The industry that will surpass Cybersecurity and reach $214 billion by 2023
The global Industry 4.0 market is expected to reach $214 by 2023, surpassing the Cybersecurity market by 30%, according to leading research firm Industry 4.0 Market Research.
Industry 4.0 facilitates fundamental improvements in the industrial processes involved in manufacturing, engineering, material purchasing and usage, supply chain and life cycle management, predictive maintenance, and real-time management overview.
The Industry 4.0 transformation holds immense potential. Smart factories allow individual customer requirements to be met, so that even one-off items can be manufactured profitably. In Industry 4.0, dynamic business and engineering processes enable last-minute changes to production and deliver the ability to respond flexibly to disruptions and failures on behalf of suppliers. In addition, end-to-end transparency is provided over the manufacturing process, facilitating optimized decision-making. Therefore, Industry 4.0 should result in new ways of creating value and novel business models, providing start-ups and SMEs with the opportunity to develop and provide downstream services.
The Industry 4.0 competition is not only about technology or offering the best products; it is also, and in particular, about the companies that gather the appropriate data, combine it to provide the best digital services, and utilize the data for their own benefit. Those who know what the customer wants and can forecast consumer demand, will provide the information to develop an unfair competitive advantage.
The major winners might be those that control Industry 4.0 Platforms – software layers that syndicate various devices, information and services, on top of which other firms can build their own offerings. The Industry 4.0 market race is led by the global tech giants that invest billions of dollars in Industry 4.0 products R&D, M&A, commercialization, and internal use. The transformation of the economy being brought about by Industry 4.0 implies that business processes such as supply, manufacturing, maintenance, delivery, and customer service will all be connected via the Industrial IoT systems. These extremely flexible value networks will require new forms of collaboration between companies, both nationally and globally.
To maintain their industrial base and create new jobs, governments across the globe invest billions of dollars in Industry 4.0 projects and R&D, while also providing subsidies and tax incentives for Industry 4.0 investors. On one hand, governments and private sectors of countries with high labor costs (e.g. EU countries and the U.S.) invest in Industry 4.0 to boost their industrial sector, which has been taken over by low-labor-cost countries. On the other hand, low-labor-cost industries and their governments (e.g. China, India, and Cambodia) react to this trend by also investing in Industry 4.0 in order to keep up with the race.
Industry 4.0 Market Research forecasts that the market will undergo major transformation in 2018-2023 via the following drivers:
- Global competition in the manufacturing sector is becoming fiercer and fiercer
- There are unprecedented opportunities to optimize production processes
- Governments and the private sector of high-labor-cost economies invest in Industry 4.0 to increase their industrial base taken by low-labor-cost countries
- The private sector and governments of low-labor-cost economies invest in Industry 4.0 to maintain their industrial base taken by high-labor-cost countries' Industry 4.0 investments
- Government-funded Industry 4.0 projects, R&D, subsidies, and tax incentives encourage investment
- Industry 4.0 offers start-ups and SMEs the opportunity to develop and provide downstream services
- Industry 4.0 dynamic business and engineering processes enable last-minute changes to production and deliver the ability to respond flexibly to disruptions and failures on behalf of suppliers and customers
- End-to-end transparency is provided over the manufacturing process, facilitating optimized decision-making
- Industry 4.0 provides a link to consumers and can forecast consumer demand
- It is a fast-growing market expected to reach $1 Trillion by the early 2030s
More information on Industry 4.0, the market expected to surpass Cybersecurity, can be found in an extensive market report containing analysis of the industry:
- By sector – Aerospace, Defense, Energy, Automotive, etc.
- By technology – Artificial Intelligence, Sensors, Industrial IoT, etc.
- By revenue source – Sales, System Installation, Maintenance, Planning & Consulting
- By region – North America, Latin America, Europe, Middle East & Africa, Asia-Pacific
- By country
The analysis includes market drivers & inhibitors, business opportunities, SWOT analysis, barriers to entry, and over 1,000 references and links to Industry 4.0 data sources and publications.
Explore more Industry 4.0 Market Research reports at https://industry40marketresearch.com/.
About Industry 4.0 Market Research
Industry 4.0 Market Reports (a division of HSRC) provides premium off-the-shelf market reports on present and emerging technologies and industry expertise, enabling global clients to gain time-critical insights into business opportunities. All reports include in-depth information and analysis of emerging markets and technologies, granulated by geography, vertical, technology, product, and revenue sources. Our reports support Industry 4.0 and Quantum Technologies communities worldwide in their strategic decision-making process, providing up-to-date market knowledge, analysis, and insights.
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