According to
the new market research report "Industry 4.0
Market by Technology (Industrial Robots, Blockchain,
Industrial Sensors, Industrial 3D Printing, Machine Vision, HMI, AI in
Manufacturing, Digital Twin, AGVs, Machine Condition Monitoring) and Geography
- Global Forecast to 2026", The industry 4.0 market is projected to grow from USD 64.9
billion in 2021 to USD 165.5 billion by 2026; it is expected to grow at a CAGR
of 20.6%from 2021 to 2026.
Increasing adoption
of the industrial internet worldwide in manufacturing units and growing focus
on enhanced efficiency of machinery and systems and reduced production costs
play a significant role in the growth of the market worldwide. Also, the
growing demand for industrial robotics is expected to fuel the growth of the
Industry 4.0 market
5G Market is
expected to commercialize in late 2019 and is expected to grow at highest CAGR
during forecasted period.
The speed and
reliability of 5G are expected to have a massive impact on M2M and IoT. Key
reasons for the increased adoption of new M2M technologies are better
connectivity for smooth communication and low power requirement. To achieve
effective machine-to-machine communication, the existing capacity of mobile
networks must be able to handle billions of nodes that are expected to ascend
in the next couple of years. Currently, the network capacity is inefficient to
handle M2M and human-based communications, as well as their different
communication patterns such as latency time.
IoT is
expected to hold largest market share of industry 4.0 market during forecasted
period
Internet of Things
(IoT) in the industrial sector, has given rise to a new concept known as the
Industrial Internet of Things (IIoT), also known as Industrial Internet or
Industry 4.0. IoT in the industrial sector brings together advancements of two
transformative revolutions, namely, the countless machines, facilities, fleets,
and networks that emerged from the industrial revolution and the more recent
powerful advancements in computing, information, and communication systems
brought about by the internet revolution.
APAC is
expected to hold largest market share of Industry 4.0 market during forecasted
period
An increase in the
adoption of robotics in countries such as China, Japan, and South Korea is
among the major factors leading to the growth of the Industry 4.0 market in
APAC. Also, low production cost in APAC countries enables manufacturers to set
up manufacturing facilities in this region. APAC is projected to grow at the
fastest rate, considering continuous technological advancements and financial
support from the governments in the region, as well as extensive industrial
base, with Japan and China being the major contributors. China has been working
on an innovative industrial practice by implementing automation technologies in
manufacturing companies.
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The major players in
the Industry 4.0 market are ABB (Switzerland), Mitsubishi (Japan), Yaskawa
(Japan), KUKA (Germany), FANUC (Japan), General Electric (US), IBM (US), Cisco
(US), Microsoft (US), Stratasys (US), Google (US), Intel (US), HP (US), Siemens
(Germany), Ansys (US), AIBrain (US), SAP (US), Amazon Web Services (US), and
General Vision (US).
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