Industry 4.0 Market

Market Leaders - Industry 4.0 Market

The Industry 4.0 market was valued at to 71.7 billion in 2019 and is expected to reach USD 156.6 billion by 2024, at a CAGR of 16.9% from 2019 and 2024. Increasing adoption of the industrial internet worldwide in manufacturing units and growing focus on enhanced efficiency of machinery and systems and reduced production costs play a significant role in the growth of the Industry 4.0 market worldwide. Also, the growing demand for industrial robotics is expected to fuel the growth of the Industry 4.0 market

The Industry 4.0 market is highly competitive, with a significant presence of multi-national, domestics, and start-up companies. New product launch was the key strategy adopted by players to increase their share in the Industry 4.0 market from 2015 to 2019. Product launch accounted for a share of 44.3% of the overall growth strategies.

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General Electric (GE) operates in various segments—Power, Renewable Energy, Oil & Gas, Aviation, Healthcare, Transportation, Capital, and Energy Connections and Lighting. In recent times, GE has altered its business model to focus more on the emerging industrial IIoT ecosystem. The company has started developing industrial software solutions based on big data under its Intelligent Platforms division. GE is also one of the founding members of the Industrial Internet Consortium, a nonprofit consortium created for the development of the common framework for the IIoT.

ABB Ltd. (Switzerland) provides products and solutions for technologies such as human-machine interface (HMI), connectivity technologies, and industrial robots, which are an important part of the Industry 4.0 market. To grow its HMI business successfully, the company has leveraged its broad installed base of automation control systems and field devices across various verticals and other equipment, such as power industry products, electrical products, and drives. ABB’s broad product portfolio, with technologically updated features for industrial robots, HMI, and wireless solutions, has an excellent rating for its product offerings. ABB is one of the market leaders in the industrial robotics segment and plans to focus more on the industrial automation business in the future. A significant portion of the revenue generated by industrial robots is from the automotive industry as a result of strong demand from the sector. The company has a significant presence across China and has invested in a new robotics factory in the country to further increase its market share and presence in the coming years.

Stratasys Ltd. (US) has one operating segment that provides 3D printers, related materials, and printing solutions to various industries. It provides 3D printing solutions for various industries such as automotive, aerospace & defense, industrial, recreational, electronic, medical, and consumer products. Stratasys (US) is a manufacturer of 3D printers and 3D production systems. RedEye, a Stratasys company, has developed a rapid prototyping and 3D printing service bureau that produces complex and high-quality models, as well as working parts in low volumes. Its large production capacity, including a factory in the US and a network of local facilities, allows the company to reduce lead time.

Alphabet Inc. (US) is the parent organization of Google Inc. Google Brain is the company’s in-house domain, which develops various AI technologies such as machine-learning algorithms and techniques, natural language processing, music and art generation, and robotics. Google acquired DeepMind Technologies Ltd. (UK), an artificial intelligence company, to expand its AI offerings. DeepMind has created a neural network that can learn to play video games similar to humans. For augmented reality applications, Google offers Tango, an augmented reality computing platform. Tango uses a computer vision to enable mobile devices, such as smartphones and tablets, to detect their position relative to the world around them without using GPS.

Microsoft Corporation (US) has significantly diversified software products and is into development, license, and support of the same. Microsoft is also among the few players that provide cloud-based services to consumers as well as businesses. Microsoft offers a wide range of products and solutions for IoT, artificial intelligence, augmented reality, and big data analytics. The company offers various products such as Cortana Analytics, Project Active Directory Application Mode (ADAM), Microsoft Pix, Microsoft Azure, and Project Malmo in the AI business. Moreover, it recently claimed to have 133 million users of Cortana—a digital personal assistant for Windows 10 operating system.

Related Reports:

Industry 4.0 Market by Technology (IoT, Artificial Intelligence, Industrial Metrology, Industrial Robotics, AR & VR, Blockchain, 3D Printing, Digital Twin, and 5G – Offering, Application, and End Users) and Geography- Global Forecast to 2024

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Report Code
SE 5279
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