Press release
Industrial Automation Services Market Size Worth US$ 434.9 Billion during 2024-2032, With a CAGR of 7.8%
The global industrial automation services market size reached US$ 216.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 434.9 Billion by 2032, exhibiting a growth rate (CAGR) of 7.8% during 2024-2032.
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Industrial Automation Services Market Overview:
Industrial automation services refer to the use of technology and software to control and monitor industrial processes. They offer various services, from simple tasks, such as controlling a single machine, to complex processes, including managing an entire factory. These services can manage a large amount of unstructured data more efficiently than manual handling.
They ensure fast production, reduce costs, check product quality, standardize manufacturing, minimize waste, and supervise production in manufacturing plants. They provide various benefits, such as improved accuracy, lowered labor cost, flexibility, high speed, and quiet operations. Some of the common industrial automation systems are programmable logic controllers (PLCs), human-machine interfaces (HMIs), and sensors that are widely used across numerous industrial verticals.
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Industrial Automation Services Market Demand:
The increasing requirement for mass manufacturing of products is driving the global market. Coupled with this, the rising adoption of digital techniques and AR technologies in production processes is contributing to the market. Moreover, the introduction of advanced technologies, such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML) has led to the development of smarter and more sophisticated automation systems, which is supporting the demand for industrial automation services.
On account of increasing labor costs, major companies are adopting automation to reduce costs and improve efficiency as automation solutions can perform repetitive and dangerous tasks without human intervention, this is creating a positive market outlook. Apart from this, the escalating demand for safety compliance across the factory premises, there has been a considerable rise in the demand for industrial automation services.
The widespread adoption of cloud-based automation solutions across the industrial sector, to centralized data management, remote monitoring, and real-time analytics, further providing a boost to the overall industrial automation services market. With the increasing focus on sustainability and reducing carbon footprint, there is a growing demand for energy-efficient automation solutions, thereby catalyzing the demand.
Apart from this, several major companies are developing solutions that are designed to optimize energy consumption, reduce waste, and improve sustainability, which in turn is providing a thrust to the demand across the globe. Moreover, increasing financial support for [NN1] the adoption of industrial automation to boost productivity is influencing the market positively.
Competitive Landscape With Key Players:
• Siemens AG
• Honeywell International Inc.
• General Electric Company
• Mitsubishi Electric
• Rockwell Automation
• Johnson Controls Inc.
• Schneider Electric
• Yokogawa Electric Corporation
• OMRON Corporation
• Danaher Corporation
Key Market Segmentation:
Breakup by Type of Service:
• Project Engineering and Installation
• Maintenance and Support Services
• Consulting Services
• Operational Services
Breakup by Product Type:
• DCS
• SCADA
• PLC
• MES
• Others
Breakup by End User:
• Discrete Industries
• Process Industries
Breakup by Region:
• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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Who we are:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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