Press release
Industry 4.0 Market is expected to grow at a CAGR of 25.1% during the forecasted period | Evolve Business Intelligence
• The global Industry 4.0 Market size was valued at USD 90.1 billion in 2023 growing at a CAGR of 25.1% from 2023 to 2033.
• North America dominated the market in 2023
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033
As per the study initiated by Evolve Business Intelligence, the global Industry 4.0 Market size accounted for USD 90.1 Billion in 2023, growing at a CAGR of 25.1% from 2023 to 2033. Industry 4.0, often referred to as the fourth industrial revolution, is a term that encompasses the integration of digital technologies, advanced analytics, and the Internet of Things (IoT) into the manufacturing process. It represents a significant shift in how products are designed, produced, and delivered.
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Industry 4.0 technologies can significantly improve operational efficiency and productivity, leading to cost savings and enhanced competitiveness. The ability to quickly adapt to changing market demands and produce customized products at scale is a key driver for the adoption of Industry 4.0. The use of data analytics allows for better decision-making based on real-time insights, leading to improved overall performance. The competitive landscape in manufacturing is pushing companies to adopt advanced technologies to stay ahead in the global market.
Key Players
Some of the major Industry 4.0 Market players holding high market shares include Bosch Rexroth, SAS, Wittgenstein, Daimler, and General Electric. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Siemens, Klockner & Co, Wittenstein, Festo AG & Co., TRUMPF
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Segmental Analysis
Based on technology, the Industry 4.0 market is Industrial Robotics, IoT, AI and ML, Blockchain, and Others. Industrial robotics is the largest segment of the Industry 4.0 market. This is due to the growing demand for automation and robotics in manufacturing and other industries. Industrial robots are used for a wide variety of tasks, including welding, painting, assembly, and packaging. They can perform these tasks more quickly, accurately, and safely than humans.
Based on End Use, the Industry 4.0 market is Manufacturing, Automotive, Oil and Gas, Energy and Utilities, and Others. Manufacturing is the largest of Industry 4.0 technologies. This is because manufacturing is a data-intensive industry that can benefit greatly from the insights that Industry 4.0 technologies can provide. Industry 4.0 technologies can be used to improve manufacturing efficiency, productivity, and quality. They can also be used to reduce costs, improve safety, and create new products and services.
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)
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Evolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.
Evolve Business Intelligence is built on account of technology advancement providing highly accurate data through our in-house AI-modelled data analysis and forecast tool - EvolveBI. This tool tracks real-time data including, quarter performance, annual performance, and recent developments from Fortune's global 2000 companies.
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