Industry 4.0 Market Size is Projected to Reach US$ 350.9 Billion by 2028

Industry Overview of Industry 4.0 Market
Industry 4.0, also called as the fourth industrial revolution, encourages connected manufacturing and a digital convergence between businesses, industries, and other processes. It provides numerous advantages, including improved efficiency and productivity, flexibility and agility, profitability, etc. Industry 4.0 aids in enhancing automation, making oversite, machine-to-machine communication, and decision-making. It also assists in the formation of smart factories and enables digital manufacturing. Besides this, the fourth industrial revolution helps automate compliance, such as tracking and tracing, quality inspections, serialization, data logging, etc.

How Big Is the Industry 4.0 Market?
The global industry 4.0 market size reached US$ 118.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 350.9 Billion by 2028, exhibiting a growth rate (CAGR) of 17.8% during 2023-2028.

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Global Industry Trends and Drivers:
The growing urbanization and the emerging trend of digitization, on account of the inflating focus of several industries to enhance operational efficiency and cost-efficiency, are primarily driving the Industry 4.0 market. Furthermore, organizations are witnessing low-cost benefits, improved efficiencies and output, customized offerings, and the development of new revenue and business models, owing to the launch of the fourth industrial revolution (i4.0), which is also augmenting the market growth. Apart from this, the incorporation of the Internet of Things (IoT) technologies, enabling users to optimize industrial processes, conduct quality checks, send early alarms, and predict machine failure, is positively influencing the global market. Moreover, the rising usage of industrial robots in manufacturing hubs results in advancements, development, and evolution, which is further bolstering the market growth. Besides this, the integration of digital twin technology by companies to detect anomalies and irregularities in operations for a holistic vision of the equipment performance is acting as another significant growth-inducing factor. Additionally, the increasing investments in extensive research and development (R&D) activities by leading players are expected to drive the Industry 4.0 market in the coming years.

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What Is Included In Market Segmentation?
The report has been segmented the market into following categories:
Breakup by Component:
• Hardware
• Software
• Services

Breakup by Technology Type:
• Industrial Robotics
• Industrial IoT
• AI and ML
• Blockchain
• Extended Reality
• Digital Twin
• 3D Printing
• Others

Breakup by End Use Industry:
• Manufacturing
• Automotive
• Oil and Gas
• Energy and Utilities
• Electronics and Foundry
• Food and Beverages
• Aerospace and Defense
• Others

Breakup by Region:
• North America
o United States
o Canada
• Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa

The report provides a comprehensive analysis of the industry key players listed below:
Cisco Systems Inc., DENSO Corporation, Fanuc Corporation, Hewlett Packard Enterprise Company, Intel Corporation, International Business Machines Corporation, Nvidia Corporation, Robert Bosch GmbH, SAP SE, Schneider Electric SE, Stratasys Ltd., Swisslog Holding AG (Kuka AG) and Techman Robot Inc. (Quanta Storage Inc.).

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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This release was published on openPR.