The Asia Pacific Industry 4.0 Market would witness market growth of 20.3% CAGR during the forecast period (2022-2028).
A large portion of the detailed work that once was the responsibility of human operators has been liberated by analytics, automation, and machine-learning algorithms. This entails faster, more effective manufacturing that is available around-the-clock, with human operators serving mainly as system monitors and maintainers.
Manufacturing firms can fully benefit from the abundance of information created not solely on the factory floor but also throughout all of their business units, as well as from partners and outside sources, due to AI and machine learning. Machine learning and artificial intelligence can produce insights that give operations and business processes visibility, predictability, and automation. For example, industrial equipment frequently malfunctions when a product is being produced. Organizations could do machine learning-based predictive maintenance utilizing data gathered from such assets, increasing uptime and efficiency.
India's government hopes to have a USD 5 trillion market by 2025, of which USD 1 trillion could come from manufacturing. To accomplish this, it is crucial for the country's main initiatives including Make in India, Skill India, and Digital India to come together. This would spur market expansion. Despite being far behind the majority of the world in terms of automation, India is seen to be increasing its automation quotient. IFR predicts that there will be 6,000 industrial robots in use nationwide by 2020. The primary driver of the rising number of robot installations in India is anticipated to continue to be the automobile sector. It's probably going to be one of the major sources of demand in the industry.
The China market dominated the Asia Pacific Industry 4.0 Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $19,866.9 million by 2028. The Japan market is registering a CAGR of 19.5% during (2022 - 2028). Additionally, The India market would showcase a CAGR of 21% during (2022 - 2028).
Based on Technology, the market is segmented into Industrial Sensors, Machine Vision, Industrial Robots, HMI, Blockchain, Industrial 3D Printing, AI in Manufacturing, Digital Twin, Machine Condition Monitoring, and Automated Guided Vehicles. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Industry 4.0 Market is Projected to reach USD 195.8 Billion by 2028, at a CAGR of 19.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Advantech Co., Ltd., Basler AG, Cisco Systems, Inc., Cognex Corporation, Daifuku Co., Limited, Emerson Electric Co., General Electric (GE) Co., Honeywell International, Inc., and IBM Corporation.
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