Industry 4.0 Technologies to Reach $21.7 billion by 2023

Industry 4.0 Technologies to Reach 23.1% Annual Growth Rate as per Industry 4.0 research report by BCC Research.

A degree of flexibility and efficiency brought in by Industry 4.0 are helping industries to lower production costs and increasing profitability at the same time.

Industry 4.0 initiatives generated $5.1 billion in 2017. It is expected to reach nearly $7.7 billion in 2018 and $21.7 billion in 2023. The compounded annual growth rate (CAGR) is expected to be at 23.1%, according to the latest Industry 4.0 research report by BCC Research.

The cyber-physical systems, Internet of Things (IoT), Cloud Computing and Cognitive computing will be driving significant growth in the forecasted period, said the report.

Cyber-physical systems will reach a total market value of $4.8 billion in 2023 with the highest compounded annual growth rate (CAGR) of 26.7%. The growth in manufacturing and the level of advanced technology investment are driving the growth of Industry 4.0. Asia-Pacific region, especially China, will retain the greatest market share through 2023, note the report.

Industry 4.0 is essentially a structure for seamlessly integrated physical machinery, robotics, information technology and the internet in manufacturing factories. Core principals of Industry 4.0 include a set of design principles—interoperability, information transparency, technical assistance and decentralized decisions.

BCC Research senior editor and author of the research report on Industry 4.0 Technologies: Global Markets Through 2023, Michael Sullivan said, “Many technological trends and innovations have positively affected manufacturing over the past decades. With the advent of improved communications and the ongoing demand for greater production efficiency, business leaders are always seeking new solutions to achieve higher output with more accuracy and insight—and technology has delivered. As organizations turn to leaner, more efficient methods of production, new expert systems, sensors and network-based solutions have come to the forefront and created more automation and new resource capabilities.”