Industry 4.0 market to reach $618.39 bn by 2031
According to Allied Market Research, the global generated $113.39 billion in 2021, and is estimated to reach $618.39 billion by 2031, witnessing a CAGR of 18.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, Restraints, and Opportunities
Factors such as the rise in adoption of industrial robots and increase in deployment of additive manufacturing primarily drive the growth of the industry 4.0 market. However, expensive deployment costs of industrial robots and complications in integration and interoperability of Industrial robot hamper the market growth to some extent. Moreover, an increase in adoption of 5G in the field of cloud automation is expected to provide lucrative opportunities for the market growth during the forecast period.
- Digitalization across sectors is accelerating quickly as the COVID-19 pandemic decimates the global industry 4.0 market environment.
- The COVID outbreak is accelerating the emergence of Industry 4.0, catapulting companies from various industries to a higher degree of Internet of Things (IoT) technology and workflow.
- For manufacturers and businesses worldwide, adaptability in analyzing and adjusting inventory requirements, optimizing supply chains, and increasing manufacturing capacities with cutting-edge technologies will be essential in this situation. In addition, supportive government efforts are anticipated to help businesses survive the pandemic.
- During the COVID-19 pandemic, the industry was being transformed by a number of technologically cutting-edge technologies, including cloud computing, artificial intelligence (AI), 5G networks, and big data.
The industry automation segment to rule the market
By technology type, the industry automation segment held the major share in 2021, garnering nearly two-third of the global Industry 4.0 market revenue. The blockchain segment would also showcase the fastest CAGR of 22.3% 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.
The manufacturing segment to dominate by 2031
By end user, the manufacturing segment accounted for nearly two-fifth of the global Industry 4.0 market share in 2021, and is expected to rule the boost by 2031. The aerospace and defense segment would also display the fastest CAGR of 22.2% throughout the forecast period, owing to increased flexibility enables producers to use mass customization to better satisfy client requests, eventually aiming to maximize efficiency with, in many circumstances, a lot size of one.
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