Rapid Adoption of IoT and AI in Manufacturing Industry to Boost Industry 4.0 Market Growth
/EIN News/ — New York, US, June 02, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Industry 4.0 Market” information by Technology, by End-User, by Application and Region – Forecast to 2030” market size to reach USD 280 billion, growing at a compound annual growth rate of 21% by 2030.
Industry 4.0 Market Scope:
The rising application of IoT and AI in medical wearables will offer robust opportunities for the market over the forecast period. Over the last five years, IoT and AI technologies have swiftly penetrated the medical market. Medical wearables are increasingly incorporating AI and IoT technology, resulting in a unified hospital ecosystem. A wearable gadget linked with clever algorithms, for example, can monitor the glucose levels & automatically supply the exact quantity of insulin to diabetic patients via continuous glucose monitoring.
|Market Size||USD 280 Billion|
|Forecast Units||Value USD Billion|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Technology, By Application, By Vertical,|
|Geographies Covered||North America, The European Union, Asia-Pacific, The Middle East and North Africa, The rest of the world|
|Key Vendors||Bosch Rexroth AG (Germany) SAS (US) MaschinenfabrikReinhausen GmbH (Germany) Wittenstein AG (Germany) Daimler AG (Germany) General Electric Company (US) Siemens AG (Germany) Klockner & Co. SE (Germany) Wittenstein AG (Germany) Festo AG & Co. KG (Germany) TRUMPF GmbH (Germany)|
|Key Market Opportunities||Internet of Things technologies, Artificial Intelligence|
|Key Market Drivers||smartphones, digital devices and technologies|
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Market USP Exclusively Encompassed:
Industry 4.0 Market Drivers
The rapid adoption of IoT and AI in the manufacturing industry will boost market growth over the forecast period. The adoption of IoT and AI technologies in the manufacturing sector has accelerated since the start of Industry 4.0. IoT and AI integrated systems allow for the optimization of industrial processes, the sending of early alarms, quality monitoring, and the prediction of machine failure. By obtaining precise data and building distinctive AI applications, manufacturers may set themselves apart from their competition.
Dearth of Skilled Workforce to act as Market Restraint
The dearth of skilled workforce may act as a market restraint over the forecast period.
Susceptibility of AI and IoT Technologies to Cyber-attacks to act as Market Challenge
The susceptibility of AI and IoT technologies to cyber-attacks may act as a market challenge over the forecast period. Besides, the need for high initial investments may also impede market growth.
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With the COVID-19 pandemic wreaking havoc on the worldwide economy, digitization across industries is speeding up. This element creates a fresh opportunity for digital leaders to design and implement innovative solutions for accelerating digital transformation across the organization. The coronavirus pandemic is hastening the Industry 4.0, propelling enterprises across industries to a greater level of IoT technology and workflow. The COVID-19 epidemic has caused unprecedented disruption in the worldwide supply chain. Some manufacturing companies have totally ceased operations, while others have seen a major drop in demand, and only a few have seen an increase in demand. To limit the disturbance caused by virus spread, businesses are employing innovative solutions. In terms of risk management, supply chain management indeed is becoming increasingly crucial. Manufacturers who haven’t started or are still in the early phases of migrating to Industry 4.0 may confront challenges. In this scenario, manufacturers and businesses around the world will need to be flexible in monitoring and modifying inventory requirements, streamlining supply chains, and improving manufacturing capacity using modern technology. Furthermore, positive government actions are expected to aid businesses in surviving the epidemic.
Segmentation of Market Covered in the Research:
The global industry 4.0 market is bifurcated based on technology, application, and end user.
By technology, IoT platforms will lead the market over the forecast period.
By application, IIoT will dominate the market over the forecast period.
By end user, industrial manufacturing will spearhead the market over the forecast period.
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North America to Command Industry 4.0 Market
North America will command the industry 4.0 market over the forecast period. Smart manufacturing is gaining traction among North American companies, and the sector is expected to grow. The majority of factories in the market is now equipped with smart factory technology and new machinery, allowing other enterprises to shift from traditional to smart production methods. Major market competitors, government efforts, and increased financing for R&D activities are all important aspects that make North America a dynamic place for market growth. Smart manufacturing is again gaining popularity in North America, which is one of the key reasons behind this. Due to advanced infrastructure and better-educated labour to support it, America is seeing a renaissance in technologically advanced manufacturing. Smart manufacturing is allowing American businesses to gain a long-term competitive advantage over the other parts of the world in the manufacturing sector. Manufacturing companies are discovering that implementing industry 4.0 technology and infrastructure provides them with numerous benefits. These are producing a greater number of things at a lesser cost. This allows these firms to obtain economies of scope and scale, lowering the actual cost per unit of such things. The machines are also significantly more productive and efficient. These incentives are luring many manufacturing enterprises from throughout the world to establish operations in the United States.
APAC to Have Admirable Growth in Industry 4.0 Market
The APAC region will have admirable growth in the industry 4.0 market over the forecast period. A key factor driving the growth of the Industry 4.0 market in APAC is the increasing usage of robotics within the manufacturing industry in Japan, China, and India. Market companies can develop manufacturing facilities in APAC countries due to low production costs. Due to constant technical breakthroughs, financial assistance from governments in the region, and a large industrial base, APAC is amid the fastest-growing regions in the market, with Japan and China being the primary contributors. Due to their extensive steps to adopt industrial automation and use disruptive technologies in the manufacturing system value chain, China, Japan, and South Korea are leading the market growth in Asia Pacific.
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China’s government started a ten-year program named “Made in China” in 2015, which would run until 2025. Semiconductors, sophisticated robotics, electric autos, and artificial intelligence are among the top 10 industries covered by the strategy. This state-led industrial policy, which was inspired by Germany’s fourth industrial revolutionary development plan, intends to make China the global leader in high-tech manufacturing. Japan’s Society 5.0 initiative was developed to solve the country’s social, economic, and industrial concerns. Because of the quick technical improvement and relatively little investment required to set up a plant, the bulk of the leading firms have opened manufacturing operations in the region.
Dominant Key Players on Industry 4.0 Market Covered are:
- Bosch Rexroth AG (Germany)
- Maschinenfabrik Reinhausen GmbH (Germany)
- SAS (U.S.)
- Siemens AG (Germany)
- Wittenstein AG (Germany)
- General Electric Company (U.S.)
- AG (Germany)
- Klöckner & Co. SE (Germany)
- TRUMPF GmbH (Germany)
- Festo AG & Co. KG (Germany)
- Wittenstein AG (Germany)
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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