Rise in IoT And Machine Learning Is Driving Industry 4.0 Market

Rise in IoT And Machine Learning Is Driving Industry 4.0 Market
Industry 4.0 Market
Rapid adoption of Internet of Things and Machine Learning in the steady shift towards robotics and industrial automation are some key factors fueling market revenue growth

Industry 4.0, also refer to as fourth industrial revolution that focuses on deep learning, automation, machine learning (ML), Artificial Intelligence (AI), edge computing, digital twin and data analytics. Industry 4.0 revolutionize the way business operates by offering access to real-time insights across products, processes, partners, and people. It connects physical with digital for better control of business operations.

The global industry 4.0 market is expected to register fastest revenue growth rate over the forecast period due to rapid adoption of Internet of Things (IoT), cloud computing and analytics into production facilities. The increasing demand for industrial robotics in manufacturing units to reduce production costs is resulting in the advent of additional opportunities for further advancements in the market. In addition, speed and reliability of 5G, ongoing research and development activities, recent powerful advancements in communication and information systems are some factors expected to continue to drive market growth going ahead.

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Major players in the market include Mitsubishi Electric Corp., ABB Ltd., Microsoft Corporation, Cisco Systems, Inc., General Electric Company, KUKA, Yaskawa, FANUC, Google, and Intel Corporation.

Some Key Highlights From the Report

  • In May 2021, Robert Bosch Engineering and Business Solution (RBEI) launched a new Phantom Edge, which is an AIoT platform that combines Artificial Intelligence and Internet of Things. Phantom Edge provides real-time view of operating usage, electrical energy consumption, appliance-level information, and electrical parameters. The technology can be used in various sectors such as retail, healthcare, agriculture, commercial spaces, industrial manufacturing, and mobility.
  • Industrial Internet of Things (IIoT) is the use of smart sensors and actuators to improve industrial and manufacturing processes. IIoT also leverages the power of real-time analytics and smart machine learning to take advantage of data produced over years. IIoT reduces need for manual labor and human error, and increases overall operational and production efficiency, which is a major factor  driving revenue growth of the IIoT segment.
  • Industrial robots are increasingly being used in the automotive industry to enable production output to keep up with rising demand. Industrial robots are capable of assimilating into complex production tasks and routines and lengthy assembly processes. Robots are an ideal tool to automate welding processes required in the production of vehicles and also improve reliability of the assembly line, as production cycles run by the clock and production schedules are consistent each day. Deployment of robotic arms provide strength and lift assistance to help human workforce with a variety of assembly tasks on the factory floor.
  • Industry 4.0 market in Asia Pacific accounted for largest revenue share in 2020 due to increased demand from Japan, China, and South Korea. Availability of skilled professionals and low cost of production are key drivers of Asia Pacific Industry 4.0 market growth. Extensive industrial base and increased funding by governments in countries in the region to encourage shift to digitization and smart manufacturing approaches are also driving growth of the market.

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For the purpose of this report, Reports and Data has segmented the global Industry 4.0 market based on technology, end-use, and region:

Technology Outlook (Revenue, USD Billion; 2018–2028)

  • Industrial Internet of Things (IIoT)
  • Industrial Robotics
  • Artificial Intelligence (AI) and Machine Learning (ML)
  • Blockchain
  • Extended Reality
  • Digital Twin
  • 3D Printing
  • Other Technology

End-use Outlook (Revenue, USD Billion; 2018–2028)

  • Automotive
  • Manufacturing
  • Energy and Utilities
  • Oil and Gas
  • Electronics and Foundry
  • Aerospace and Defense
  • Food and Beverage
  • Other End-Use

The research study includes an in-depth analysis of the market using advanced research methodologies such as SWOT analysis and Porter’s Five Forces analysis. The report further explores the key business players along with their in-depth profiling, product portfolio, and strategic business decisions. The report has been formulated through extensive primary and secondary research and further validated by analysts, industry experts, and market professionals. The report also sheds light on the recent mergers and acquisitions, joint ventures, collaborations, partnerships, and product launches, among others.

Regional analysis covers assessment of import/export, production and consumption ratio, supply and demand, cost, price, estimated revenue and gross margins, and presence of key players in the region. The report also offers insights about revenue growth, market size, market share, technological advancements, and presence of key players in each region.

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Regional Bifurcation of the Industry 4.0 Market Includes:

  • North America (U.S., Canada, Mexico)
  • Europe (U.K., Italy, Germany, France, Rest of Europe)
  • Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
  • Latin America (Chile, Brazil, Argentina, Rest of Latin America)
  • Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.

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