Industry 4.0 market to reach USD 260.71 billion by 2026

The global Industry 4.0 market size is predicted to reach USD 260.71 billion by 2026, exhibiting a CAGR of 16.3% during the forecast period. The rising digitization and emphasis on smart robots and machines can have a positive impact on the Industry 4.0 market growth during the forecast period.

Moreover, the growing connectivity of machines and systems, along with the exchange of real-time information, can consequently enhance the potential of the industry 4.0 market forecast. The penetration of the internet is likely to create lucrative business opportunities for the market in the forthcoming years.

In addition, the introduction of Big Data and innovative methods to handle enormous amounts of data will significantly accelerate the industry 4.0 market trends. For instance, Big Data has impacted the logistics industry by enhancing existing concepts such as fully-automated order fulfilment and delivering products directly to customers.

According to the report, published by Fortune Business Insights in a report, titled "Industry 4.0 Market Size, Share and Global Trend By Application (Industrial Automation, Smart factory, Industrial IoT), By Vertical (Manufacturing, Energy & Utilities, Automotive, Transportation, Chemical, Pharmaceuticals, Consumer Electronics, Metals, Others) and Geography Forecast till 2026" the market size stood at USD 78.19 billion in 2018.

Schneider acquires L&T's Electrical and Automation business

Schneider Electric SE, a French multinational corporation and leader of electrical equipment, announced to acquire Larsen & Toubro's electrical and automation business by early 2020. The agreement will include a transaction of Rs 14,000 crore, include the state investment from Temasek Holdings, an investment company headquartered in Singapore.

The agreement between the company will strengthen the process management systems and improve operating challenges, which in turn will boost the industry 4.0 market share.

Anil Chaudhry, zone president, and MD of Schneider Electric India Pvt Ltd, said: "L&T's electrical automation business has a very strong team, a very strong engineering capability, and R&D capability. This can also contribute to Schneider Electric's growth in new and developing economies, especially in the Middle East, Africa, and East Asia where we can export more.

"More importantly, with this, India will be a very strong fourth engineering and manufacturing hub for the group. Today we have three hubs - one in France, one in China and one in the US. With this (deal), we will be setting up the fourth hub in India."