Chicago, Aug. 29, 2022 (GLOBE NEWSWIRE) -- Industry 4.0 Market by Technology (Industrial Robots, Blockchain, Industrial Sensors, Industrial 3D Printing, Machine Vision, HMI, AI in Manufacturing, Digital Twin, AGV's, Machine Condition Monitoring) and Geography (2021-2026)", The industry 4.0 players have implemented various types of organic as well as inorganic growth strategies, such as new product launches, and acquisitions to strengthen their offerings in the market.
The major players in the industry 4.0 market are General Electric(US), Siemens (Germany), Honeywell International (US), ABB (Switzerland), Emerson Electric (US), 3D Systems (US), Advantech (Taiwan), Basler (Germany), Cisco Systems (US), Cognex Corporation (US), Daifuku (Japan), IBM (US), Intel (US), John Bean Technologies Corporation (US), Nvidia (US), Stratasys (Israel), Techman Robot (Taiwan), Universal Robots (Denmark), Addverb Technologies (India), AIBrain (US), Algolux (Canada), Beckhoff Automation (Germany), BigchainDB GmbH (Germany), LogiLube (US), Pratiti Technologies (India), Sculpteo (France), Sigfox(France).
- Expected Market - $165.5 Billion by 2026
- Projected to grow from - $64.9 billion in 2021
- At a CAGR – 20.6%
- Year of Considered – 2017-2026
- Base Year – 2020
- Forecast Period – 2021-2026
- Segments Covered - Technology and Region
- Geographic regions covered - North America, APAC, Europe, and RoW
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General Electric (GE) is a technology and financial services company involved in the development and manufacture of products used in the generation, transmission, distribution, control, and utilization of electricity. The company is a pioneer in the development of digital twin, 3D printing, IoT and AI solutions. In June 2020, GE Digital launched the latest version of its Asset Performance Management (APM) software suite to allow companies in the asset and process-intensive industries, such as oil & gas, chemical, and power, to bring together data from all equipment across the plant and quantify risk reduction.
Siemens is a global technology provider with core activities in the fields of electrification, automation, and digitalization. A global pioneer in the field of digital technology, the company offers state-of-the-art digital twin software and solutions. In July 2020, Siemens launched the Simatic Real-time Locating Systems (RTLS) plus SieTrace software that offers real-time location information, which customers can use to control their manufacturing processes during the COVID-19 crisis and design their operating procedures accordingly. In the event of an employee contracting COVID-19, the solution will enable companies to quickly and efficiently control how employees interact with one another, with the production line, and with the plant setup.
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Existing workforces need to be trained to handle the latest equipment and software systems equipped with IoT and AI related technologies. Though industries are dynamic toward adopting new technologies, they face a shortage of highly skilled engineers and a workforce conversant with new developments in AI and IoT technologies.
AI and IoT technologies have been rapidly penetrating into the medical industry over the last five years. Medical wearables have started making use of AI and IoT technologies, resulting in an integrated hospital ecosystem. For example, through continuous glucose monitoring, a wearable device paired with intelligent algorithms can monitor glucose levels and automatically deliver the correct dosage of insulin to diabetes patients.
IoT and AI technologies are an integral part of smart manufacturing systems. The concept of Industry 4.0 depends upon connectivity of devices across the whole ecosystem. This interconnectivity creates security holes throughout the system, which can mean potentially compromised operations because from a security perspective it cannot be determined where the data is coming from or where it’s going at the other end. Hence, data visibility is the biggest cybersecurity challenge for smart manufacturing on the factory floor.
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