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September 07, 2021, New York, USA - The fourth industrial revolution is a transformation of sorts about the way the production of various goods is done. This transition is so much compelling that it is being called a huge metamorphosis of sorts. It is essentially being called the 4.0 industrial revolution. It represents the 4th industrial revolution in manufacturing. The first industrial revolution was steam power, the second one was the dominant use of electricity, the third one was the adoption of computers and automation, and now the 4th industrial revolution is all about data and machine learning.
Industry 4.0 now is all about using the computerization of the industry and the disruptive trend of using automation. Now as the future of the industrial revolution 4.0 unfolds, it needs to be seen that the combination of the cyber-physical systems, the internet of things, and the Internet of the systems are all a combination of the new industrial revolution.
As a result of this, the combination of smart machines will keep on getting stronger and stronger and become much more efficient and productive with less number waste full resources.
There are various industrial 4.0 applications in the market today and companies are still identifying how to make the best use of their applications for their products or services.
They need to identify with the various opportunities and make use of the best opportunities. Robotics is another big way in which this Industry 4.0 can be tapped into the best use and Now Robotics is now being made available for every organization.
Internet of Things is the key component of the 4.0 industry. It is for the use of internal operations and by the use of a cloud environment where the data is stored.
The Global Industry Market 4.0 market trends-
The Global Industry market 4.0 is expected to grow at a rate of $US 165 billion by 2026. It is expected to grow at a rate of 20.6% for the forecast period of 2021-2026. The 5G market is expected to grow the highest during the period 2021-2026. The speed and reliability are expected to make a huge impact on the market and combined with the Internet of Things. The IoT market is expected to give the largest market share. This has also given rise to a new concept called the Industrial Internet of Things. The Industrial revolution will now bring in new concepts and transformative revolutions such as machines, facility fleets, and networks that emerged from the industrial revolution.
The manufacturing industry overall is expected to have the largest market share. Many of the top vendors in industrial manufacturing are expected to expand their portfolio and through acquisition or collaboration means. This allows the companies to remain flexible competitive globally, have an efficient and viable source to manufacturing, along with an alternative to offshoring and operating on the skills gap.
The Geographical Distribution of the market-
A rise in the application of robotics and the internet of things such as China, Japan, and South Korea are the major factors leading to the growth of this industry. Also, another important reason is the low production cost of the manufacturing industry and which is projected to grow at the highest rate.
The major industry market players in Industry 4.0 market are-
In this market, India is expected to hold a dominant position, as compared to the manufacturing sector in the United States, China, Japan, and Germany. In sync with India’s population and its future needs, it is imperative that the country needs to get a stronghold on the manufacturing sector and upskill its manufacturing force effectively in order to stay ahead of the competition.
The Indian economy outlook is on the bullish side with it showing the highest growth in the forecast period. By the year 2025, India would be a $US 5 trillion economies and its manufacturing worth would be 1 trillion. Add to this there are several flagship programs in the pipeline such as the Make in India combined with My Skill and Digital India. These programs would be the key factors for the Industry 4.0 growth.
The competitive landscape of this market is fragmented due to the number of players in this domain. The top market players are striving to make several innovative changes in the market to utilize the highest growth opportunities and use them optimally. This in turn in expected to boost the market presence.
In the year of October 2020, Intel announced a three-year agreement with Sandia National Laboratories to explore the domain of neuromorphic computing for looking into various computational problems.
In March 2021 Siemens introduced a program called Siemens Smart Infrastructure and implemented a cloud-based system and a solution for its power shore system. The new monitoring system will make it possible for the energy consumption in the power operations from the cloud-based IOT based system from Siemens.
Industry 4.0 is expected to get a big boost with a lot of innovative ventures and new emerging technologies.
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