Industry 4.0 Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The industry 4.0 market was valued at USD 86.03 billion in 2020 and expected to reach USD 267.01 billion by 2026 and grow at a CAGR of 20.71% over the forecast period (2021 - 2026). The global coronavirus outbreak is expected to further drive the adoption of Industry 4.0 and improve resilience to future pandemics. This is because in a pandemic technologies, like automation and robotics, help decrease human dependence and allow the human workforce to safeguard against these threats. It also enhances productivity, hence, preventing the shutdown of plants in a crisis.
Key HighlightsThe competitive landscape of the Industry 4.0 Market is fragmented due to the presence of several players in the market, such as ABB, Siemens, Schneider Electric, Rockwell, Honeywell, and Robert Bosch. The market players are striving to make product innovations and developments in the market to utilize the growth opportunities presented optimally. This is expected to boost the market presence of these market players. Some of the recent developments in the market are:
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