Global Industry 4.0 Market to Reach US$ 547.1 Billion by 2032, Stimulated by Increasing Demand for Personalized Products

December 13, 2023 | Technology & Media

According to the latest report by IMARC Group, titled “Industry 4.0 Market Report by Component (Hardware, Software, Services), Technology Type (Industrial Robotics, Industrial IoT, AI and ML, Blockchain, Extended Reality, Digital Twin, 3D Printing, and Others), End Use Industry (Manufacturing, Automotive, Oil and Gas, Energy and Utilities, Electronic and Foundry, Food and Beverages, Aerospace and Defense, and Others), and Region 2024-2032,” the global industry 4.0 market size reached US$ US$ 139.8 Billion in 2023. Industry 4.0, also known as the fourth industrial revolution, comprises the integration of advanced digital technologies and data-driven processes to create smart, interconnected, and highly efficient industrial systems. It relies on various technologies, such as the Internet of Things (IoT), artificial intelligence (AI), robotics, cloud computing, and data analytics. It assists in optimizing manufacturing operations and enhancing product quality. As it aids in enabling factories and supply chains to operate with unprecedented levels of automation, intelligence, and connectivity, the demand for industry 4.0 is rising across the globe.

Global Industry 4.0 Market Trends:

At present, the increasing demand for personalized and customized products represents one of the major factors influencing the market positively. Moreover, the rising popularity of data-driven decision-making in various industries is strengthening the market growth. Apart from this, the growing demand for industry 4.0 to optimize energy consumption, reduce waste, and lower environmental impact is offering a positive market outlook. In line with this, the rising integration of the Internet of Things (IoT) devices and sensors to enable real-time monitoring of machinery and production processes, facilitate predictive maintenance, and minimize downtime is contributing to the growth of the market. Besides this, the increasing need to maintain efficient production cycles in manufacturing units is offering lucrative growth opportunities to industry investors. Looking forward, the market value is projected to reach US$ 547.1 Billion by 2032, expanding at a CAGR of 16% during 2024-2032.

Market Summary:

Based on the component, the market has been divided into hardware, software, and services.
On the basis of the technology type, the market has been segregated into industrial robotics, industrial IoT, AI and ML, blockchain, extended reality, digital twin, 3D printing, and others. At present, industrial IoT dominates the market, accounting for the largest share.
Based on the end use industry, the market has been classified into manufacturing, automotive, oil and gas, energy and utilities, electronics and foundry, food and beverages, aerospace and defense, and others. Presently, manufacturing represents the biggest market share.
Region-wise, the market has been segmented into North America (United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, Europe enjoys the leading position in the market.
The competitive landscape of the market has also been examined, with some of the key players being 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.).

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Scope of the Report	Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: Component Technology Type End Use Industry Region
Components Covered	Hardware, Software, Services
Technology Types Covered	Industrial Robotics, Industrial IoT, AI and ML, Blockchain, Extended Reality, Digital Twin, 3D Printing, Others
End Use Industries	Manufacturing, Automotive, Oil and Gas, Energy and Utilities, Electronic and Foundry, Food and Beverages, Aerospace and Defense, Others
Regions Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	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), Techman Robot Inc. (Quanta Storage Inc.), etc.
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Global Industry 4.0 Market to Reach US$ 547.1 Billion by 2032, Stimulated by Increasing Demand for Personalized Products

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