Market Trends of Industry 4.0 Industry
IIoT Technology Type Segment is Expected to Hold Significant Market Share
- Positive market expansion is being fueled by the expanding use of IoT technology across end-user industries, including manufacturing, automotive, and healthcare. The Internet of Things (IoT) is driving the next industrial revolution of intelligent connectivity as the traditional manufacturing sector undergoes a digital transformation. This is altering how businesses handle the increasingly sophisticated systems and machinery they use to increase productivity and decrease downtime.
- Industry 4.0 and IoT are at the center of new technological approaches for the development, production, and management of the entire logistics chain, otherwise known as smart factory automation. Massive shifts in manufacturing due to Industry 4.0 and the acceptance of IoT require enterprises to adopt agile, smarter, and innovative ways to advance production with technologies that complement and augment human labor with robotics and reduce industrial accidents caused by process failure.
- With the high rate of adoption of connected devices and sensors and the enabling of M2M communication, there has been a surge in data points that are generated in the manufacturing industry. These data points can be of various kinds, ranging from a metric describing the time taken for the material to pass through one process cycle or a more advanced one, such as the calculation of the material stress capability in the automotive industry.
- Furthermore, the increasing use of IoT devices in companies is predicted to accelerate digital transformation in a variety of industries. According to Cisco's Annual Internet Report, there will be about 30 billion network-connected gadgets and services by 2023. Machine-To-Machine (M2M) connection will account for 50% (14.7 billion M2M connections) of the globally connected devices and connections by 2023.
- The upcoming 5G era is likely to reshape current wireless communication methods used for Industrial IoT-based applications. IoT cannot thrive without affordable and effective wireless connectivity, interoperability, and common standards. Thus, 5G has the potential to make a ground-breaking impact on the way in which future IoT ecosystems are designed, especially in the areas of scalability, latency, reliability, security, and the level of individual control of connectivity parameters.
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Asia Pacific is Expected to Hold Significant Market Share
- Asia Pacific is constantly creating pertinent plans and laws to support local industry upgrading and reorganization for Industry 4.0. As its middle-class population increases and incomes continue to climb, Asia Pacific is automating more quickly than any other nation in the world in an effort to update its processes and maintain its cost advantage in international trade.
- Manufacturers in the Asia Pacific region are currently focusing on the potential for revenue growth and risk management. Global manufacturers are thus anticipated to play increasingly significant roles as Asia-Pacific shifts to higher-value manufacturing as manufacturers look for alternative production sites close to the region's developing consumer markets.
- The industrial development in India is supported by its growing economy and its significant youth population. For employment generation, the Government of India is focusing on increasing the manufacturing facilities in the country, which is likely to fuel the adoption of Industry 4.0 in India because by implementing advanced systems and technology under Industry 4.0, the manufacturing sector of the country can increase its efficiency and productivity.
- China is economically developed and has a significant industrial sector, increasing the demand for advanced technologies, such as IIOTs and digital twins, thereby supporting market growth. The country is also expanding its SMBs sector to fuel its economic growth, which is expected to enhance the requirement of Industry 4.0 in the country due to the application of advanced technologies in SMBs.
- Japan has been significantly transforming into an automated industrial economy in Asia-Pacific through its Industrial version 4.0 strategies, and the country has emerged as a manufacturing hub for factory automation products and supplies to other regional markets in the Asia-Pacific region.
- The Rest of Asia-Pacific comprises South Korea, Singapore, Indonesia, Australia, Thailand, and Malaysia. The adoption of advanced Industry 4.0 technologies in South Korea and Singapore, supported by the countries' huge manufacturing sector, is fueling the market in the Rest of the APAC region.
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