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Industry 4.0 Market Analysis 2024-2033 : Forecast Market Size, Top Segments And Largest Region
Industry 4.0 Global Market Report 2024
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According to The Business Research Company's, The industry 4.0 market size has grown exponentially in recent years. It will grow from $167.12 billion in 2023 to $200.77 billion in 2024 at a compound annual growth rate (CAGR) of 20.1%. The growth in the historic period can be attributed to advancements in connectivity, automation and robotics, big data and analytics, cloud computing adoption, cyber-physical systems (cps).
The industry 4.0 market size is expected to see rapid growth in the next few years. It will grow to $413.22 billion in 2028 at a compound annual growth rate (CAGR) of 19.8%. The growth in the forecast period can be attributed to ai and machine learning growth, advanced robotics integration, 5g technology impact, blockchain in supply chain, edge computing advancements. Major trends in the forecast period include smart factories, digital twins implementation, human-machine collaboration, cybersecurity emphasis, remote operations and monitoring.
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Market Drivers and Trends:
The increased adoption of industrial robots is expected to propel the growth of the industry 4.0 market going forward. Industrial robots refer to mechanical machines that are designed to do production-related tasks automatically in industrial settings. Industrial robots make use of industry 4.0 by merging cutting-edge technologies like automation, IoT, and artificial intelligence to enable intelligent, autonomous, and linked robotic systems for improved productivity, adaptability, and efficiency in production operations. For instance, in June 2023, according to the International Federation of Robotics, a Germany-based non-profit organization, industrial robots are expected to be installed in 72,000 units in 2022, up from 67,000 units in 2021, a 6% increase year on year in the European Union. Therefore, the increased adoption of industrial robots is driving the industry 4.0 market.
Technological innovation is a key trend gaining popularity in the industry 4.0 market. Companies operating in the industry 4.0 market are adopting innovations to sustain their position in the market. For instance, in August 2022, Unbox Robotics, an Indian-based robotic technology company, launched UnboxSort, a first-of-its-kind vertical robotic sortation solution. It enables e-commerce merchants to scale up logistics to accommodate high parcel volumes. UnboxSort is the company's industry 4.0 plug-and-play robotics system driven by Swarm Intelligence. It also uses Autonomous Mobile Robots (AMRs) to sort parcels vertically into smart racks in small spaces at fulfillment centers and warehouses.
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Major Key Players of the Market:
Siemens AG, General Electric Company, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Mitsubishi Electric Corporation, Honeywell International Inc., ABB Ltd., NVIDIA Corporation, Emerson Electric Co, Rockwell Automation Inc., Omron Corporation, Bosch Rexroth AG, Fanuc Corporation, Dassault Systemes SE, Daifuku Co Ltd., KUKA AG, Advantech Co Ltd., PTC Inc., Cognex Corporation, Stratasys Ltd., 3D Systems Inc., John Bean Technologies Corporation, Universal Robots A/S, Basler AG, Techman Robot Inc., Addverb Technologies Limited, Algolux, AIBrain Inc., Beckhoff Automation Pvt. Ltd.
Industry 4.0 Market 2024 Key Insights:
• The industry 4.0 market size is expected to see rapid growth in the next few years. It will grow to $413.22 billion in 2028 at a compound annual growth rate (CAGR) of 19.8%.
• Industrial Robot Adoption Fuels Growth In Industry 4.0
• Unbox Robotics Pioneers Future Logistics In Industry 4.0
• Europe was the largest region in the industry 4
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