The Industry 4.0 Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Industry 4.0 Global Market Report 2024, The industry 4.0 market size has grown exponentially in recent years. It will grow from $167.12 billion in 2023 to $200.77 billion in 2024 at a compound annual growth rate (CAGR) of 20.1%. The growth in the historic period can be attributed to advancements in connectivity, automation and robotics, big data and analytics, cloud computing adoption, cyber-physical systems (cps).
The industry 4.0 market size is expected to see rapid growth in the next few years. It will grow to $413.22 billion in 2028 at a compound annual growth rate (CAGR) of 19.8%. The growth in the forecast period can be attributed to ai and machine learning growth, advanced robotics integration, 5g technology impact, blockchain in supply chain, edge computing advancements. Major trends in the forecast period include smart factories, digital twins implementation, human-machine collaboration, cybersecurity emphasis, remote operations and monitoring.
The increased adoption of industrial robots is expected to propel the growth of the industry 4.0 market going forward. Industrial robots refer to mechanical machines that are designed to do production-related tasks automatically in industrial settings. Industrial robots make use of industry 4.0 by merging cutting-edge technologies like automation, IoT, and artificial intelligence to enable intelligent, autonomous, and linked robotic systems for improved productivity, adaptability, and efficiency in production operations. For instance, in June 2023, according to the International Federation of Robotics, a Germany-based non-profit organization, industrial robots are expected to be installed in 72,000 units in 2022, up from 67,000 units in 2021, a 6% increase year on year in the European Union. Therefore, the increased adoption of industrial robots is driving the industry 4.0 market.
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The industry 4.0 market covered in this report is segmented –
1) By Technology: Industrial Robots, Blockchain, Industrial Sensors, Industrial 3D Printing, Machine Vision, Human Machine Interface (HMI), Artificial Intelligence In Manufacturing, Digital Twin, Automatic Guided Vehicles (AGV), Machine Condition Monitoring
2) By Component: Solution, Services
3) By Enterprise Size: Small And Medium Enterprises, Large Enterprise
4) By End-User: Manufacturing, Automotive, Oil And Gas, Energy And Utilities, Electronics And Foundry, Food And Beverage, Aerospace & Defense, Other End-Users
Technological innovation is a key trend gaining popularity in the industry 4.0 market. Companies operating in the industry 4.0 market are adopting innovations to sustain their position in the market. For instance, in August 2022, Unbox Robotics, an Indian-based robotic technology company, launched UnboxSort, a first-of-its-kind vertical robotic sortation solution. It enables e-commerce merchants to scale up logistics to accommodate high parcel volumes. UnboxSort is the company’s industry 4.0 plug-and-play robotics system driven by Swarm Intelligence. It also uses Autonomous Mobile Robots (AMRs) to sort parcels vertically into smart racks in small spaces at fulfillment centers and warehouses.
The industry 4.0 market report table of contents includes:
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