Industrial Automation Market Size to Grow at a CAGR of 8.7% | $443.5 Billion by 2031

According to a new report published by Allied Market Research, titled, "Industrial Automation Market, By Component (Hardware, Software, Service), By Hardware (Industrial Sensors, Machine Vision Systems, Field Instruments, Industrial Robots, Human machine Interface, Industrial PCs, Others), By Software Type (Supervisory Control And Data Acquisition, Programmable Logic Controller, Distributed Control System, Manufacturing Execution System, Industrial Safety, Plant Asset Management), By Industry Vertical (Oil and Gas, Manufacturing, Automotive, Healthcare, Food and bevarages, Chemicals, Energy and Power, Metal and Mining, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031"

The industrial automation market was valued at $196.36 billion in 2021, and is estimated to reach $443.5 billion by 2031, growing at a CAGR of 8.7% from 2022 to 2031.

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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. Furthermore, the major factor driving th industrial automation market trends emergence of connected enterprises and requirement of mass manufacturing of products and increasing adoption of digital techniques and AR technologies in manufacturing is driving the growth of industrial automation market.

Moreover, growing demand for Industrial IoT are boosting the industrial automation market size. However, significant initial capital investments and re-investments and lack of technical proficiency and lack of awareness for maintenance. are hampering the industrial automation market growth. On the contrary, increased demand for safety compliance automation solutions expected to offer remunerative opportunities for expansion during the sensor data analytics market forecast.

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Competitive Analysis:
The competitive environment of Industrial Automation Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Industrial Automation Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
Acorns Grow Incorporated
Active Intelligence Pte Ltd
Advicent Solutions
Deloitte
eMoney Advisor, LLC
Finastra Limited
Fiserv, Inc
Moneytree Software
Miles Software
Money Guide Inc
Orion Advisor Technology
Personal Capital Corporation
Quicken Inc
Right Capital Inc.
SAP
Wolters Kluwer and Many More

Region wise, the industrial automation market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to expanding investments to provide income to the disabled people. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to its large population countries such as India and China and elderly dominated countries such as Japan.

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With the rapid spread of COVID-19, majority of people faced sudden surges in demand for financial resources, owing to sudden increase in panic among public, which, in turn, increased the number of transactions performed at a time. In addition, many companies are taking active initiatives to mitigate the impact of COVID-19 on business. For instance, in May 2020, Honeywell accelerated the development and production of vaccines and medical therapies through fast-track automation. For instance, in April 2020, ABB offered free access to software-as-a-service and digital application to help manufacturing plants and processing industries. Thus, such developments are expected to drive the growth of the industrial automation industry.

Industrial automation uses to control industrial processes and machinery by removing as much labor intervention as possible and replacing dangerous assembly operations with automated ones. Industrial automation is closely linked to control engineering. In addition, control systems are an essential part of an automation system. The various types of closed-loop control techniques ensure the process variables to follow the set points. Furthermore, with this basic function, the automation system employs different functions such as computing set points for control systems, plant startup, monitoring system performance, equipment scheduling, etc. The control systems combined with the operating environment in the industry to allow flexible, efficient, and reliable production system.

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

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