How New Trends of Digitization is Creating Market Opportunities for Top 10 Industry 4.0 Companies in 2023

Industry 4.0, most commonly known as the fourth industrial revolution—is the next phase in the digitization of the manufacturing sector, driven by disruptive trends including analytics, human-machine interaction, improvements in robotics, and the rise of data and connectivity. As per Fortune Business Insights, the global market for industry 4.0 will reach USD 377.30 billion by 2029 with CAGR 16.3%. The market reached the valuation of USD 114.55 billion in 2021 and also hit USD 130.90 billion in 2022.

Fortune Business Insights Highlights the Top 10 Companies in the Global Industry 4.0 Market

1. ABB Ltd

ABB Ltd is a renowned automation and electrification firm that works progressively on a sustainable and resource-efficient future. In order to optimize how things are manufactured, powered, operated, and moved, the firm offers engineering software solutions to customers. Furthermore, in order to disclose the critical relationship between sustainability and digitalization, the firm has launched the findings of international industry and technology leaders on industrial transformation in February 2022. The firm's goal is to leverage the IIoT which allows enterprises and employees to make better decisions.

2. Siemens AG

Siemens AG offers industry 4.0 as AI-Powered, networked, smart factories and data-driven solutions to the industrial revolution. Siemens AG offers different digital enterprise solutions, including Booth B144 and IMTEX 2023 at Hall 4. To accelerate digital transformation in machine tool manufacturing, the firm is establishing its roots. In January 2023, Siemens announced the launch of Explore Live at the Smart Factory @Wichita. It benefits digitalizing power via the Siemens Xcelerator portfolio and identifies the future of smart manufacturing techniques in businesses.

3. Cognex Corporation

Cognex Corporation is playing a great role in Industry 4.0 to bring innovations in machine vision, big data, cloud computing, machine learning, and advanced automation that will revolutionize manufacturing. Rather than this, the firm offers different industry 4.0 machine vision operations such as real-time monitoring performance feedback, image-based barcode readers, machine vision systems, geometric pattern-matching technology, and universal communications compatibility. In November 2022, the firm announced the launch of high-speed vision tunnels for the logistics industry. These solutions deliver codes on packages at higher speeds with small gaps, giving enterprises the benefits of reducing processing times and increasing sortation throughput for logistics.

4. Schneider Electric SE

Schneider Electric SE is a French-based firm that provides energy, digital, and automation solutions for efficiency and sustainability. It forms numerous solutions such as radio frequency identification systems, industrial automation software, motor starters and protection components and many more. Schneider Electric SE announced a collaboration with Intel to drive industrial modernization in June 2022. The partnership between the two firms illustrates the business's transition from fixed-function hardware to software-defined, plug-and-produce results that provide clients with greater operational effectiveness.

5. Honeywell International Inc. 

Honeywell International Inc. has installed software solutions enabling safe and effective process operations to be examined and executed remotely. Honeywell Forge offerings software solutions offer its clients to improve boost productivity, enhance efficiency, reduce manual paperwork and decision-making. It also helps customers with video assistance training, access to users, on-call experts, and intelligent wearables. In June 2022, to monitor and maintain its global installed base of equipment centrally, the firm launched its Connected OEM enables equipment manufacturers.

6. Emerson Electric Co

One of the prominent firms, Emerson Electric Co., is a great leader in Industry 4.0 as they bring quick business transformation, where the virtual world of information technology, the Internet, and the physical world of machines have become one. It centers on combining all areas of business enabled by IT technologies to increase efficient and scalable production, speed and flexibility, allowing more individualized products and a higher variance in production control. LF Edge will expand collaboration and innovation across numerous industry verticals by uncoupling the framework for edge computing from hardware, silicon and even the cloud operating system.

7. Rockwell Automation, Inc

Rockwell Automation, Inc. helps gather and transform data into insightful real-time information. This maintains the joining of overall operations to the enterprise and extended business systems, better collaboration, improved innovation, and faster problem-solving permitting. In November 2021, to provide a broader range of motor control applications, Rockwell Automation, Inc. announced that it is expanding the PowerFlex AC frequency. It enables customers with flexibility, intelligence, and higher performance in the next generation through TotalFORCE Technology.

8. General Electric Company

GE Power is a world energy leader providing equipment, services, and solutions across the energy value chain from generation to consumption. In General Electric Company, the progressive digitalization of industry generates additional growth and increases the efficiency of production processes. In June 2022, HCL Technologies launched Industry NeXT, a transformational outline to benefit clients digitally reinvent their enterprises. It enables enterprises to plan and prepare digital products and services powered by intelligent digital involvements.

9. Robert Bosch GmbH

Robert Bosch GmbH digitalizes offers customized solutions and optimizes working conditions and connects its own plants. Robert Bosch GmbH offers Manufacturing Execution System. This solution supplies information about workpieces and production steps for planning, transparent analysis, and assembly monitoring in real-time. In September 2021, Bosch and Capgemini to continue their strategic alliance for Industry 4.0. The partnership among two primary providers of Industry 4.0 will make a wide range of aids from which industrial businesses will benefit in the digitization and sustainability of their production plants.

10. Cisco Systems Inc.

Cisco Systems Inc. is one of the prominent firms in the manufacturing sector, merging the physical world and cyber to drive value and competitiveness in a global marketplace. Cisco Systems Inc. benefits from industrial IoT solutions for digital manufacturing by making production uptime, visibility and control, production agility, industrial security, remote monitoring, and better decisions to establish a safe and consistent network foundation for digital transformation.

Increasing Trends of Digitization to Boost Market Growth

Internet penetration and increasing trends of digitization due to the increasing focus of various industries on efficiency and profitable productivity are driving the growth opportunities of the market goals has spurred the global online recruitment market. Reduced cost benefits, increased production, personalized offerings, and improved efficiencies are some of the benefits that Industry 4.0 offers in businesses.