Market Size of Industry 4.0 Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 20.67 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Industry 4.0 Technologies Market Analysis
The Industry 4.0 Market is expected to register a CAGR of 20.67% during the forecast period.
The market size is expected to grow from USD 94.42 billion in 2023 to USD 241.58 billion by 2028.
With the introduction of Industry 4.0 in the production sector, numerous industrial facilities are adopting digital technology to improve, automate, and modernize the whole operation, enhancing the plants' productivity parameters.
- Moreover, Industry 4.0 persuaded OEMs to adopt IoT across their operations, owing to the gradual increase in the adoption of IoT and digital transformation across several industries. For instance, according to the International Data Corporation's (IDC) Worldwide Semiannual Internet of Things Expenditure Guide, expenditure on the Internet of Things (IoT) in Europe exceeded USD 202 billion in 2021. It will likely increase at a double-digit rate through 2025. Maryville University estimates that by 2025 over 180 trillion gigabytes of data will be created worldwide every year. IIoT-enabled industries will generate a large portion of this.
- Furthermore, increasing collaborations among global companies to adopt innovative technologies and digital solutions are expected to contribute to market growth over the forecast period. For instance, in March 2021, NOKIA Firm partnered with WEG Industries, a Brazilian energy and automation company, to accelerate the evolution of the Nokia Digital Automation Cloud (DAC) technology and present an industrial 4.0 solution.
- Incorporating and adopting industry technologies offer various advantages but also represent several hazards that might hinder future corporate progress. Security and privacy issues related to advanced technology deployment are projected to hamper industry expansion. According to a study released in 2021 by Cybercrime Journal, the worldwide expense of cybercrime was USD 6.0 trillion in 2021. It is expected to hit USD 10.5 trillion by 2025.
- The worldwide COVID-19 outbreak accelerated Industry 4.0 adoption and boosted resilience to potential pandemics. This is because, in the event of a pandemic, technology such as automation and robots serve to reduce human dependency while also allowing the human workforce to protect itself against these risks. It also increases production, preventing plant shutdowns during a crisis.
