Industry 4.0 Market Size, Share & Trends Analysis Report By Technology (IoT, AR & VR, AI & ML), By Component (Hardware, Software), By Industry Vertical (Manufacturing, Oil & Gas), By Region, And Segment Forecasts, 2023 – 2030.
The global Industry 4.0 market size was estimated at USD 146.14 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 19.9% from 2023 to 2030.
The factors driving the market growth include increasing adoption of automated equipment & tools on factory floors, warehouses, and manufacturing; rising investment toward addictive manufacturing units; and growing digitalization trends globally.
Moreover, the emergence of cutting-edge digital technologies like Machine Learning (ML), Artificial Intelligence (AI), Internet of Things (IoT), 5G connectivity, and Cloud-Based Services, among others contribute to the thriving landscape of the market.
These converging factors are projected to create lucrative growth opportunities for the market.