The global industry 5.0 market is estimated to garner a hefty amount of revenue by recording a remarkable CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed primarily to the rising emergence of advanced technologies, namely industrial internet of things (IIoT) and artificial intelligence, as these are indispensable for effective data collection, analysis and feeding the gathered insights into manufacturing process to create improved products. Along with these, the world is witnessing an upsurge in demand for striking a healthy balance between automation and human involvement during industrial processes. This in turn is expected to provide impetus to the market growth, as the industry 5.0 trend focuses on the alliance of humans and collaborative robots.
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None of the industrial revolution, including industry 4.0, focused on environment protection. However, industry 5.0 enables the deployment of sustainable industrial policies, such as minimal waste generation and cost-cutting. As a result, it is forecasted to be a crucial factor projected to offer lucrative opportunities to the market in the near future.
Additionally, growing usage of industrial robots in several verticals, increase in the number of connected devices, and escalating government expenditure for industrialization are also assessed to bolster the expansion of the market. According to the International Federation of Robotics, a total of 422,271 units of industrial robots were installed globally in 2018, witnessing a hike by 6 percent from the previous year. In addition, automotive industry was the largest consumer of the product that year holding a share of 30% of the total robot installations.
The market is segmented by technology into industrial robotics, cyber security, internet of things (IoT), 3D printing, advanced human-machine interface (HMI), big data, augmented reality & virtual reality, cloud computing, cognitive computing, and others, out of which, the cognitive computing and industrial robotics segments are anticipated to hold notable shares in the global industry 5.0 market attributing to the largescale adoption of these technologies as both involves usage of platforms employing AI techniques. Furthermore, the collaborative robots sub-segment in the industrial robotics segment is predicted to acquire the largest share owing to the increasing use of cobots for simple and intuitive interaction with humans. The ability of these robots to replicate human actions is also evaluated to contribute to the segment’s growth in the future. In addition, on the basis of end-use vertical, the segment for manufacturing is analyzed to occupy the most significant share over the forecast period ascribing to the high implementation of SCARA robots for assembly operations in the industry, and rise in the volumes of data generated from field devices.
