Industrial Automation Market Value to Cross USD 443.5 Billion by 2031

According to the report, the global industrial automation industry generated $196.4 billion in 2021, and is estimated to reach $443.5 billion by 2031, witnessing a CAGR of 8.7% from 2022 to 2031.

Industrial automation is the use of control systems, such as computers or robots, and information technologies for handling different processes. For instance, automation include higher production rates and increased productivity, more efficient use of materials, better product quality, improved safety, shorter workweeks for labor, and reduced factory lead times.
Advent of connected enterprises, need for mass manufacturing of products, and rise in adoption of digital techniques and augmented reality (AR) technologies in manufacturing drive the growth of the global industrial automation market. However, high initial capital investments and re-investments along with lack of sufficient technical knowledge restrain the market growth. On the other hand, surge in demand for safety-compliant automation solutions and industrial internet of things (IoT) solutions presents new opportunities in the coming years.

Download Sample Report (Get Full Insights in PDF - 325 Pages) at: https://www.alliedmarketresearch.com/request-sample/17967

The software segment accounted for the largest market share in 2021

Based on component, the software segment accounted for the largest market share in 2021, contributing to more than two-fifths of the global industrial automation market. This is due to processing and analysis of massive amount of data generated by an organization and conversion to actionable insights that provides operational benefits and outcomes. However, the hardware segment is projected to lead in terms of revenue by 2031. On the other hand, the service segment is estimated to register the highest CAGR of 11.7% from 2022 to 2031, owing to reduction in time and costs associated with optimization of systems in the initial phase of deployment.

The industrial sensors segment to maintain its dominant share during the forecast period

Based on hardware, the industrial sensors segment contributed to the largest market share in 2021, accounting for more than one-fourth of the global industrial automation market, and is expected to maintain its dominant share during the forecast period. This is attributed to technological advancements such as development of internet of things (IoT) and artificial intelligence (AI). However, the industrial robots segment is estimated to manifest the highest CAGR of 11.9% from 2022 to 2031. This is due to rise in demand for automation and rapid growth in industrialization.

For Report Customization: https://www.alliedmarketresearch.com/request-for-customization/17967

The manufacturing segment to continue its highest contribution throughout the forecast period

Based on industry vertical, the manufacturing segment accounted for the largest market share in 2021, holding nearly one-fifth of the global industrial automation industry, and is estimated to continue its highest contribution throughout the forecast period. This is due to carrying out a variety of tasks including painting, welding, finishing, and assembly. However, the healthcare segment is projected to register the fastest CAGR of 11.8% from 2022 to 2031, owing to application in collection and storage of the patient information such as heart rate, blood pressure and temperature.

North America held the highest market share in 2021

Based on region, North America held the highest market share in 2021, accounting for more than one-third of the global industrial automation market. This is due to high spending on data analytics and data processing solutions in the region. However, Asia-Pacific is projected to grow at the largest CAGR of 11.4% from 2022 to 2031, owing to rise in digital and economic transformation in the region.

For Purchase Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/17967

Access Full Summary at: https://www.alliedmarketresearch.com/industrial-automation-market-A17518

Leading Market Players -
• Emerson Electric Co.
• Rockwell Automation, Inc.
• Yocogawa Electric Corporation
• Omron Corpporation
• Endress+Hauser Group Services AG
• Fanuc Corporation
• WIKA USA
• Dwyer Instruments, LLC
• Stratasys
• Mitsubishi Electric Corporation
• Honeywell International, Inc.
• ABB Ltd.
• Schneider Electric SE
• Siemens AG
• General Electric
• Adisra
• Fizyr

LIMITED-TIME OFFER - Buy Now & Get Exclusive Discount on this Report: https://bit.ly/3TYzIO2

Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, Europe, or Asia.
If you have any special requirements, please let us know and we will offer you the report as per your requirements.
Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll-Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, researchers, and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients' requirements is complemented with analyst support and customization requests.

This release was published on openPR.