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The global industry 4.0 market size was valued at USD 114.55 billion in 2021. The market is projected to grow from USD 130.90 billion in 2022 to USD 377.30 billion by 2029, exhibiting a CAGR of 16.3% during the forecast period.
This information is published by Fortune Business Insights, in its report, 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, 2022-2029.”
Digital technologies, such as the Internet of Things (IoT), Artificial Intelligence (AI), Augmented and Virtual Reality (VR), 3D printing, and blockchain, are interrupting all aspects of the value chain, involving product designing, manufacturing process, supply chain as well as customer experience. Moreover, Germany, the U.S., France, and Japan were backed by tactical government programs to digitize their production methods across numerous industries.
Coronavirus led to Increase in Product Demand Stoked by Amalgamation of Advanced Solutions in Business Processes
With the global market environment being destroyed by the coronavirus, digitalization throughout business sectors quickened at a hasty pace. This brings novel prospects for digital pioneers to develop and embrace creative solutions to quicken digital transformation at every level. The outbreak of the coronavirus is accelerating the presentation of the fourth industrial revolution, thriving businesses across sectors to a greater stage of the Internet of Things (IoT) technology and workflow.
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Honeywell and Tech Mahindra Declare Extended Merger to Create Digitized “Factories of the Future”
Honeywell and Tech Mahindra have partnered to create “Factories of the Future”, thus benefitting industry-leading digital technologies. These two corporations intend to capitalize on Industry 4.0, digital transformation, 5G, software competencies as well as engineering proficiency to empower customers in the production industry to scale-up on a quicker pace.
Honeywell and Tech Mahindra will focus to provide top-notch operations and performance administration to allow manufacturing users to accelerate their growth and comprehend the value of Industry 4.0 technologies and solutions. Both Tech Mahindra and Honeywell are fixated on building an ecosystem that sustains partnership.
Projecting Maintenance Utilizing Digital Twin Solution to Thrive Market
As the Internet of Things (IoT) has increased in admiration in latest years, digital twins have enticed huge amount of attention. A digital twin is a virtual model that trails the lifecycle of a physical object or mechanism. This technology has permitted OEM players and automakers to distantly trail and administer equipment and systems by offering close proximity real-time insights between the physical and digital environments. To detect bottlenecks, streamline methods, and revolutionize product growth, digital twin technology offers an incomparable insight into assets and manufacturing.
The incorporation and employment of industry solutions have numerous profits, but they also carry several dangers that could impede business developments in the future. Data and security concerns related with the adoption of progressive technologies are predicted to hinder the industry 4.0 market growth.
Partnerships among Companies to Safeguard their Brand Values in Global Market
Prominent players in the market are constantly opting for effective strategies to promote their products and establish their positions in the market. One such strategy is to launch new products by partnering with other companies to extend their reach to end-users.
Notable Industry Development:
List of Key Players Mentioned in the Report:
Further Report Findings
North America holds the largest industry 4.0 market share and the players operating there are increasingly embracing the concept of smart manufacturing. The region is expected to dominate the market.
Based on application, the market is classified into industrial automation, smart factory, and industrial IoT. Industrial automation provides a wide range of technologies that help in reducing human intervention.
Table of Segmentation
Value (USD billion)
By Application, Vertical, and Region