Press release
North America Industry 4.0 Market Reach to USD 189.62 Billion by 2032 | Top Players such as - Cognex, ABB & Siemens
The North America industry 4.0 market is experiencing significant growth and transformation as companies in the manufacturing sector adopt innovative digital technologies to build smart factories and boost operational efficiency. The fourth industrial revolution is characterized by the integration of IoT, cyber-physical systems, AI, robotics, and data analytics. To acquire a competitive edge, major companies in the North American Industry 4.0 market have made investments in R&D, establishing strategic alliances, and launching cutting-edge goods and solutions. However, challenges such as issues with data security, traditional system integration, and the lack of understanding & experience pose restraint to market growth. In future, the North America industry 4.0 market is expected to have significant growth opportunities.
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The North America industry 4.0 market was valued at USD 38.59 billion in 2022 and is projected to reach USD 189.62 billion by 2032, growing at a CAGR of 17.6% from 2023 to 2032
The North America industry 4.0 market is segmented on the basis of technology and end user. On the basis of technology, it is segregated into industry automation, 3D printing, digital twin, artificial intelligence (AI) & machine learning (ML), blockchain, extended reality (XR), industrial internet of things (IIoT), and others. On the basis of end user, it is divided into manufacturing, automotive, oil & gas, energy & utilities, food & beverages, aerospace & defense, and others.
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Depending on the technology type, the industry automation segment dominated the North America industry 4.0 market share in 2022 and is expected to continue this dominance during the forecast period, owing to essential elements of Industry 4.0 to detect, measure, analyze, and process various transitions in industrial production facilities, such as changes in positions, length, height, exterior, and dislocations.
On the basis of end user, the manufacturing segment acquired the highest share in North America industry 4.0 market in 2022. This is owing to the increasing adoption of automation technologies such as robotics, artificial intelligence (AI), and machine learning (ML) among manufacturers. These technologies help streamline operations, increase productivity, and improve efficiency.
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The key players operating in the North America industry 4.0 market analysis include Cognex Corporation, Schneider Electric SE, Emerson Electric Co., Rockwell Automation Inc., Cisco Systems Inc., ABB Ltd., Siemens AG, Honeywell International Inc., General Electric Company, International Business Machines Corporation.
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Key Findings of the Study
● By technology type, the industry automation segment accounted for the highest North America industry 4.0 market share, in terms of revenue in 2022.
● By end user, the aerospace & defense segment is expected to exhibit the fastest growth rate during the forecast period.
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