Westford USA, July 16, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global industry 5.0 market will attain a value of USD 470.43 billion by 2031, with a CAGR of 31.5% during the forecast period (2024-2031). Industry 5.0 is changing the whole manufacturing sector globally, by partnering with humans and smart technologies. Unlike Industry 4.0, Industry 5.0 is based on the IoT and innovative technology. None of them use human labor with AI and robots to enhance productivity and inventiveness. This market is growing based on customer requirements, such as niche or customized products, awareness level of sustainability and advancements in various fields like AI and Robotics.
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Industry 5.0 Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 52.61 Billion |
| Estimated Value by 2031 | USD 470.43 Billion |
| Growth Rate | Poised to grow at a CAGR of 31.5% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Sustainability, Technology, Industry, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Rise of Sustainable Manufacturing Practices is Expected to Shape the Future |
| Key Market Drivers | Increased Demand for Personalized Products is Expanding the Market |
Digital Twin has the Largest Market as it Helps in Making Informed Business Decisions
Digital twin has the largest market share in Industry 5.0 market in 2023. This is because it can maintain a digital copy of physical resources which may be described as the other copy of them. The digital twin developed based on the IoT, AI and machine learning provides important and useful information to make the correct decisions for enhancing production processes and thus is highly important for advanced manufacturing today.
Industrial 3D Printing to Have the Fastest Growth Due to Lower Production Costs
Industrial 3D printing is expected to be the fastest emerging segment due to its capabilities of manufacturing parts that are complicated and demand for personalization. Furthermore, reduced costs of production, and the ability to harness the supply chain solutions are some of the driving factors. The possibility of flexible, efficient and cost-effective production of this technology helps to drive rapid usage in the manufacturing industries.
North America to be the Leading Region, Thanks to its Proficient Technological Foundation
North American region continues to lead the industry 5.0 market because of its excellent technological foundation, investments in research and development, and numerous important industry stakeholders located within its borders. Manufacturing industry is well-developed in the region and especially in the US which heavily uses AI and Iot in their production. The automotive and aerospace industries in North America are significantly contributing to the growth of precision manufacturing & advanced automation technology, thereby maintaining its leading position in the market.
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Industry 5.0 Market Insights:
Drivers
Restraints
Prominent Players in Industry 5.0 Market
The following are the Top Industry 5.0 Companies
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Key Questions Answered in Industry 5.0 Market Report
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia-Pacific.
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