Factory Automation Market Overview, Outlook, Size, Share, Demand 2024-2033 |

"The Business Research Company recently released a comprehensive report on the Global Factory Automation Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The factory automation market size has grown strongly in recent years. It will grow from $244.33 billion in 2023 to $264.01 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to the surge in demand for control and safety systems, the development of 5G wireless technology, the adoption of industry 4.0 drive, rise in demand for automation for qualitative, and the increased digital transformation process.

The factory automation market size is expected to see strong growth in the next few years. It will grow to $362.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to the increasing demand for efficiency of work in a short period, the rising manufacturing and industrial sector, the implementation of autonomous plants, the increasing use of remote operations, and growth in the need for mass production with reduced operation cost. Major trends in the forecast period include technological advancements, collaborative robotics, augmented reality (AR) and virtual reality (VR), and supply chain automation.

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Market Drivers and Trends:

The adoption of artificial intelligence is expected to propel the growth of the factory automation market. Artificial intelligence refers to the simulation of human intelligence processes by machines, typically through computer systems, enabling them to perform tasks that traditionally require human intelligence, such as learning, reasoning, and problem-solving. The rising adoption of AI is driven by advancements in technology, increased data availability, industry demand for automation and efficiency, and growing investment and research. Integrating artificial intelligence into factory automation systems enables manufacturers to achieve higher efficiency, productivity, quality, flexibility, and safety levels, leading to competitive advantages and improved business outcomes. For instance, in January 2022, according to the Department for Digital, Culture, Media, and Sport, a UK-based government department, with 267,000 more UK enterprises utilizing AI in their operations, the AI adoption rate rose from 15.1% in 2020 to 22.7% in 2025. By 2040, the overall adoption rate will reach 34.8%, with 1.3 million businesses using AI in the central scenario. Therefore, the adoption of artificial intelligence is driving the growth of the factory automation market.

Major companies in the failure analysis market integrate AI and ML technologies into analysis processes and solutions such as AI-powered test failure analysis, to improve efficiency, accuracy, and speed in identifying and diagnosing failures. AI-powered test failure Analysis is a tool that uses artificial intelligence to identify and categorize errors in test case failures. It analyzes test logs and offers a comprehensive overview of the underlying causes of failures, helping developers quickly identify and fix issues. For instance, in January 2023, LambdaTest, a US-based operator of an AI-powered unified enterprise test execution cloud platform, introduced an AI-powered test failure analysis feature in its smart test orchestration platform, HyperExecute. This innovative feature enables digital businesses to streamline troubleshooting and remediation processes for test case failures, saving time and increasing developer feedback velocity. It is designed to simplify test execution processes, categorize errors, and offer structured approaches to address test failures efficiently. HyperExecute provides intelligent features like auto-grouping, auto-retry, and fail-fast mechanisms to enhance testing productivity and accelerate time-to-market for digital businesses.

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Major Key Players of the Market:

Siemens AG, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Toshiba Corporation, Eaton Corporation, Parker Hannifin Corporation, Emerson Electric Co., Danfoss, Rockwell Automation Inc., Bosch Rexroth AG, Omron Corporation, Keyence Corporation, Fanuc Corporation, SMC Corporation, Yaskawa Electric Corporation, Festo, KUKA Robotics, Phoenix Contact, Endress+Hauser Group, Beckhoff Automation, Yokogawa Electric Corporation, Advantech Co. Ltd., WAGO GmbH & Co. KG, Pepperl+Fuchs GmbH, Pilz GmbH & Co. KG, HIMA Paul Hildebrandt GmbH

Factory Automation Market 2024 Key Insights:

• The factory automation market size is expected to see strong growth in the next few years. It will grow to $362.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
• Impact Of Artificial Intelligence On The Growth Of The Factory Automation Market
• Innovative Ballbar Devices By Market Leaders In Factory Automation For Enhanced Metrology And Process Accuracy
• North America was the largest region in the factory automation market in 2023

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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Learn More About The Business Research Company

The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

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