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.

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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 has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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