The global Industry 4.0 market will reach $156.6 billion from 2019 to 2024

According to Markets and Markets' latest market research report, the global Industry 4.
0 market size is expected to be $71.
7 billion in 2019, including IoT, artificial intelligence, industrial metrology, industrial robotics, AR and VR, blockchain, 3D printing, digital twins, and 5G technology.

The Industry 4.
0 market is expected to reach $156.
6 billion by 2024, growing at a CAGR of 16.
9%
during the period.

The increasing adoption of the Industrial Internet among manufacturing companies around the world and increasing focus on improving the efficiency of machinery and systems and reducing production costs are playing an important role
in the growth of the global market.
In addition, the growing demand for industrial robots is expected to drive the growth
of the Industry 4.
0 market.

In terms of technology type, the 5G market is expected to begin commercial operations in late 2019 and grow
at the highest CAGR during the forecast period.
The speed and reliability of 5G is expected to have a huge impact
on M2M and IoT.
The main reason for the increasing adoption of new M2M technologies is better connectivity to enable smooth communication and low power consumption requirements
.
To enable effective machine-to-machine communication, the existing capacity of mobile networks must be able to handle the billions of nodes
that are expected to rise in the coming years.

IoT is expected to hold the largest market share of the Industry 4.
0 market
during the forecast period.
The Internet of Things (IoT) in the industrial sector has given rise to a new concept, the Industrial Internet of Things (IIoT), also known as the Industrial Internet or Industry 4.
0
.
The Internet of Things in industry brings together the advances of two transformative revolutions, namely the countless machines, facilities, fleets and networks that emerged from the Industrial Revolution, and the powerful technological revolution
in computers, information and communication systems brought about by the Internet.

In terms of market segment, Asia Pacific is expected to hold the largest market share of the Industry 4.
0 market
during the forecast period.
In countries such as China, Japan, and South Korea, the increasing adoption of robotics is one of the major factors leading to the growth of
the Industry 4.
0 market in Asia Pacific.
In addition, the low production costs of countries in the Asia-Pacific region allow manufacturers to set up manufacturing plants
in the region.
Considering the continuous technological advancements and financial support of governments in the region and the broad industrial base, the Asia-Pacific region is expected to grow at the fastest rate, with Japan and China being the major contributors
.
China has been committed to innovative industrial practices
by implementing automation technology in manufacturing companies.