"We Envision Growth Strategies Most Suited
to Your Business"
The global industry 4.0 market size is projected to grow from USD 116.14 billion in 2021 to USD 337.10 billion in 2028. Digital twin technology is gaining momentum worldwide because of its ability to improve product reliability by OEMs. Also, various companies are introducing unique products to provide greater operational efficiency and better visibility into equipment. In October 2018, for instance, Microsoft Corporation unveiled Azure Digital Twins. It will help automakers and manufacturing companies to create project models and gain an extensive visibility into production processes. Fortune Business Insights™ presented this information in a new study, titled, “Industry 4.0 Market Size, Share & COVID-19 Impact Analysis, By Application (Industrial Automation, Smart factory, and Industrial IoT), By Vertical (Manufacturing, Energy & Utilities, Automotive, Oil and Gas, Aerospace and Defense, Electronics and Consumer Goods, and Others), and Regional Forecast, 2021-2028.” As per the study, the market size was USD 101.69 billion in 2020. It is set to exhibit a CAGR of 16.4% in the forecast period between 2021-2028.
NOKIA and WEG Launch Open Lab WEG/V2COM Project to Accelerate Industry 4.0 in Brazil
In March 2021, WEG and NOKIA unveiled a new project named Open Lab WEG/V2COM to boost the development of industry 4.0 solutions. It will be integrated with the Nokia Digital Automation Cloud (DAC) platform. The National Telecommunications Agency (Anatel) and the Brazilian Agency for Industrial Development (ABDI) joined hands with both companies to run this project. As per a company official, “Our new project will aid us in researching about the deployment of 5G in Brazil. At the same time, it will accelerate the development of solutions, products, and tests for our clients.”
To get a detailed report summary and research scope of this market, click here:
Increasing Installation of Industrial and Automotive Robots to Favor Growth
The manufacturing sector across the globe has started accepting the adoption of robotics engineering and technology in every product process. The ongoing development in robotics is one of the vital reasons for the same. The International Federation of Robotics (IFR) declared in its report that in 2017, around 381,000 robotic units were shipped globally, while approximately 2.1 million stand-alone automotive and industrial robots were installed. These robots have several benefits. They can eliminate the need for human labor and can perform repeatable tasks. However, industry 4.0 systems are very prone to cyberattacks as hackers can easily collect sensitive data of organizations. This factor is expected to obstruct the industry 4.0 market growth in the near future.
Key Players Aim to Acquire Local Companies to Strengthen Their Positions
Most of the major providers of industry 4.0 solutions are currently incorporating advanced technologies, such as 3D printing and digital twins to cater to the high industrial demand. Cisco Systems Inc. and Oracle Corporation are the two leading companies in the market. As the market scenario is very competitive, most of the firms are focusing on the acquisition strategy to strengthen their positions.
Fortune Business Insights™ lists out the names of reputed providers present in the global market. They are as follows:
A Notable Industry Development-
Further Report Findings-
The global market can be segmented in the following way:
2017 – 2028
2021 – 2028
2017 – 2019
Value (USD Billion)