According
to the MarketsandMarkets forecast, the Industry 4.0 market was valued at USD 66.67 billion in 2016 and is
expected to reach USD 152.31 billion by 2022, at a CAGR of 14.72% between 2017
and 2022. The increasing adoption of the industrial Internet and increased
focus on efficiency and cost of production play a significant role in the
growth of the Industry market.
This
report segments the Industry 4.0 market based on technology, vertical, and
region. On the basis of technology, the market has been segmented into
industrial robotics, cyber security, Internet of Things, 3D printing, advanced
human–machine interface, big data, augmented reality & virtual reality, and
artificial intelligence. Industrial robotics form an important part of
implementing Industry 4.0, as they improve productivity, reduce chances of human
errors, and increase the production volume. The increasing use of industrial
robotics in the automotive sector is also a major reason for this technology to
have the largest market share in the market.
The
Industry 4.0 market, on the basis of vertical, has been segmented into
automotive, aerospace, industrial equipment, electrical & electronics
equipment, healthcare, food & agriculture, chemicals & materials, oil
& gas, and energy & power. The implementation of Industry 4.0 in the
industrial equipment sector can help manufacturers in analyzing the machine
conditions in advance to avoid unplanned downtime and wastage. Machine
breakdown and unplanned downtime cause huge loss to industrial equipment
manufacturers as they delay the production process. Thus, a need for preventive
maintenance solutions is increasing significantly in this vertical. These
advantages of Industry 4.0 solutions in the industrial equipment vertical have
made it the fastest-growing sector during the forecast period.
Asia
Pacific is expected to hold the largest share of the Industry 4.0 market during
the forecast period. Governments of countries such as China, Japan, and India
are promoting Industry 4.0 in their countries with initiatives such as Made in
China 2025, Make in India, and Industrial Value Chain Initiative in Japan. Due
to such favorable government policies, the APAC region is expected to grow at
the highest rate during the forecast period. For instance, in October 2015,
Infineon Technologies AG (Germany) announced the set-up of a smart factory in
Wuxi (China) to accelerate the Made in China initiative in the country.
Infineon is investing around USD 300 million for building a smart factory that
primarily focuses on manufacturing of smart devices and IoT-based equipment.
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Key
factors such as the lack of cost–benefit analysis and a shortage of skilled
workforce are inhibiting the growth of this market. The companies covered in
this report are General Electric Company (US), International Business Machines
Corporation (US), Cisco Systems (US), Microsoft Corporation (US), Stratasys
Ltd. (US), Alphabet Inc. (US), ABB Ltd. (Switzerland), Mitsubishi Electric
Corporation (Japan), Intel Corporation (US), Hewlett-Packard Enterprise Company
(US), Siemens AG (Germany), Qualcomm Inc. (US), Samsung Electronics Co. Ltd.
(South Korea), Texas Instruments Inc. (US), Rockwell Automation Inc. (US), 3D
Systems Corporation (US), Cognex Corporation (US), Basler AG (Germany), Denso
Group (Japan) and MAXST (South Korea). This report also includes major startups
such as Arcadia Data Inc. (US), General Vision Inc. (US), Rethink Robotics Inc.
(US), nGrain (Canada), and XJet (Israel).
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