PUBLISHER: Orion Market Research Pvt Ltd | PRODUCT CODE: 1215621
PUBLISHER: Orion Market Research Pvt Ltd | PRODUCT CODE: 1215621
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Title:Global Industrial 4.0 Market Size, Share & Trends Analysis Report by Technology Type (Industrial Robotics, IIoT, AI and ML, Blockchain, Extended Reality, Digital Twin, and 3D Printing), End-User Industry (Manufacturing, Automotive, Oil and Gas, Energy and Utilities, Electronics and Foundry, Food and Beverage, Aerospace and Defense) Forecast Period (2022-2028).
The global Industrial 4.0 market is anticipated to grow at a substantial CAGR of 7% during the forecast period. One of the major factors that are fueling the market is the growth of global Industrial 4.0 market players implementing Industrial 4.0 technologies to increase efficiency and improve processes. According to IBM, 50% of automotive executives say that to succeed or even survive, their organizations need to digitally reinvent themselves. SEAT SA has launched a pilot program to train assembly plant workers in Industrial 4.0 technologies. The program aims to provide assemblers with the skills to meet the new technological challenges they will face in their jobs in the future. In 2019, SEAT invested $27 million in training an average of $1,802 per worker and provided almost 355,000 hours of instruction.
The global industrial 4.0 market is segmented on the basis of technology type and end-user. On the basis of technology type, the market is segmented into industrial robotics, Iiot, ai and ml, blockchain, extended reality, digital twin, and 3d printing. By end-user, the market is segmented into manufacturing, automotive, oil & gas, energy and utilities, electronics and foundry, food and beverages, and aerospace and defense. The aerospace and defense industry has seen significant growth in the market share in the global Industrial 4.0 market. A report from McKinsey, in partnership with the Aerospace Industries Association (AIA), found that advancing the digital maturity of the A&D value stream unlock $20 billion in annual EBITDA in 2020.
Geographically market is segmented into: North America, Europe, Asia Pacific, and the Rest of the World. North America is projected to hold a prominent share during the forecast period owing to the increasing penetration of smart supply chain and manufacturing technologies in several industries and the growing adoption of the internet of things to upsurge the demand for the Industrial 4.0 market. For instance, In October 2020, Cisco Systems, Inc. announced the acquisition of BabbleLabs Technology, Inc. to improve the video meeting experience with speech enhancement and noise removal technology.
The major companies serving the global Industrial 4.0 market include ABB Ltd., Siemens AG, Schneider Electric, Swisslog Holding AG, Rockwell Automation Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in n January 2021, ABB announced a strategic collaboration with Planar Motors Inc. Through the collaboration the company enlarge its machine automation offering.
Research Methodology
The market study of the global Industrial 4.0 market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to break down the market into various segments, and derive the total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include:
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation
The Report Covers: