Artificial Intelligence
Global Construction Equipment Market is projected to be valued at USD 211.76 Billion by 2027, growing at a CAGR of 6.33%: Bonafide Research
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Clifton, New Jersey, Feb. 28, 2023 (GLOBE NEWSWIRE) — The demand for construction equipment globally is increasing rapidly due to economic growth, infrastructural activities, urbanization, population growth, technological advancements, and governmental policies. The global economy experienced a recovery following the significant slowdown caused by the COVID-19 pandemic in 2020. According to the International Monetary Fund (IMF), the global economy grew by an estimated 6.0% in 2021. Governments worldwide are investing in infrastructure development projects such as roads, bridges, airports, and railways, which require construction equipment, leading to a higher demand for such equipment. According to the United Nations, the global urbanization rate in 2021 was estimated to be around 56% of the world’s population living in urban areas. The American region has higher rates of urbanization than others, such as Africa and Asia. Technological advancements in construction machinery are helping to improve safety, increase efficiency, reduce costs, and enhance sustainability.
Key Takeaways:
- Global Construction Equipment Market grew historically at a growth rate of 3.49%.
- Earth Moving equipment held the highest share of 49.21% in 2021, driven by the increased use of Motor Graders and Excavators.
- The Asia-Pacific region leads the global construction equipment market with significant construction projects underway in China, India, Indonesia, and South Korea.
- Caterpillar & Komatsu are the leading players in the global construction equipment market.
- Key construction equipment manufacturers across the globe have launched their electric construction equipment to mitigate the use of conventional fuel vehicles, in line with their sustainability policies.
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Significant technological advancements in construction equipment like telematics and IoT, automation and robotics, artificial intelligence, electrification, augmented reality, and virtual reality has increased the efficiency and quality of construction globally. This enables remote monitoring, predictive maintenance, and other capabilities that can help improve equipment performance, reduce downtime, and enhance safety. Examples include autonomous excavators, bulldozers, and other heavy machinery. AI is being used to enhance the capabilities of construction equipment, including the use of computer vision to enable machines to recognize and respond to their environment and the use of predictive analytics to optimize equipment performance and reduce downtime. The electrification of construction equipment can help reduce emissions, lower operating costs, and enhance efficiency. This includes the development of electric excavators, bulldozers, and other heavy machinery. AR and VR are being used to enhance training and simulation capabilities, allowing operators to practice using equipment in a virtual environment before operating it on a construction site.
Most construction companies are facing heavy equipment operator shortages throughout the world. Manufacturers are increasingly focusing on technology such as robotics and automation to combat labor shortages while also completing tasks faster, reducing waste, and providing high yields with improved quality. Experts believe that one of the best solutions to combat labor shortages is to automate construction equipment, especially in remote areas for repetitive tasks and in locations with significant labor shortages. Making existing equipment autonomous is a trend in the construction equipment market. Companies are interested in automation, but the implementation cost for the deployment of technology is high. Therefore, construction companies are planning to rent these machines to stay competitive by using new technology without the potential barriers of high investments.
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Construction machinery is used in construction projects to load and unload materials, drive tools, and materials into and out of a construction site, feed or retrieve material into a processing machine, handle raw materials by transporting them, cut trees and other vegetation, and many other applications. The main products of construction machinery are earthmoving, material handling, building and road construction equipment, and autonomous construction equipment. “Earthmoving” refers to machinery that is used for digging and moving large amounts of soil. The various applications involved are excavation and mining, lifting and material handling, earthmoving, transportation, and other applications. The various end-users involved are oil and gas, construction and infrastructure, manufacturing, mining, and other end-users. Increasing investment in infrastructure is anticipated to contribute to the construction machinery market’s growth.
Rising employment opportunities and a shift towards urban areas have led to increased public and private sector investments in the North America construction sector. Government initiatives, such as the Smart Cities Project under the U.S. Economic Development Program, support the regional construction equipment market. There are many smart city construction projects underway in North America. Hudson Yards is a massive development on Manhattan’s west side that includes residential and commercial buildings, parks, and cultural venues. Quayside is a waterfront development project in Toronto that is being developed by Sidewalk Labs, a subsidiary of Alphabet Inc. The project aims to create a connected and sustainable community that uses technology to improve urban living. The West Village development in Calgary is a mixed-use development that includes residential, commercial, and office space. The Battery is a mixed-use development located next to SunTrust Park, the home of the Atlanta Braves baseball team. The development includes residential, office, and retail space, as well as a hotel and a theater. The U.S. construction equipment industry will witness substantial growth owing to growing investments by suppliers and manufacturers in the installation of automated equipment in distribution centers and warehouses. Major players, such as Amazon and eBay, are investing significant amounts in the construction of warehouses for the storage of inventory.
The demand for cost-effective machines, combined with regulatory pressures for lower emissions, is pressuring construction equipment manufacturers to choose electric and hybrid vehicles over traditional hydraulic and mechanical vehicles. As a result, progress in the electrification of construction equipment is accelerating. Europe has established regulations requiring diesel engines to produce almost negligible NOx and SOx emissions. There are several ongoing smart city construction projects in Europe. Smart City Wien is a comprehensive urban development program that aims to make Vienna a more livable, sustainable, and innovative city. Porta Nuova is a redevelopment project in the heart of Milan that includes office and residential buildings as well as a large public park. The Edge is a state-of-the-art office building in Amsterdam that is widely regarded as one of the world’s most sustainable and intelligent buildings. The Urban Flows Observatory is a research project in Sheffield that uses sensors and data analytics to monitor air quality, traffic flows, and other aspects of urban life. Hafen City is a large-scale urban development project in Hamburg that is transforming a former industrial area into a vibrant, mixed-use neighborhood.
In the Asia-Pacific region, China is expected to stand as the largest market, followed by India, South Korea, and Japan, due to the presence of large construction equipment OEMs, huge infrastructure spending by the government, growing urbanization, and global companies entering into joint ventures with the local players to manufacture construction equipment in China. Songdo, in South Korea, is a planned city near Seoul that is being developed as a smart city from the ground up. Gujarat International Finance Tec City, or GIFT City, is a planned business district near Ahmedabad that is being developed as a smart city. Forest City, in Malaysia, is a massive mixed-use development in Johor Bahru that includes residential, commercial, and leisure facilities. Tianjin Eco-City, China, is a planned city near Beijing that is being developed as a model for sustainable urban development. Smart Nation, Singapore is a national initiative in Singapore that aims to use technology to improve the lives of citizens and businesses. In Indonesia, construction equipment sales are driven by the construction of manufacturing zones and growth in the mining industry. The market is characterized by the presence of considerable global players as well as some local players who have secured long-term supply contracts with major infrastructure companies.
Both Colombia and Chile have embarked on major road and highway construction programs as well as instigated projects for massive new tunnels and bridges. The market is driven by proactive initiatives by national governments to develop industrial and commercial sectors. The South American earthmoving equipment market is projected to witness robust growth through 2027 owing to the growth of transportation sectors and increased government investments in highway, metro, and airport construction projects. The FDI inflow in Latin America is expected to rise due to the growth in mining, renewable energy, and construction activities. The increase in metal prices such as gold, copper, and iron ores will attract investments in the mining projects in the region. There are several ongoing smart city construction projects in South America. Smart Santiago is a program that aims to make the Chilean capital a more connected and sustainable city. Porto Maravilha is a large-scale redevelopment project in Rio de Janeiro that aims to revitalize the city’s port area. Ciudad Creativa Digital is a planned development in Guadalajara that aims to create a hub for the digital and creative industries. Smart City Laguna is a planned development in Arequipa that aims to create a sustainable and connected community.
One of the major factors driving the growth of the market is the growing construction industry, especially in developing countries, owing to the numerous growth opportunities in the infrastructure, residential, and non-residential sectors. Saudi Arabia, the United Arab Emirates, Oman, and Egypt are launching several infrastructure projects, including new megacities, railway projects, harbor projects, new airport projects, housing projects, and so on, all of which are expected to boost construction demand. The increased tourism is driving the construction of hotels and other hospitality centers in the Middle East region. Several smart city construction projects are currently underway in the Middle East and Africa. NEOM is a planned smart city located in the northwest region of Saudi Arabia. Masdar City is a planned city located in Abu Dhabi that is being developed as a sustainable and carbon-neutral community. King Abdullah Economic City is a planned city located on the Red Sea coast of Saudi Arabia. Vision 2030 is a comprehensive urban development program in Dubai that aims to make the city a global hub for business, tourism, and innovation. Konza Technopolis is a planned city located near Nairobi that is being developed as a hub for technology and innovation in East Africa.
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Recent Developments:
Komatsu India launched three new B-20 biodiesel-compatible excavators (Komatsu PC205-10MO Hydraulic Excavator, Komatsu PC500LC-10R Hydraulic Excavator, and Komatsu PC210LC-10M0 Super Long Front) in India during Excon 2022.
Volvo CE launched the EC550E excavator in India. The excavator is specifically designed for heavy-duty digging and mass excavation.
Caterpillar Inc. launched 303 CR mini excavators and 120 GC Motor graders in India. These two products were displayed at the Confederation of Indian Industry (CII) EXCON 2022 in Bengaluru, along with Caterpillar’s existing range of products, including excavators, motors, wheels, backhoes, and skid steer loaders.
Hitachi Ltd. announced the selling of a 50% stake in Hitachi Construction Machinery Ltd. to a joint venture between Itochu Corporation and investment fund Japan Industrial Partners Inc. for JPY 182.4 billion.
Considered in the Report
- Geography: Global
- Historic Year: 2016
- Base year: 2021
- Estimated year: 2022
- Forecast year: 2027
Table of Content
1. Executive Summary
2. Report Methodology
3. Market Structure
3.1. Market Considerate
3.2. Market Definition
4. Economic /Demographic Snapshot
5. Global Construction Equipment Market Outlook
5.1. Market Size By Value
5.2. Market Share
5.2.1. By Region
5.2.2. By Country
5.2.3. By Company
5.2.4. By Application
6. Global Earth Moving Machinery Market Outlook
6.1. Market Size By Value
6.2. Market Share
6.2.1. By Region
6.2.2. By Equipment
7. Global Material Handling Machinery Market Outlook
7.1. Market Size By Value
7.2. Market Share
7.2.1. By Region
7.2.2. By Equipment
8. Global Concrete and Road Construction Machinery Market Outlook
8.1. Market Size By Value
8.2. Market Share
8.2.1. By Region
8.2.2. By Equipment
9. North America Construction Equipment Market Outlook
9.1. Market Size By Value
9.2. Market Share
9.2.1. By Country
9.2.2. By Application
9.2.3. By Equipment
9.3. North America Earth Moving Machinery Market Outlook
9.3.1. Market Size By Value By Country
9.3.2. Market Share By Equipment
9.4. North America Material Handling Machinery Market Outlook
9.4.1. Market Size By Value By Country
9.4.2. Market Share By Equipment
9.5. North America Concrete and Road Construction Machinery Market Outlook
9.5.1. Market Size By Value By Country
9.5.2. Market Share By Equipment
9.6. US Construction Equipment Market Outlook
9.6.1. Market Size By Applications
9.6.2. Market Share By Equipment
| Market Segmentation | Details |
| By Equipment |
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| By Region | |
| By Country | |
| Company profiles |
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| Other Market Details |
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Related Reports:
The Global Construction Earthmoving Machinery market size was USD 72.41 billion in 2021 and is projected to nearly reach USD 96 billion by 2027. Generally, this equipment is considered an important resource for quarrying and demolition activities, which are expected to grow with industrial development. The use of excavators is growing exponentially owing to their demand in mining, quarrying, and demolition operations. The adoption of upgraded excavators reduces labor costs; tracking of work done at each stage of the process; and cost reductions in operational costs are the factors driving earthmoving equipment market trends. Among the various types of excavators, crawler excavators are the most trending and widely demanded type, owing to their higher capacity to carry weight and greater applicability in muddy conditions. As a result, to meet the demand for safer and faster removal of debris, excavators are the trending equipment for digging procedures that make it much easier and safer. A shift from conventional excavators to automated excavators is being observed, as technologically driven equipment is more efficient than traditional ones. Increasing initiatives and heavy investments by governments in building roads, bridges, tunnels, etc. are influencing the demand for earthmoving equipment. The key players focus on developing next-generation machinery, investing in operational excellence, and offering aftermarket services.
The Global Construction Material Handling Machinery market size is projected to reach USD 44 billion by 2027, growing at a CAGR of 7.30%. Dumpers, dump trucks, and tippers are commonly used on construction sites for material handling purposes. Dumpers are smaller and more compact than dump trucks, making them well-suited for use on smaller construction sites or in areas with limited access. Dumpers and dump trucks are essential equipment on construction sites, as they allow for efficient and cost-effective transport of materials. They are commonly used in the construction of roads, buildings, and other infrastructure projects and are often operated by skilled drivers who are trained in the safe operation of these vehicles. Rapid industrialization and increased demand for automation in material handling equipment are expected to fuel market growth over the forecast period. The market is expected to develop faster due to increased worker safety awareness, rising requirements for managing bulk materials effectively, and the rise of Industry 4.0 with greater Internet of Things use. The market for this product is expected to be driven by the rising need to reduce downtime and the focus on improving supply chain efficiency.
The Global Concrete and Road Construction Machinery market is projected to grow at a CAGR of 7.62% over the forecast period. The development of infrastructure in both emerging and developed countries propelled the building and road construction equipment market. Emerging and developed countries’ governments and private sectors are focusing on developing the infrastructure to keep up the GDP, meet the growing population needs, meet the levels of urbanization, and increase connectivity by developing highways and expressways. Governments and private sectors of developed and emerging sectors focus on infrastructure developments and require high-tech equipment for the construction process to make it easy and less time-consuming, which further acts as a major driver for the building and road construction equipment market’s growth. Cement and transit mixers are commonly used in concrete and road construction for mixing and transporting concrete. Both cement and transit mixers are essential pieces of equipment in concrete and road construction, as they allow for the efficient and effective mixing and transport of concrete. Cement and transit mixers allow for efficient mixing of concrete, ensuring that the ingredients are thoroughly blended and the mixture is consistent. They are cost-effective, and time-saving, offer customizable mixes and are versatile.
The Global Construction Equipment Rental Market is projected to reach a size of USD 111.70 billion by 2028, up from USD 82.43 billion in 2022. Furthermore, the market is expected to grow at a CAGR of 5.30% between 2023 and 2028. The increase in government spending on public infrastructure development has accelerated construction and mining activity in the world’s emerging economies. This factor has resulted in high market demand for construction equipment. Rising construction machine prices are encouraging construction companies and contractors to shift their focus to renting construction equipment. Furthermore, the emergence of advanced technologies and an increasing level of automation are expected to drive market growth. During the forecast period, advancements such as equipment service tracking and mapping and digital service for automated service improvements are expected to drive market growth. The global construction equipment rental market is expected to grow in the coming years due to an increase in mining and construction activity, particularly in developing countries. The global construction equipment rental market is expected to expand significantly in the coming years as new technologies such as mapping features, equipment service tracking, and automated service improvement become available. North America region is leading the market with over 30% market share in 2022, followed by Europe and Asia-Pacific. As for South America and Middle East & Africa, the construction equipment rental market is emerging.
The Global Tire Market is is expected to grow to more than 2700 Million tyres by the year 2027, with a CAGR of 6.57% for 2022-2027. Increasing sales of passenger, luxury, and electric vehicles (EVs) on account of rapid urbanization and expanding purchasing power of individuals represent one of the major factors positively influencing the demand for tires around the world. In addition, the rising focus on driver and passenger safety and the growing number of fatal road accidents are catalyzing the demand for premium quality tires that have a longer operational life, enhanced stability and reliability, and high puncture resistance. The tire industry in the Asia-Pacific is quite vast and projecting swift expansion in the coming years due to improving economic conditions & living standards and growing inclination toward private ownership of vehicles. North America is the second largest market for tire with US as leading the global Tire market place. It is a matured market place with prominent industries for automobiles & tires that holds immense growth potential for automakers & tire manufacturers. However, Europe Tire market is flourishing owing to the continuously expanding automotive industry and increasing sales of vehicles in European countries along with the growing number of passenger cars and light commercial vehicles for regular transportation. Middle East and Africa region is showing moderate growth on the back of increased construction and mining activities in the region. On the other hand, the tire industry across South America is vast & expanding on the back of the more massive automotive sector, i.e., positively influencing the sales of tires.
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Artificial Intelligence
Data Center Chip Market Size was Valued at USD 11.7 Billion in 2022 and is Expected to Reach USD 45.3 Billion by 2032 at a CAGR of 14.6% | Valuates Reports
BANGALORE, India, July 26, 2024 /PRNewswire/ — Data Center Chip Market By Chip Type (GPU, ASIC, FPGA, CPU, Others), By Data Center Size (Small and Medium Size, Large Size), By Industry Verticals (BFSI, Manufacturing, Government, IT and Telecom, Retail, Transportation, Energy and Utilities, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.
The Data Center Chip Market was valued at USD 11.7 Billion in 2022, and is estimated to reach USD 45.3 Billion by 2032, growing at a CAGR of 14.6% from 2023 to 2032.
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Major Factors Driving the Growth of Data Center Chip Market
Because of the growing need for data processing and storage solutions brought about by the quick development of cloud computing, artificial intelligence, and big data analytics, the data center chip market is expanding significantly. High-performance chips are necessary for data centers to process massive volumes of data quickly and efficiently. As a result, advances in chip technology, including CPUs, GPUs, and specialist AI processors, have been made. The need for more resilient and scalable data center infrastructure is fueled in part by the expansion of digital services and Internet of Things (IoT) devices. The market is expanding due to key areas including Asia-Pacific, with its investments in technology and fast digital transformation, and North America, with its top tech businesses and vast data center networks.
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TRENDS INFLUENCING THE GROWTH OF THE DATA CENTER CHIP MARKET:
In data centers, Graphics Processing Units (GPUs) are essential for speeding up computing operations and data processing. They are perfect for managing workloads related to artificial intelligence (AI), machine learning, and large-scale data analytics because of their parallel processing capabilities. The need for GPUs in data centers is growing as these technologies become increasingly essential to corporate operations. Businesses are purchasing GPUs in order to increase the effectiveness of their data processing, lower latency, and boost overall performance. The need for data center chips is being driven by the increasing reliance on GPUs for sophisticated computing activities, which is considerably contributing to the market’s rise. This need is further increased by the growing use of AI and machine learning in a variety of sectors, which puts GPUs at the forefront of the data center semiconductor industry.
Compared to general-purpose chips, Application Specific Integrated Circuits (ASICs) provide better performance and efficiency since they are designed specifically for a given application. ASICs are extensively utilized in data centers for specific tasks including networking, data compression, and encryption. ASICs are becoming more and more common as a result of the growth of cloud computing, big data analytics, and blockchain technology, which has increased demand for high-performance, energy-efficient processors. Their capacity to provide tailored performance for certain applications aids data centers in better workload management, power conservation, and operating expense reduction. The market is expanding as a result of the increased preference for ASICs in data centers, which is fueling the need for specialized data center chips.
Large data centers are important users of data center chips; they are run by well-known IT firms and cloud service providers. To manage enormous volumes of data and provide a wide range of services, these facilities need a great deal of processing power and sophisticated computing skills. High-performance data center chips are becoming more and more necessary as a result of the growth of massive data centers and the rising demand for online streaming, cloud services, and digital transactions. These chips are necessary to ensure effective data management, processing, and storage, which helps big data centers fulfill the increasing expectations of its clientele. Large data center proliferation is anticipated to considerably boost the data center chip industry as the digital economy continues to grow.
Data centers are becoming more and more important to the Banking, Financial Services, and Insurance (BFSI) industry as a means of safely and effectively managing high transaction volumes, consumer data, and financial records. The need for sophisticated data center processors is being driven by the sector’s requirement for real-time data processing, high-performance computing, and strong security measures. BFSI organizations may improve their operational efficiency, guarantee data integrity, and deliver superior client services by utilizing data centers fitted with robust chips. The BFSI sector’s need for data center chips is being driven by the increasing use of online banking, digital banking, and financial analytics tools, all of which increase the requirement for sophisticated data center infrastructure.
The market for data center chips is significantly influenced by the cloud computing industry’s explosive growth. There is a growing need for scalable, effective, and high-performance data center infrastructure as more companies move their operations to the cloud. In order to handle enormous volumes of data, facilitate virtualization, and guarantee flawless service delivery, cloud service providers need sophisticated data center chips. Sturdy data center chips are becoming more and more necessary as cloud-based solutions become more and more popular. Benefits like cost savings, flexibility, and scalability are driving this trend. In places like North America and Europe, where cloud adoption rates are high and data center chip demand is rising rapidly, this tendency is especially significant.
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DATA CENTER CHIP MARKET SHARE
In 2022, North America gained a sizable portion of the market.
In 2022, the GPU made up the largest portion of the market share.
Throughout the projection period, large data centers are expected to gain a significant portion.
The BFSI market is anticipated to be one of the most profitable markets.
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Key Companies:
Advanced Micro Devices IncTaiwan Semiconductor Manufacturing Company LimitedBroadcomHuawei Technologies Co LtdIntel CorporationNVidia CorporationSamsung Electronics Co LtdQualcomm Technologies IncGlobalFoundriesARM LIMITED (SOFTBANK GROUP CORP.)Purchase Chapters @ https://reports.valuates.com/request/chaptercost/ALLI-Auto-2B326/Data_Center_Chip_Market
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Artificial Intelligence
Industry 4.0 Market to Surpass USD 513.89 Billion by 2031 with Automation Surge | SkyQuest Technology
WESTFORD, Mass., July 26, 2024 /PRNewswire/ — According to SkyQuest, the global Industry 4.0 Market size was valued at USD 133.05 billion in 2022 and is poised to grow from USD 154.6 billion in 2023 to USD 513.89 billion by 2031, growing at a CAGR of 16.2% during the forecast period (2024-2031).
Industry 4.0 or the fourth industrial revolution emphasizes the use of automation and interconnectivity. Employment of advanced technologies such as artificial intelligence, machine learning, robotics, and connected devices to improve the productivity and efficiency of industries. Rapid digitization and advancements in technology are forecasted to bolster the Industry 4.0 market growth over the coming years. The global Industry 4.0 market is segmented into technology, industry vertical, and region.
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Industry 4.0 Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 154.6 billion
Estimated Value by 2031
$ 513.89 billion
Growth Rate
Poised to grow at a CAGR of 16.2%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Technology, Industry and Region
Geographies Covered
North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Report Highlights
Internet of Things (IoT) technology takes centerstage for Industry 4.0 adoption
Key Market Opportunities
Adoption of smart manufacturing and additive manufacturing practices
Key Market Drivers
Rising demand for automation across all industry verticals
Segments covered in Industry 4.0 Market are as follows:
TechnologyRobots (Traditional Industrial Robots {Articulated robots, Cartesian Robots, Selective Compliance Assembly Robot Arm (SCARA), Cylindrical Robots, Others}, Collaborative Robots), Blockchain in Manufacturing, Industrial Sensors (Level Sensors, Temperature Sensors, Flow Sensors, Position Sensors, Pressure Sensors, Force Sensors, Humidity & Moisture Sensors, Gas Sensors), Industrial 3D Printing, Machine Vision (Camera {Digital Camera, Smart Camera}, Frame Grabbers, Optics, and LED Lighting, Processor and Software), HMI (Offering {Hardware [Basic HMI, Advanced Panel-based HMI, Advanced PC-based HMI, Others], Software [On-premises HMI, Cloud-based HMI], Services}), Configuration ({Embedded HMI, Standalone HMI}, Technology {Motion HMI, Bionic HMI, Tactile HMI, Acoustic HMI}, End-user Industry {Process industries [Oil & Gas, Food & beverages, Pharmaceuticals, Chemicals, Energy & power, Metals & mining, Water & wastewater, Others], Discrete industry [Automotive, Aerospace & defense, Packaging, Medical devices, Semiconductor & electronics, Others]}), AI In Manufacturing (Offering {Hardware [Processor MPU, GPU, FPGA, ASIC, Memory, Network], Software [AI solutions- | On-premises, Cloud |, AI platform- | Machine learning framework, Application program interface |], Services [Deployment & integration, Support & maintenance]}, Technology {Machine learning [Deep learning, Supervised learning, Reinforcement learning, Reinforcement learning, Others], Natural language processing [Context-aware computing, Computer vision]}, Application {Predictive maintenance and machinery inspection, Material movement, Production planning, Field services, Quality control, Cybersecurity, Industrial robots, Reclamation}, Digital Twin {Technology [Internet of Things (IOT), Blockchain, Artificial intelligence & machine learning, Artificial intelligence & machine learning, Big data analytics, 5G], Usage Type [Product digital twin, Process digital twin, System digital twin], Application [Product design & development, Performance monitoring, Predictive maintenance, Inventory management, Business optimization, Others]}, Automated Guided Vehicles (AGV) {Type [Tow vehicles, Unit load carriers, Pallet trucks, Assembly line vehicles, Forklift trucks, Others], Navigation Technology [Laser guidance, Magnetic guidance, Inductive guidance, Optical tape guidance, Vision guidance, Others]}, Machine Condition Monitoring {Monitoring Technique [Vibration monitoring, Embedded systems, Vibration analyzers and meters, Thermography, Oil analysis, Corrosion monitoring, Ultrasound emission, Motor current analysis], Offering [Hardware – Vibration sensors, Accelerometers, Tachometers, Infrared sensors, Spectrometers, Ultrasound detectors, Spectrum analyzers, Corrosion probes], Software [Data integration, Diagnostic reporting, Order tracking analysis, Parameter calculation], Deployment Type [On-premises deployment, Cloud deployment], Monitoring Process [Online condition monitoring, Portable condition monitoring]})IndustryManufacturing, Automotive, Energy, Medical, Semiconductor & Electronics, Food & Beverage, Oil & Gas, Aerospace, Metals & Mining, Chemicals, and OthersRequest Free Customization of this report:
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Internet of Things (IoT) Technology to Remain Indispensable for Industry 4.0
Internet of Things (IoT) remains the most crucial technology in global Industry 4.0 market growth owing to its role in interconnectivity and automation across different verticals. Advancements in connectivity technologies and rising use of automation in different industry verticals are also estimated to help this sub-segment gain an impressive market share. Surging demand for predictive maintenance will also boost the adoption of IoT technology in the long run.
Advanced robotic technologies are also slated to gain traction in the Industry 4.0 market. Growing acceptance of robots and high investments in advancements of robotic technologies are also slated to create new opportunities for providers of advanced robotics in the Industry 4.0 market. The low margin of error and the immense scope of automation are key benefits of robotics that help this sub-segment flourish.
Artificial intelligence (AI) will be another popular technology in the Industry 4.0 world going forward. Increasing demand for continuous monitoring, real-time analytics, and predictive maintenance are slated to help the demand for artificial intelligence in the future. The rising use of IoT devices will also boost the demand for cloud computing technology in the long run.
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Manufacturing Vertical to Spearhead Industry 4.0 Market Development
The manufacturing vertical is estimated to be at the forefront when it comes to Industry 4.0 adoption. The surge in use of robotics, advanced technologies, and smart manufacturing practices sets the tone for Industry 4.0 in this industry vertical. High emphasis on improving manufacturing efficiency, reducing downtime, and maximizing profits are all contributing to the high market share of this sub-segment.
The automotive industry is another vertical where Industry 4.0 market players could invest to get good returns. The high adoption of advanced robotics and other smart manufacturing technologies to maximize production allows this sub-segment to become a crucial one for Industry 4.0 providers. The aerospace and defense industry vertical also shows a lot of promise for Industry 4.0 companies going forward. Growing demand for advanced manufacturing techniques and technologies to create complex aerospace components is helping Industry 4.0 market growth via this segment.
The oil & gas industry is also estimated to embrace Industry 4.0 trend with open hands as they try to improve their operations and promote better resource utilization. High demand for predictive maintenance to reduce downtime and the growing adoption of digital oilfield solutions are estimated to bolster Industry 4.0 market development in the long run.
To sum it up, the application scope for Industry 4.0 is endless as automation and digitization pick up pace around the world. High investments in development of IoT and AI technologies will create better opportunities for Industry 4.0 companies in the future. The manufacturing industry will remain the top revenue generating sub-segment and more opportunities for aerospace, automotive, and oil & gas verticals will be seen over the coming years.
Related Report:
Digital Twin Market
Cyber Security Market
Artificial Intelligence (AI) Market
Internet Of Things (IoT) Market
Machine Learning Market
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Artificial Intelligence
Generative AI Cybersecurity Market worth $40.1 billion by 2030 – Exclusive Report by MarketsandMarkets™
CHICAGO, July 26, 2024 /PRNewswire/ — The Generative AI cybersecurity Market is anticipated to experience substantial expansion, ascending from a value of USD 7.1 billion in 2024 to a substantial worth of USD 40.1 billion by the year 2030, according to a new report by MarketsandMarkets™. This growth trajectory reflects a robust compound annual growth rate (CAGR) of 33.4% over the forecast period.
Browse in-depth TOC on “Generative AI cybersecurity Market”
350 – Tables 60 – Figures450 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2030
Base year considered
2023
Forecast period
2024–2030
Forecast units
USD (Million)
Segments Covered
Offering, Generative AI-based Cybersecurity, Cybersecurity for Generative AI, Security Type, End-user, and Region
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
Microsoft (US), IBM (US), Google (US), SentinelOne (US), AWS (US), NVIDIA (US), Cisco (US), CrowdStrike (US), Fortinet (US), Zscaler (US), Trend Micro (Japan), Palo Alto Networks (US), BlackBerry (Canada), Darktrace (UK), F5 (US), Okta (US), Sangfor (China), SecurityScorecard (US), Sophos (UK), Broadcom (US), Trellix (US), Veracode (US), LexisNexis (US), Abnormal Security (US), Adversa AI (Israel), Aquasec (US), BigID (US), Checkmarx (US), Cohesity (US), Credo AI (US), Cybereason (US), DeepKeep (Israel), Elastic NV (US), Flashpoint (US), Lakera (US), MOSTLY AI (Austria), Recorded Future (US), Secureframe (US), Skyflow (US), SlashNext (US), Snyk (US), Tenable (US), TrojAI (Canada), VirusTotal (Spain), XenonStack (UAE), and Zerofox (US).
This dramatic surge is being fueled by a number of causes. The primary growth driver is the enhancement of existing cybersecurity tools through generative AI algorithms by improving anomaly detection, automating threat hunting and penetration testing, and providing complex simulations for security testing purposes. These techniques enable various cyber-attack scenarios that can be simulated using the Generative Adversarial Networks (GANs), thus enabling the development of better preparedness and response strategies. On the other hand, it requires special cyber security tools to protect generative AI workloads against unique vulnerabilities such as adversarial attacks, model inversions and LLM poisoning. These tools include differential privacy and secure multi-party computation that are integrated into AI systems for training and deployment data protection purposes.
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Generative AI apps security segment will account for largest market share during the forecast period.
The cybersecurity landscape is rapidly changing for generative AI apps, which are already making their way into chatbots, content creation tools like word processors, and personalized recommendation systems. According to McAfee, 55% of these programs have had security breaches. This highlights the dire need for stronger protective measures from unauthorized access. Several generative AI applications that use adversarial techniques to force the desired reaction out of intelligent machines.
Therefore, there is a pressing demand in the number of developers who ensure that such machines are made more robust through techniques like adversarially trained models and resistant architectures. Finally, the usage of secure enclaves plus hardware-based security measures is growing off late, mainly aimed at safeguarding vulnerable AI computations from being tampered with. For instance, OpenAI has very strict security rules meant to protect GPT models thereby ensuring data integrity and user privacy.
By end-user, government & defense sector is poised to account for larger market share in 2024.
Government as well as defense industries are increasingly resorting to generative AI for cyber security purposes due to the urgency of protecting sensitive information and national security. According to a recent CSIS report, AI is being integrated into the cybersecurity framework of 43% of government agencies which resultantly improves their ability to identify and counter threats. As an example, the United States Department of Defense has started using artificial intelligence (AI) based security solutions backed by generative AI that can create fictitious cyber-attacks, thereby providing them with enhanced preparedness against advanced types of threats.
This technology also helps these sectors handle and analyze large volumes of data more effectively, giving valuable insights that will enable them prevent or mitigate cyber threats. This trend demonstrates an increasing reliance on generative AI in fortifying cyber security measures so as to ensure that critical infrastructure and sensitive data remain secure in today’s intricate digital landscape.
By region, North America to hold the largest share by market value in 2024.
In 2024, North America will be the leading region based on market share due to its excellent technology infrastructure, substantial investments in AI-enabled cybersecurity and the presence of key players. Major cyber security research universities and tech companies such as Google, AWS, CrowdStrike, SentinelOne and IBM are present in this area, pushing them on the forefront of potent risk management technologies and generative AI tools for threat detection. For example, IBM’s security platform powered by AI has improved detection rates for threats up by 40%, thus proving the relevance of AI technology to enhancing cybersecurity.
Moreover, legislative instruments such as Cybersecurity Information Sharing Act (CISA) are being put in place to promote advanced cybersecurity technologies. As internet attacks continue getting more complicated, North American enterprises prefer generative artificial intelligence (AI), so as to enhance their safety measures pertaining to personal data and digital infrastructure.
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Top Key Companies in Generative AI cybersecurity Market:
The major players in the generative AI cybersecurity market include Palo Alto Networks (US), AWS (US), CrowdStrike (US), SentinelOne (US), and Google (US), along with SMEs and startups such as MOSTLY AI (Austria), XenonStack (UAE), BigID (US), Abnormal Security (US), and Adversa AI (Israel).
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