Integration of AI To Propel Demand For Chemistry 4.0 Market By CIOTechOutlook Team

Integration of AI To Propel Demand For Chemistry 4.0 Market

CIOTechOutlook Team | Tuesday, 16 July 2024, 02:30 IST

The primary factors molding the chemistry 4.0 market are the growing reliance on technology in various industrial sectors, like the rising adoption of IoT in manufacturing and the incorporation of AI-based models in predictive analytics for asset management and condition monitoring.

It is predicted that the chemistry 4.0 market will grow to reach a value of USD 76.1 billion in 2024 and is expected to show a Compound Annual Growth Rate (CAGR) of 9.5%, reaching a value of USD 188.7 billion by the end of the estimated period.

The rise of smart manufacturing is growing in popularity, projected to lead the way in the chemistry 4.0 market. Most factories currently in use have state-of-the-art machinery and smart manufacturing systems, enabling other businesses to shift from conventional to intelligent manufacturing methods. Key factors contributing to market growth include key players in the chemistry 4.0 industry, government initiatives, and increased funding for research and development.

Recent advances, investor enthusiasm, and positive industry outlook are projected to speed up the digital transformation in the chemical industry 4.0. The demand for chemicals in various sectors, both connected and unrelated, is not expected to diminish, leading to a flourishing chemistry 4.0 market in the foreseeable future. Consequently, Chemicals 4.0 and Industry 4.0 will need to exist together, influencing the future implementation of Chemicals 4.0 products and different digitalization factors.