-It’s often said that change is the only constant. While there have been significant changes in many aspects of life, the manufacturing and engineering industries are set to witness a volume of change unlike anything they have ever seen in as little as five years from now.
According to a recent report by the Homeland Security Research Corp. (HSRC) titled “Global Industry 4.0 Market & Technologies 2018-2023”, the Industry 4.0 market may reach a skyrocketing $214B by 2023, outweighing the projected 2023 cybersecurity market by 30%. The Industry 4.0 market is chiefly dominated by global technology giants and manufacturers including HP, Samsung, IBM, NEC, Microsoft, and Alphabet-Google, amongst others, who have already invested billions of dollars in products R&D, M&A, commercialization, and internal use.
The report was collated based on a number of extensive research activities, which included: 31 Industry 4.0 round table focus groups with 87 top industry executives from 17 countries, 49 Industry 4.0 vendors research, review of 477 reports and papers, cross-check of 188 submarkets via 5 bottom-up research vectors, and more. The 4-volume report, which has 640 pages, covers 10 technologies, 5 regional markets, 4 revenue sources, 10 industries, and 22 national markets.
After three decades of reduction in the manufacturing sector of the Western economies, governments and private establishments have started adopting the technologies of the 4th Industrial Revolution in a bid to grow the manufacturing economy and generate new jobs. Despite the United States’ long-time dependency on foreign imports, there have been signs of gradual changes, with rapid increases in both domestic and export demand. Efforts to reinvent US manufacturing have already begun with the creation of smart factories, which are certain to have a solid impact on economic growth in the US.
With over 2 million manufacturing industries, the industrial sector is also vital to the EU economy, which is responsible for over 80% of the EU’s total exports. As part of its Digital Single Market Strategy, the EU intends to help all industrial sectors take advantage of new technologies and oversee the transition to the industrial system of Industry 4.0. While these changes may add to the already aggravated pressures on manufacturers, it’s also certain to come with unprecedented opportunities to improve the production and manufacturing processes.
According to the report, the industry will experience major growth brought on by the following factors:
The change the engineering and manufacturing industries will soon witness are certain to revolutionize several other related industries. For more information on the Industry 4.0 market trend, download our e-book “The Fourth Industrial Revolution: Positioning Your Firm to Thrive”.
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