Industry 4.0 Market to Surpass USD 513.89 Billion by 2031 with Automation Surge | SkyQuest Technology

WESTFORD, Mass., July 26, 2024 /PRNewswire/ -- According to SkyQuest, the global Industry 4.0 Market size was valued at USD 133.05 billion in 2022 and is poised to grow from USD 154.6 billion in 2023 to USD 513.89 billion by 2031, growing at a CAGR of 16.2% during the forecast period (2024-2031).

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Industry 4.0 or the fourth industrial revolution emphasizes the use of automation and interconnectivity. Employment of advanced technologies such as artificial intelligence, machine learning, robotics, and connected devices to improve the productivity and efficiency of industries. Rapid digitization and advancements in technology are forecasted to bolster the Industry 4.0 market growth over the coming years. The global Industry 4.0 market is segmented into technology, industry vertical, and region.

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Industry 4.0 Market Overview:


                 Report Coverage 
     
              Details


      Market Revenue in 2023                                             
            $ 154.6 billion


      Estimated Value by 2031                                           
            $ 513.89 billion



     Growth Rate                                               Poised to grow at a CAGR of 16.2%



     Forecast Period            
     2024-2031



     Forecast Units             
     Value (USD Billion)



     Report Coverage              Revenue Forecast, Competitive Landscape, Growth Factors, and
                                    Trends



     Segments Covered           
     Technology, Industry and Region



     Geographies Covered          North America, Europe, Asia Pacific, Latin America, and Middle
                                    East and Africa.



     Report Highlights            Internet of Things (IoT) technology takes centerstage for
                                    Industry 4.0 adoption


      Key Market Opportunities     Adoption of smart manufacturing and additive manufacturing
                                    practices



     Key Market Drivers           Rising demand for automation across all industry verticals

Segments covered in Industry 4.0 Market are as follows:

    --  Technology
        --  Robots (Traditional Industrial Robots {Articulated robots, Cartesian
            Robots, Selective Compliance Assembly Robot Arm (SCARA), Cylindrical
            Robots, Others}, Collaborative Robots), Blockchain in Manufacturing,
            Industrial Sensors (Level Sensors, Temperature Sensors, Flow
            Sensors, Position Sensors, Pressure Sensors, Force Sensors, Humidity
            & Moisture Sensors, Gas Sensors), Industrial 3D Printing, Machine
            Vision (Camera {Digital Camera, Smart Camera}, Frame Grabbers,
            Optics, and LED Lighting, Processor and Software), HMI (Offering
            {Hardware [Basic HMI, Advanced Panel-based HMI, Advanced PC-based
            HMI, Others], Software [On-premises HMI, Cloud-based HMI],
            Services}), Configuration ({Embedded HMI, Standalone HMI},
            Technology {Motion HMI, Bionic HMI, Tactile HMI, Acoustic HMI},
            End-user Industry {Process industries [Oil & Gas, Food & beverages,
            Pharmaceuticals, Chemicals, Energy & power, Metals & mining, Water &
            wastewater, Others], Discrete industry [Automotive, Aerospace &
            defense, Packaging, Medical devices, Semiconductor & electronics,
            Others]}), AI In Manufacturing (Offering {Hardware [Processor MPU,
            GPU, FPGA, ASIC, Memory, Network], Software [AI solutions- |
            On-premises, Cloud |, AI platform- | Machine learning framework,
            Application program interface |], Services [Deployment &
            integration, Support & maintenance]}, Technology {Machine learning
            [Deep learning, Supervised learning, Reinforcement learning,
            Reinforcement learning, Others], Natural language processing
            [Context-aware computing, Computer vision]}, Application {Predictive
            maintenance and machinery inspection, Material movement, Production
            planning, Field services, Quality control, Cybersecurity, Industrial
            robots, Reclamation}, Digital Twin {Technology [Internet of Things
            (IOT), Blockchain, Artificial intelligence & machine learning,
            Artificial intelligence & machine learning, Big data analytics, 5G],
            Usage Type [Product digital twin, Process digital twin, System
            digital twin], Application [Product design & development,
            Performance monitoring, Predictive maintenance, Inventory
            management, Business optimization, Others]}, Automated Guided
            Vehicles (AGV) {Type [Tow vehicles, Unit load carriers, Pallet
            trucks, Assembly line vehicles, Forklift trucks, Others], Navigation
            Technology [Laser guidance, Magnetic guidance, Inductive guidance,
            Optical tape guidance, Vision guidance, Others]}, Machine Condition
            Monitoring {Monitoring Technique [Vibration monitoring, Embedded
            systems, Vibration analyzers and meters, Thermography, Oil analysis,
            Corrosion monitoring, Ultrasound emission, Motor current analysis],
            Offering [Hardware - Vibration sensors, Accelerometers, Tachometers,
            Infrared sensors, Spectrometers, Ultrasound detectors, Spectrum
            analyzers, Corrosion probes], Software [Data integration, Diagnostic
            reporting, Order tracking analysis, Parameter calculation],
            Deployment Type [On-premises deployment, Cloud deployment],
            Monitoring Process [Online condition monitoring, Portable condition
            monitoring]})
    --  Industry
        --  Manufacturing, Automotive, Energy, Medical, Semiconductor &
            Electronics, Food & Beverage, Oil & Gas, Aerospace, Metals & Mining,
            Chemicals, and Others

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Internet of Things (IoT) Technology to Remain Indispensable for Industry 4.0

Internet of Things (IoT) remains the most crucial technology in global Industry 4.0 market growth owing to its role in interconnectivity and automation across different verticals. Advancements in connectivity technologies and rising use of automation in different industry verticals are also estimated to help this sub-segment gain an impressive market share. Surging demand for predictive maintenance will also boost the adoption of IoT technology in the long run.

Advanced robotic technologies are also slated to gain traction in the Industry 4.0 market. Growing acceptance of robots and high investments in advancements of robotic technologies are also slated to create new opportunities for providers of advanced robotics in the Industry 4.0 market. The low margin of error and the immense scope of automation are key benefits of robotics that help this sub-segment flourish.

Artificial intelligence (AI) will be another popular technology in the Industry 4.0 world going forward. Increasing demand for continuous monitoring, real-time analytics, and predictive maintenance are slated to help the demand for artificial intelligence in the future. The rising use of IoT devices will also boost the demand for cloud computing technology in the long run.

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Manufacturing Vertical to Spearhead Industry 4.0 Market Development

The manufacturing vertical is estimated to be at the forefront when it comes to Industry 4.0 adoption. The surge in use of robotics, advanced technologies, and smart manufacturing practices sets the tone for Industry 4.0 in this industry vertical. High emphasis on improving manufacturing efficiency, reducing downtime, and maximizing profits are all contributing to the high market share of this sub-segment.

The automotive industry is another vertical where Industry 4.0 market players could invest to get good returns. The high adoption of advanced robotics and other smart manufacturing technologies to maximize production allows this sub-segment to become a crucial one for Industry 4.0 providers. The aerospace and defense industry vertical also shows a lot of promise for Industry 4.0 companies going forward. Growing demand for advanced manufacturing techniques and technologies to create complex aerospace components is helping Industry 4.0 market growth via this segment.

The oil & gas industry is also estimated to embrace Industry 4.0 trend with open hands as they try to improve their operations and promote better resource utilization. High demand for predictive maintenance to reduce downtime and the growing adoption of digital oilfield solutions are estimated to bolster Industry 4.0 market development in the long run.

To sum it up, the application scope for Industry 4.0 is endless as automation and digitization pick up pace around the world. High investments in development of IoT and AI technologies will create better opportunities for Industry 4.0 companies in the future. The manufacturing industry will remain the top revenue generating sub-segment and more opportunities for aerospace, automotive, and oil & gas verticals will be seen over the coming years.

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Internet Of Things (IoT) Market

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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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