Industry 4.0 Market Overview:

Industry 4.0, also known as the 4th Industrial Revolution (4IR), the Industrial Internet of Things (IIoT), or smart manufacturing, is a new phase in the industrial revolution that emphasises automation, real-time data, interconnection, and machine learning (ML). Adopting Industry 4.0 has a number of benefits, including increased productivity, efficiency, flexibility, agility, improved customer experience, and profitable potential for innovation, to name a few. The global report on industry 4.0 market provided with the segment analysis on the basis of technology, industry vertical and region.

The growing digitalization of the world is a major factor driving the global industry 4.0 market. According to the World Economic Forum, 3 billion people use smartphones globally, with a 10 percent yearly growth rate. Industry 4.0 innovations such as IoT and voice assistants in smartphones give customers a wonderful shopping experience and help them decide whether or not to buy a product.

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Industry 4.0 Market Growth:

Various industrial plants are implementing digital technologies as part of Industry 4.0 in the manufacturing industry to automate, upgrade, and modernise the entire process, hence boosting the plants' performance metrics. In the industrial industry, robot automation automates repetitive activities, reduces error margins to nominal levels, and frees up personnel to focus on more productive aspects of the operation. Manufacturing automation allows organisations to remain competitive on a global scale, providing a compelling and practical option to filling the skills gap. The global Industry 4.0 Market is likely to develop even faster as individuals become more aware of the benefits of embracing.

Lack of Security and skilled workers familiar with AI and IoT technologies:

Security is the missing growth component in the industry 4.0 market. Manufacturing is the second most targeted industry for attacks, according to the 2018 IBM-X Force Threat Intelligence Index. Industry 4.0 technologies are allowing hackers to assault manufacturers' data and infecting new systems to seize and vend confidential information due to a lack of protection.

Existing personnel will need to be trained on how to use new IoT and AI-enabled devices and software. While businesses are keen to adopt new technology, they are short on highly educated engineers and personnel who are familiar with AI and the Internet of Things.

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Industry 4.0 Market Key players:

3D SYSTEMS
BASLER
CISCO SYSTEMS
COGNEX CORPORATION
DAIFUKU
EMERSON ELECTRIC
GENERAL ELECTRIC
HONEYWELL INTERNATIONAL
IBM
INTEL
JOHN BEAN TECHNOLOGIES CORPORATION
COVID-19 Impact on Industry 4.0 market:

The COVID-19 outbreak has had a significant impact on the market for Industry 4.0s. Due to the global economic downturn and a labour shortage, Industry 4.0 production facilities have been put on hold. The COVID-19 pandemic has resulted in a significant and prolonged decline in production utilisation. Additionally, staff have been prevented from visiting their facilities due to travel bans and facility closures, which will restrain the growth of the Industry 4.0 market in 2020. However, due to the high demand for Industry 4.0, it is anticipated that the negative effects of COVID-19 on the market will only last temporarily. By early 2021, the industry is expected to fully recover.

About Stellar Market Research:

A market research and consulting company called Stellar Market Research offers consulting services as well as syndicated and custom-made research reports. The company's products are primarily focused on helping businesses identify, target, and analyse changes in consumer behaviour across demographics and industries in order to help them make better business decisions. The company conducts market intelligence studies in a range of industries, including healthcare, touch points and energy, in order to provide pertinent and fact-based research. Stellar Market Research has a sizable staff of highly qualified analysts with expertise in a variety of industries. Due to the company's expertise in the field and capacity to offer a practical resolution to any research problem, clients can gain a competitive edge over their rivals.

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