Industry 4.0 Market Size Grows as Digital Twin Technology Reshapes Manufacturing

Industry 4.0 Market is driven by rapid adoption of advanced technologies, such as IoT, AI & automation, to enhance industrial processes and productivity.

PORTLAND, OREGON, UNITED STATES, October 23, 2023 /EINPresswire.com/ — The industry 4.0 market was valued at $113.39 billion in 2021, and is estimated to reach $618.4 billion by 2031, growing at a CAGR of 18.8% from 2022 to 2031.

Industry 4.0 is transforming how businesses produce, enhance, and disseminate their goods. The Internet of Things (IoT), cloud computing, analytics, AI, and machine learning are among the cutting-edge technologies that manufacturers are incorporating into their manufacturing processes. Advanced sensors, embedded software, and robotics are all featured in these “smart factories,” which gather and analyze data to help with decision-making.

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When operational data from ERP, supply chain, customer support, and other enterprise systems is combined with data from production operations, even greater value from previously archived information is produced. Many companies are investing in cutting-edge technologies like human-machine interaction, analytics, advanced engineering, connectivity, data, and computational capacity to improve production efficiency and lower costs by reducing production downtime. Businesses can forecast and anticipate potential problems that could emerge with ongoing operations due to Industry 4.0 solutions.

Furthermore, factors such as rise in adoption of industrial robots and increase in deployment of additive manufacturing primarily drive the growth of the industry 4.0 market share. However, expensive deployment costs of industrial robots and complications in integration and interoperability of Industrial robot hamper the market growth to some extent. Moreover, an increase in adoption of 5G in the field of cloud automation is expected to provide lucrative opportunities for industry 4.0 market analysis.

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Accessing real-time insights across processes, partners, products, and people can present a challenge for numerous businesses from various sectors. Key performance indicators and loT metrics that show operational growth, consumer experience, logistics, and supply chain profits are currently being adopted by a number of significant companies. Industrial sectors are increasing their usage of superior smart industry solutions and usable device systems to control production and supply chain operations from a centralized system.

The outbreak of COVID-19 pandemic had an enormous impact on the lives of people and the overall community as well as economy. Digitalization across sectors is accelerating quickly as the COVID-19 pandemic decimates the global industry 4.0 market forecast. The pandemic offered new opportunities for digital leaders to create and implement innovative solutions such as remote working to accelerate digital transformation at all levels of the business.

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Region wise, the industry 4.0 market size was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to ongoing technical breakthroughs, financial assistance from regional governments, and initiatives to achieve real-time quality control and real-time visibility across the manufacturing sector. The U.S. has a sizable industrial base and several businesses with high production capacities; hence it is anticipated to dominate the North America industry 4.0 market. However, Asia-Pacific is expected to witness the highest growth in the upcoming years, owing to the analytics, automation, and machine-learning algorithms that have released human operators from performing a significant percentage of the detailed work. Moreover, Artificial intelligence and machine learning can generate insights that give business operations visibility, predictability, and automation.

Key players profiled in industry 4.0 industry include Cognex Corporation, Schneider Electric SE, Emerson Electric Co., Rockwell Automation Inc., Cisco Systems Inc., ABB Ltd., Siemens AG, Honeywell International Inc., General Electric Company, and International Business Machines Corporation. Market players have adopted various strategies, such as product launches, collaboration & partnership, joint ventures, and acquisition to expand their foothold in the industry 4.0 industry.

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