2023 Industry 4.0 market scale reaches US$214 billion

Market Research Institute HSRC's latest report “GlobalMarket&Technologies2018~2023” predicts that the industrial 4.0 market size in 2023 will reach US$214 billion. Industry 4.0 will rapidly change the competitiveness of almost all industrial sectors in the world and change the dynamics of the long-term balance of power in business and the global economy.

According to reports, although the United States has long relied on imports, since 2010, the United States has gradually shown signs of change, both domestic demand and exports. The restoration of manufacturing in the rust zone was also a major campaign promise by US President Donald Trump.

The HSRC report estimates that the Trump administration will follow the Industry 4.0 policy proposed by the Barack Obama government in 2011. This effort to rebuild the manufacturing industry through the construction of smart factories will have a major impact on the growth of the U.S. economy.

Industry is also very important to the EU economy. The EU economy includes 2 million manufacturing companies, accounting for over 80% of EU exports. The European Union has set a goal that by 2020, manufacturing industry should account for 20% of the total increase in EU production value. The European Commission (EC) wants to assist all industrial companies to develop new technologies and successfully transition to Industry 4.0.

These changes may bring traditional business pressure to manufacturers. On the other hand, they provide an unprecedented opportunity to optimize production and manufacturing processes. In the next few decades, companies will establish a global network to integrate their machines, warehouse systems, and production facilities into a comprehensive system of network entities that can be managed in real time. These extremely flexible value networks will require new forms of cross-border cooperation between companies.

Sixty-seven percent of the industry experts and senior executives surveyed by HSRC indicated that their future business depends on the transformation of Industry 4.0; 88% of respondents agree that delaying the transformation of the company's Industry 4.0 may endanger the future of the company; 12% Respondents have implemented some industry 4.0 transformations and have seen significant improvements in value chain performance.

Respondents predict that the internal industry 4.0's manufacturing efficiency and improved value chain management will result in a 4.1% annual reduction in costs, and revenue will increase by 3% annually from 2018 to 2023. This is mainly due to customized products, predictive maintenance, and Extra services. In addition, 55% of respondents assume a full return on investment (ROI) and huge long-term benefits in 2 years.