Press release
Global Automation Market Set to Reach $161.6 Billion by 2030: AI and IoT Drive Industry 4.0 Revolution
According to the latest market research study published by P&S Intelligence, the global automation market will generate an estimated revenue of USD 129.5 billion in 2024, which is expected to witness a CAGR of 3.8% during 2024-2030, to reach USD 161.6 billion by 2030. The most significant driving force behind the growth of the market is the technological development occurring in the world and the need for improvement of different industries and applications' productivity and profitability.The latest strategic advancement in the automation market is the development of collaborative automation devices integrated with artificial intelligence. A recent use case that has been adopted is in the agricultural field where drones are fitted with artificial intelligence for spraying pesticides.
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Like the drip irrigation technique, it functions on data provided by the AI and ML that are implemented in a system. The awareness that comes with or from AI has in a way allowed the robots to get immersed, understand the circumstances, and improve on decision-making in as much as the required work is concerned.
IoT is seen to be recolonizing industries that function on a large scale with great impact through its benefits like real-time monitoring, positioning, and tracking systems, Linking the alarm to get a quick response, and enhanced security and privacy concerns.
IoT can be defined as a way of connecting entities such as sensors, actuators, and robots. They acquire data and get in touch with each other and ultimately improve production probabilities with high efficiency and explicitness in industries.
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Key Insights
• Hardware category holds 55% market share in 2024, being the backbone of the automation ecosystem with components like MVS, robots, HMIs, sensors, and actuators.
• Software category projected to grow at a CAGR of 4.2% during 2024-2030, driven by AI/ML and IoT integration for efficient operations.
• AI category holds the largest share at 45% in 2024, transforming industries with high productivity and minimal effort, leading to Industry 5.0.
• Programmable automation dominates with 40% revenue in 2024, used extensively for mass batch production processes in industries.
• Robotic process automation (RPA) expected to grow at the highest CAGR during 2024-2030, popular for managing repetitive tasks with software robots.
• Workforce automation holds the largest share in 2024, reducing human effort in mundane activities and increasing efficiency and productivity.
• Pre-emptive/proactive automation projected to grow at the highest CAGR during 2024-2030, enhancing process streamlining and performance.
• Automotive category dominates with 30% revenue in 2024, requiring rapid, precise production and using AI and robots for error-free manufacturing.
• North America holds the largest share at 45% in 2024, with industries seeking advanced automation solutions for precision and reliability.
• Defense and aerospace, automotive, chemical, pharmaceutical, and food & beverage are significant industries in North America demanding automation.
• Industrialization in India and China is driving the need for automated solutions to increase production and cost-effectiveness.
• Governments are promoting local manufacturing and Industry 4.0 standards, increasing demand for automated production technologies.
• AI-augmented methods in automotive manufacturing ensure rapid, error-free production, enhancing customer safety and comfort.
• Industry 4.0 shift is leading to high-tech software solutions development for RPA, SCADA, HMIs, and PLCs.
• Continuous software upgrades are necessary as new operational, communication, and security protocols are released, driving growth in the software category.
Contact:
Chandra Mohan
AVP - Business Development
Phone: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
Blog: https://psintelligence.blogspot.com
About P&S Intelligence
P&S Intelligence offers custom and syndicated market research and consulting services to clients across the globe. Our team of young and dynamic researchers, guided by mentors with years of experience, create data-rich reports tailored to the needs of MNCs as well as startups and SMEs. We remain in a perennial quest to offer exhaustive insights into every aspect of the market, allowing businesses of all sizes to seize even the smallest of opportunities and tackle even the biggest of challenges.
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