Industry 4.0 Global Market - Overview —
The data experts from Market Research Future (MRFR), the global industry 4.0 market is slated to generate lucrative levels of revenue, expanding at an incredible CAGR during the forecast period.
Growth Drivers and Key Challenges
Industry 4.0 results in the drastic improvements within the industrial processes that are part of manufacturing, material purchasing and usage, engineering, life cycle management, supply chain, predictive maintenance as well as real-time management overview. Numerous smart factories that are part of the lucrative industries are already employing an entirely novel approach to production.
The fact of the matter is that industry 4.0 seems to possess massive potential. The smart factories are catering to individual customer requirements wherein even one-off items can now be manufactured with profit in tow. Industry 4.0 is enabling the dynamic business as well as engineering processes to now enable last-minute changes to the process of production, in addition to delivering the ability to react in a flexible way to any kind of disruption or failure on behalf of suppliers. Industry 4.0 is enabling end-to-end transparency over the manufacturing process, which in turn facilitates optimized decision-making. Also, industry 4.0 is expected to lead to new ways to create value and novel business models, plus, providing the SMEs and start-ups with various opportunities in terms of the development and the ability to offer downstream services.
The Industry 4.0 Market is inundated with global tech giants investing billions of dollars in the related products, research and development (R&D), commercialization, mergers and acquisitions (M&A), and internal use. Industry 4.0 has brought about a striking transformation in the economy, which means that various business processes like manufacturing, supply, delivery, maintenance, and customer service are now connected through the Industrial internet of things (IoT) systems. These highly flexible value networks are in need of new forms of collaboration amongst the companies, at a national and global level. Also, in order to create new jobs and maintain their industrial base, various government bodies around the world are investing massive amount of funding to the Industry 4.0 projects as well as R&D, providing subsidies and tax incentives for the Industry 4.0 investors.
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The Philippines is taking steps toward the digitalization of the country’s enterprises and manufacturing sector by joining its neighbors in the region in entering the fourth industrial revolution. Data from the consultancy firm AT Kearney shows the Philippines is still at the planning phase in adopting Industry 4.0, in which technology gathers and analyzes factory data to allow manufacturers to identify machine problems that hamper production process.
The prominent players in the Industry 4.0 Market are – Bosch Rexroth AG (Germany), Maschinenfabrik Reinhausen GmbH (Germany), SAS (U.S.), Siemens AG (Germany), Wittenstein AG (Germany), General Electric Company (U.S.), Daimler AG (Germany), Klöckner & Co. SE (Germany), TRUMPF GmbH (Germany), Festo AG & Co. KG (Germany), Wittenstein AG (Germany) among others.
Global Industry 4.0 Market: Segmental Analysis
The global industry 4.0 market has been segmented on the basis of application, technology, end-users, and region.
By mode of technology, the global industry 4.0 market has been segmented into big data analytics, cloud computing, 3d printing, augmented reality, smart sensors, advanced human-machine interfaces, IoT platforms, mobile devices, location detection technology, and others.
By mode of application, the global industry 4.0 market has been segmented into smart factory, industrial automation, and industrial internet of things.
By mode of end-users, the global industry 4.0 market has been segmented into transportation, industrial manufacturing, mining & metals, pharmaceuticals, construction, chemical, food & beverages, electronics, aerospace & defense, oil & gas, automotive, and others.
Geographically, the market for industry 4.0 spans across regions namely North America, Asia Pacific, Europe, and Rest-of-the-World.
Among all the regions, the European region is estimated to dominate the industry 4.0 market over the assessment period. Countries such as Germany and Japan are the farthest along in partnering across the horizontal value chain and digitizing internal operations due to high investment in employee training and technology. These regions view their digital transformation in terms of gain in cost reduction, operational efficiency, and quality assurance. Chinese companies are flexible and open to digital change. Additionally, Asia Pacific showcases the highest digital integration and highest digitization.
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• Process Automation and Instrumentation Manufacturers
• Industrial Robot Manufacturers
• Semiconductor product designers and fabricators
• Automation product manufacturers
• Technology investors
• Hardware & software manufacturers
• MES (Manufacturing Execution System)
• MOM (Manufacturing Operations Management)
• System Integrators
• Government Organizations
• Research/Consultancy firms
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