Industry 4.0 Market to Reach Valuation of US$ 1 Trn by 2031 Due to Rise in Demand for Connected Solutions, Digital Technologies during COVID-19 Pandemic, Says TMR

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Transparency Market Research Pvt. Ltd

07 Sep, 2021, 12:30 GMT

- Rapid adoption of smart factory solutions and connected device systems to control varied supply chain operations to present considerable growth opportunities for the Industry 4.0 market

- Focus on improving efficiency and lowering production costs to offer immense growth prospects

ALBANY, N.Y., Sept. 7, 2021 /PRNewswire/ --

Industry 4.0 Market: Growth Summary

The Fourth Industrial Revolution or Industry 4.0 is vital for the manufacturing sector for a multitude of reasons. Representing the next phase of technological revolution in the manufacturing industry, the Industry 4.0 market highlights the growing trend toward data exchange and automation. Thus, the rising adoption of such technologies across the manufacturing sector is projected to offer profitable opportunities for the Industry 4.0 market players during the forecast period of 2021-2031.

Need for connectedness and access to real-time data by partners, employees, and processes in the manufacturing sector is a common factor driving the Industry 4.0 market growth. Industry 4.0 assists various businesses to optimize and operate their supply chains and production operations. These aspects present an array of opportunities for the Industry 4.0 market players.

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Earlier, manufacturing plants took considerable time to adopt new technologies and processes. With the introduction of Industry 4.0-based technologies, this time limit has reduced due to the interconnectivity between various processes. The adoption of Industry 4.0 ensures flexibility and agility, eventually boosting growth opportunities in the market.

Transparency Market Research (TMR) has conducted detailed research on various aspects related to the growth of the Industry 4.0 market. TMR analysts expect the global market for Industry 4.0 to expand at a CAGR of 26.7% during the forecast period. The global Industry 4.0 market was valued at US$ 89.4 Bn in 2020 and is expected to reach US$ 1 Trn by 2031.

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With features such as automatic track and trace, issues can be quickly resolved, and fewer problems will be detected regarding product quality and product availability. Precisely, these technologies provide end-to-end solutions, thus managing operational challenges effectively. Such factors are projected to strengthen the growth trajectory of the Industry 4.0 market.

Key Findings of Report

Big Data to Witness Demand from Automobile Sector

Even though the automobile sector is recovering at a slow pace due to the COVID-19 pandemic, R&D activities in the sector have accelerated substantially with the emergence of new technologies. The use of Big Data in the automobile sector has increased extensively, as it helps in capturing real-time data insights from a vehicle to enhance its performance and assure safety of the driver. From optimizing the vehicle production process to offering a brilliant driving experience, Big Data analytics are being utilized to their fullest in the automotive industry. Thus, Big Data is anticipated to witness considerable demand from the automotive sector.

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3D Printing Solutions to Gain Traction

The 3D printing is one of the important technologies that come under the category of the Industry 4.0. This technology is no longer viewed only as a prototyping solution. Various firms and researchers are finding new ways to adopt 3D printing in their processes. The 3D printing is fast becoming a viable production method. This factor is beneficial for the exponential growth of the Industry 4.0 market.

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Industry 4.0 Market: Major Growth Contributors

  • With the introduction of connected technologies such as the Internet of Things (IoT), industrial systems have the ability to sense a prospective issue and alert the concerned department about the problem. Such benefits present extensive opportunities for the Industry 4.0 market.
  • During the COVID-19 pandemic, Industry 4.0 is playing a pivotal role as manufacturers using digital technologies have better scope to overcome production shocks on the back of lockdown restrictions. Furthermore, it also helps in assuring employee safety.

Some well-established players in the Industry 4.0 market are General Electric Company, Schneider Electric SE, Mitsubishi Electric Corporation, Cognex Corporation, HMS Networks AB, and Cisco Systems, Inc.

Global Industry 4.0 Market: Segmentation

Industry 4.0 Market, by Component

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

Industry 4.0 Market, by Technology

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

Industry 4.0 Market, by Enterprise Size

  • Small & Medium Enterprises
  • Large Enterprises

Industry 4.0 Market, by Industry

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

Industry 4.0 Market, by Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa (MEA)
    • United Arab Emirates
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa (MEA)
  • South America
    • Brazil
    • Argentina
    • Rest of South America

With the penetration of internet, every business across the globe is fast migrating to the digital space. Moreover, the growing adoption of automation, penetration of 4G and 5G network services, and easy availability of connected devices, will revolutionize the technology space. Explore Transparency Market Research's award-winning coverage of the global IT & Telecom Industry:

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Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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