What is Industry 4.0?
Industry 4.0 is a phase of industrial revolution which includes the deployment or integration of advanced technologies like IIoT, big data, cloud computing, AR/VR, and many more. Increasing demand to improve productivity, provide higher quality products or services to the customers at reduced operational cost, and increase revenue have accelerate the adoption of industry 4.0 solutions across various industries. Increasing popularity of IIoT in the various industries for predictive maintenance of machinery and equipment in order to reduce the downtime will create significant opportunities for the market.
The market study is broken down, by Application (Remote Operations, Predictive Analytics, Predictive Maintenance, Energy Management and Others) and major geographies with country level break-up.
The key manufacturers are targeting the innovations of the products with better quality, and better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking about mergers and acquisitions in order to maintain their presence in the market. Analysts at AMA Research estimates that Players from United States will contribute to the maximum growth of Global Industry 4.0 market throughout the predicted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Honeywell International (United States), General Electric (United States), ABB Ltd. (Switzerland), Rockwell Automation (United States), Siemens AG (Germany), Microsoft Corporation (United States), SAP (Germany), Mitsubishi Electric Corporation (Japan), Yokogawa Electric Corporation (Japan), Danaher Corporation (United States), Emerson Electric (United States), Schneider Electric (Germany), Hewlett Packard Enterprise (United States), IBM (United States), Intel Corporation (United States) and Accenture (Ireland) are some of the key players that are part of study coverage.
AdvanceMarketAnalytics has segmented the market of Global Industry 4.0 market by Type, Application and Region.
On the basis of geography, the market of Industry 4.0 has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Hardware will boost the Industry 4.0 market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organization Size, the sub-segment i.e. Small and Medium will boost the Industry 4.0 market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Technology, the sub-segment i.e. Industrial Internet of Things will boost the Industry 4.0 market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Vertical, the sub-segment i.e. Manufacturing will boost the Industry 4.0 market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
In 2020, Accenture acquired Germany-based SALT Solutions AG to Improve Manufacturing Operations and Logistics with Cloud-Based Industrial IoT Platforms. SALT Solutions implements and maintains IT systems for production, operations, and logistics at leading German automotive, manufacturing, consumer goods, and chemicals companies. With the acquisition of SALT Solutions, Accenture will build cloud-based industrial internet of things (IoT) platforms that speed up and optimize clients’ production and logistics and enable them to reduce quality and waste issues along the entire supply chain.
In July 2021, Movement Industries Corporation announced the launch of iChem software. The software is a fully integrated SaaS product with a hardware platform based on cellular and satellite communications modules and allows for the monitoring and/or control of all chemical injection assets. The software has been built for chemical injection pump systems that help to reduce exposure to health, safety, and environmental incidents and optimize the production process.
- Huge Investment by the Key Vendors in R&D for the Development of Innovative and Cutting-Edge Industry 4.0 Solutions
- Increased Technological Advancements and Prevalence of 5G Network Connectivity
- Increasing Automation, Adoption of IIoT Devices or Sensors and Higher Demand of Big Data Analytics Across Various Industry for Various Applications
- Growing Popularity of Cloud Computing Due to Its Scalability, Flexibility, and Cost-Effectiveness
- Rapidly Growing Manufacturing and Automotive Sector in the Developing Countries like India and China Will Boost the Market
- The Inclination Towards the Adoption of Advanced Technologies by the SMEs to Produce High-quality Products at Low Cost
- Lack of Expertise, Fully-Trained Labor, Inadequate Funding, and Insufficient Norms and Standards May Restrain the Adoption of Industry 4.0 Products
- Growing Privacy Concerns Due to Increasing Number of Cyberattacks
- Difficulty in Launching Industry 4.0 Initiatives and High Rate of Failures
Key Target AudienceNew Entrants/Investors, Analysts and Strategic Business Planners, IoT in Chemical Industry Hardware Manufacturers, IoT in Chemical Industry Software & Service Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-use Industries and Others
About ApproachTo evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.
Frequently Asked Questions (FAQ):
1. What all players are profiled in the study?
The standard version of the report profiles players such as Honeywell International (United States), General Electric (United States), ABB Ltd. (Switzerland), Rockwell Automation (United States), Siemens AG (Germany), Microsoft Corporation (United States), SAP (Germany), Mitsubishi Electric Corporation (Japan), Yokogawa Electric Corporation (Japan), Danaher Corporation (United States), Emerson Electric (United States), Schneider Electric (Germany), Hewlett Packard Enterprise (United States), IBM (United States), Intel Corporation (United States) and Accenture (Ireland) etc.
2. Can we have customized study for Industry 4.0 Market?
The Study can be customized subject to feasibility and data availability. Please connect with our sales representative for further information.
3. What would be the Market Size of Industry 4.0 Market by 2027?
Analysts at AMA estimates Industry 4.0 Market to reach USD Million by 2027.