As per the findings of a fresh business publication from IndustryARC, the global Industry 4.0 market size will swell up to $200 billion by 2023, exhibiting a phenomenal CAGR of 16.2% during the forecast period of 2018 to 2023. The analyst of the report has identified Asia Pacific as the region with most demand potential, attributing it to acceptance of technological innovations in the emerging economies such as China and India. The report is titled “Industry 4.0 Market: By Technology (Big Data and Analytics, Augmented Reality, Autonomous Robots, Simulation, Horizontal and Vertical System Integration, Cloud Computing, Cyber Security, Internet of Things (IoT)); By Component (Transmitter, Memory, Others); By Industry Verticals (Energy, Healthcare, Transportation, others); By Connectivity (Wired, Wireless, Cellular, others) & By Geography - Forecast (2018-2023).”
The Industrial 4.0 market is flourishing akin to fire, leading to smart manufacturing and provides flexibility in production. It refers to the current trend of automation and data exchanges in manufacturing technologies. There are three key principles to the Industry 4.0 market: digitization, automation, and data collection. By following these principles, efficiency can be improved. It is also helpful in streamlining the cost. Industry 4.0 market solutions includes cyber-physical systems, the Internet of Things, and cloud computing. Industry 4.0 basically focuses on improving the flexibility in manufacturing. It also focuses on the quality issue and towards the improvement of productivity.
Industry 4.0 Market Boon for Production-Savvy Manufacturers
Industries these days face a strong demand to increase their productivity levels through smart manufacturing and smart factories. Hence, by introducing techniques such as industrial automation and machine technology, hardware and software integration, and various other solutions it is now possible to foster the development of industry 4.0.
Industry 4.0 is a boon for businesses and has proved to be a major factor leading to the development of smart factories. Industry 4.0 market solutions and automation together has steadily improved the productivity, quality, product purchasing costs, and manufacturing costs. Companies, however, big or small, especially the manufacturing units, cannot afford to ignore it. Industry 4.0 gives the ability to quickly analyze Big Data, which helps the companies to easily review the market trends associated with the desired commodity.
AR & VR Disrupting Industry 4.0 Market
Many companies are also utilizing Augmented Reality (AR) and Artificial Intelligence (AI) as part of their Industry 4.0 strategy, which has raised the productivity by more than 30 percent. This has resulted in quality improvement with digital versus paper instructions for complex tasks. Improved AI also means that workers can be freed up to handle other tasks, improving resourcing, and reducing spending, where it is no longer needed.
Drawbacks Related to Security are a Part of Industry 4.0 Market
However, opting for Industry 4.0 approach poses certain challenges. There are many process plants that handle flammable explosives or toxic materials. They require Safety Instrumented System (SIS) to prevent incidents that could lead to disastrous results. SIS is controlled and impacted by Industry 4.0 in a number of ways. The fundamental principle that the Industry 4.0 market companies work under is that all systems, including those devices utilizing Internet-protocol addresses, are connected to a globally accessible Internet infrastructure. It is scary to imagine what could happen if a cybercriminal broke into an Industry 4.0 plant system environment for accessing and controlling each and every device associated with the local area network. Not limited to this, Industry 4.0 market experts promote the wireless communication layer. Wireless communication is open to outside impact from nature such as lightning, adverse weather, solar magnetic storms, and solar plasma ejection leading to adverse effects.
Though the Industry 4.0 market has a lot to promise when it comes to revenues, venture, and technological progress, it is still hard to estimate the potential employment rate. In this era, Industry 4.0 and factory automation might be at the top of technological progress in the manufacturing sector, but it seems like machines are taking over the industry. The use of machines enables the organizations to avoid operational downtime and other productive issues. Hence, it is important to analyze the approach and trends of Industry 4.0 and automation, so as to be better prepared for a not-so-distant future.
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Industry 4.0 Equipment Market: By Type (Sensor, Heaters, Motors, Gears, Control units etc.); By End Use Industry (Automotive, Chemical, Oil and Gas Pharmaceutical, Food and Beverage, Pulp and Paper and Others) - Forecast (2017-2023)
Digital Twins Market: By Type (Software, Services); By Application (Product Design & Development, Inventory Management, Others); By End-User (Aerospace & Defense, Automotive, Manufacturing, Others); By Geography Forecast(2018 2023)
IndustryARC is a research and consulting firm that publishes more than 500 reports annually in various industries, such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences & Healthcare.
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