Industry 4.0 Market size was valued at USD 133.05 billion in 2022 and is poised to grow from USD 154.6 billion in 2023 to USD 513.89 billion by 2031, growing at a CAGR of 16.2% during the forecast period (2024-2031).
Industry 4.0 market is highly driven by the mounting use of digital technologies like Artificial Intelligence, Big Data Analytics, and the Internet of Things in the manufacturing industry. These technologies are deeply intertwined in the manufacturing processes. This integrated and unified approach to production leads to better products, assets, and factories. Hence, manufacturing businesses today are increasingly adopting IoT-linked machines.
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Industry 4.0 when implemented, unravels unparalleled value in different networks and functions. This comprises everything starting from information and processing capabilities to human-machine communication, intelligence and analytics, and novel production techniques. With the advancements in technology, there is growing pressure to enter Industry 4.0 for better continuity. Nonetheless, the companies need to emphasize on main objectives, deal with the existing complexities, and improve scalable solutions that may be scaled out through the company network. Furthermore, in place of planning 10 years or more prior, 3-5 years of roadmap is considered more practical. In short, industry 4.0 is the transformation of production, manufacturing, and most other associated sectors. Industry 4.0 presents a fresh phase in business and industrial value chain control.
Expanding Use of Technologies like AI, IoT, Robotics, and more to Drive Adoption of Industry 4.0
The Internet of Things is specially designed to link the virtual and the real world, and several businesses have already understood its importance. IoT is today an indispensable tool in tracking shipments, automobiles, wearable devices, and more. In the world of Industry 4.0, companies can use IoT to gather data and measure consumer choices and product usage more efficiently for better customer satisfaction. The Internet of Things holds applications in multiple sectors. AI is another technology, in which manufacturing companies can enhance their production volume, automate repetitive tasks, make better use of time, resources, money, and simply operations. Yet another technology, Blockchain, is a decentralized and secure way of collecting and sharing information for businesses. Though blockchain is prominent in the cryptocurrency domain, it has applications in various sectors like securing confidential information in the healthcare industry, in the supply chain for improved visibility, and more. The market is also seeing the implementation of robotics since the technology proved to be advantageous for businesses. Robotics, a main technology in Industry 4.0 holds the potential to transform business in different verticals and deliver the best value mainly in production, healthcare, and manufacturing.
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- In January 2023, Siemens Digital Industries Software announced the launch of Explore Live at The Smart Factory. It is an experience center organized by Deloitte that combines business strategy and cutting-edge technology with an ecosystem of top global companies to illustrate Industry 4.0. The Smart Factory boasts an entirely functional production line along with interactive labs specially designed to nurture the exploration and development of the potential of smart manufacturing's invention.
- Cisco launched Cisco LIVE 2024 in June 2024 with fresh AI-enabled investments and advancements, sending a strong message that Artificial Intelligence is more than just the newest trend in technology. It is a powerful, smart digital resilience source that can enable growth, scale, and an inclusive future for all while connecting and safeguarding entire enterprises.
- In April 2024, Schneider Electric, a leading company in automation and energy management, presented the recent innovations in its range of products. This comprises Artificial Intelligence, Digital Twin technology, and industrial software. These solutions will be revealed via the sustainable and digital life science campus lens. This will highlight Schneider's exhaustive domain expertise across the whole industrial value chain.
- In November 2023, Emerson, a Global engineering and software leader participated as a gold sponsor in the MAINTCON 2022. This exhibition underlines the importance of Industry 4.0 and developing advancements in reliability, maintenance, and asset management. The event theme mainly emphasizes the importance of Industry 4.0 and the escorting technological developments that will drive the market positively.
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Today, Industry 4.0 is regarded as more than a technology with several benefits to businesses. They can efficiently reduce downtime, improve their resource allocation, enhance productivity, and more. This increased efficiency then allows for sustainability creativities, where smart automation and analytics help simplify and optimize the use of energy, design innovative products, and reduce waste.
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