The global Industry 4.0 market is extremely competitive and comprise various global and regional players who accounted for robust market share in 2020. The global Industry 4.0 market size is expected to reach USD 291.49 Billion in 2028 and register a CAGR of 16.8% during the forecast period.The ICT sector is rapidly expanding in terms of money over the recent past owing to factors such as rising adoption of cloud based services, increasing concerns regarding data security and management of large data.
Major players in the market include Mitsubishi Electric Corp., ABB Ltd., Microsoft Corporation, Cisco Systems, Inc., General Electric Company, KUKA, Yaskawa, FANUC, Google, and Intel Corporation.
Rapidly growing commercial and industrial sectors, rising concerns about data breaching in multinational companies, corporates, hospitals, rising demand for ICT services in various sectors such as healthcare and pharmaceuticals, IT, financial services and hospitals are some of the key factors boosting growth of the global Industry 4.0 market revenue growth. In addition, increasing R&D investments and rising focus on developing more secure products are supporting market growth.
Geographically, North America is expected to account for robust revenue share between 2021 and 2028 owing to factors such as rising concerns about data leakage and security, presence of key players and increasing adoption of advanced solutions.
Industry 4.0 Market segmentation
By Technology Outlook
· Industrial Internet of Things (IIoT)
· Industrial Robotics
· Artificial Intelligence (AI) and Machine Learning (ML)