Industry 4.0 market to surpass $513.89 billion by 2031: SkyQuest

SkyQuest projects that the Industry 4.0 market will attain a value of $513.89 billion by 2031, at a CAGR of 16.2% over the forecast period (2024-2031). The adoption of Industrial Internet of Things (IIoT) technologies is a significant opportunity in the global Industry 4.0 market. 

Through a combination of industrial tools, sensors and devices, companies can collect real-time data and enable device-to-device communication. This data can be used to streamline processes, reduce downtime and improve overall operational efficiency. As systems become more interconnected, ensuring technical connectivity and data security becomes increasingly important. 

IoT to dominate
The Internet of Things (IoT) segment is dominating the global Industry 4.0 market. Offering comprehensive solutions for sectors such as manufacturing, healthcare and energy, IoT technology enables device systems that seamlessly talk to each other, enhancing automation, predictive maintenance and real-time decision-making.

Advanced robotics to lead 
The fastest growing segment within the Industry 4.0 market is advanced robotics. Internet of Things (IoT), big data and analytics, artificial intelligence (AI) and machine learning are propelling   the adoption of robotic solutions in many industries such as manufacturing, logistics, and healthcare. These smart robots have an edge over others with the additional advantages of flexibility, accuracy and creativity. This results in significant product improvement and flexibility in traditional manufacturing processes.

North America to dominate
North America is dominating the Industry 4.0 market as its players are increasingly embracing the concept of smart products. Most factories in the regional market now are equipped with new machinery and smart industrial technologies, enabling other industries to shift from traditional manufacturing to smart manufacturing. The presence of key market players in the region, coupled with the increase in government efforts and rise in investments in R&D activities are all important factors for regional market growth.

Asia-Pacific market is expected to grow at a significant CAGR during the forecast period. The region is home to the world's largest manufacturing hubs, including China, Japan and South Korea. These countries have been early adopters of technology, with China leading the way in this regard. 

In addition, other countries in the region such as Australia, Singapore and Malaysia are investing in technology. Australia, for example, is promoting the use of robotic technology in the mining industry that improves efficiency and safety. Asia Pacific market is growing due to extensive strategies of companies for adopting industrial automation and disruptive technologies to add to their production value chain.