Industry 4.0 Market Size to Grow at a CAGR of 18% in the Forecast Period of 2023-2028

Erika Tinkle March 14, 2023

3 4 minutes read

The ‘Global Industry 4.0 Market Size, Share, Trend, Growth, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global industry 4.0 market, assessing the market on the basis of its segments like technologies, end users, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It is also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.

Industry 4.0 Market Share, Size, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Forecast CAGR (2023-2028): 18%

The increasing penetration of the internet of things (IoT) across various industries is driving industry 4.0 growth. Rapid automation in the manufacturing, automotive, and electronics industries, among others, is generating the demand for high-speed computers, blockchain technology, and automated electrical components. For instance, fitness trackers and medical sensors are gaining traction in healthcare units, leading to greater growth in the industry 4.0 market.

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The growing deployment of industrial robotics for various applications such as infrastructure development, product testing, transportation, and manufacturing among others, is further adding to the market numbers. In addition, increasing efforts by manufacturing giants aimed towards increasing business profitability is also being witnessed.

Industry 4.0 is also being utilised in by various governments in reinforcement firms, intelligence agencies, police departments, and aerospace and defence fields. Industry 4.0 technologies such as advanced sensors, artificial intelligence, and real-time location tracking, are increasingly used by defence manufacturing firms.

Over the forecast period, the rapid digital transformation across the automotive industry is likely to continue, which is in turn propelling the global industry 4.0 market growth. The increasing demand for new energy vehicles is likely to generate the requirement for digital equipment in order to increase production efficiency.

Industry 4.0 Industry Definition and Major Segments

Industry 4.0 refers to the ‘4th’ industrial revolution which involves optimising the use of modern technologies such as interconnectivity, artificial intelligence, internet, and automation, among others, with advanced manufacturing. These manufacturing networks are designed to be capable of interpreting data, and using and interacting with data in a linked manner. In other words, Industry 4.0 aims at improving productivity by using high-end digital technologies.

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Based on technology, the market can be segmented into:

• Industrial Robotics
• IIoT
• AI and ML
• Blockchain
• Extended Reality
• Digital Twin
• 3D Printing
• Others

By end user, the market has been divided into:

• Manufacturing
• Automotive
• Oil and Gas
• Energy and Utilities
• Electronics
• Food and Beverage
• Aerospace and Defence
• Others

On the basis of region, the market can be categorised into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Industry 4.0 Market Trends

The key trends in the global industry 4.0 market include the rapid penetration of digital technology in the aerospace and defence industry. The increasing research and development expenditure across strong sovereign nations is heightening the application of internet-enabled equipment. Moreover, the increasing competition between major defence manufacturers aimed towards ramping up the production of high-quality combat aircraft, helicopters, and battle tanks, is leading to steady innovations.

The emergence of 3D printing is another crucial trend in the market. In the present era, 3D printers are integral to industry 4.0 which is witnessing an escalating demand from manufacturing, architecture designing, and medicine production, among others. The technical upgrades in the automotive industry are further increasing the dependence on 3D printing techniques. The industry 4.0 market is further being bolstered by the expansion of the oil and gas industry leading to a greater demand for cloud-based software and internet-enabled devices aimed towards efficiently collecting data and bringing transparency to operations.

In regional terms, Asia Pacific holds a significant share of the market. The rapid development of industrial robots across steady economies, such as China and Japan, is accelerating the market growth in this region. The Asia Pacific is also a major manufacturing base, offering immense potential for industry 4.0.

Key Market Players

The major players in the industry 4.0 market report include:

ABB Ltd.
Rockwell Automation, Inc.
Schneider Electric
Cisco Systems Inc.
Intel Corporation
Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.