Industry 5.0 Market Size

Industry 5.0 Market size is poised to reach USD 866 Billion by the end of 2036, growing at a CAGR of 20% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of industry 5.0 was USD 183 Billion. The reason behind the growth is impelled by 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 the manufacturing process to create improved products, and drive business success in the era of Industry 5.0. For instance, by 2025, it's predicted that there will be more than 30 billion linked devices worldwide.

The rapid industrial digitization is believed to fuel the market growth. The industrial sector as a whole is quickly changing owing to digital transformation as a result the manufacturing sector is adopting new technologies at a quick pace to enhance all facets of the production process, including data analytics and factory automation.