Industrial Automation Market Expected to Reach $443.5 Billion by 2031

According to a new report published by Allied Market Research, titled, “Industrial Automation Market," 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.

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.

Depending on hardware, the industrial sensors hold the largest industrial automation market share as it allows to detect, analyze, measure and process various changes in the production sites. However, industrial robots are expected to witness growth at the highest rate during the forecast period as it helps to handle industrial processes and machinery, replacing manual labor and improving efficiency, speed, quality, and performance.

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.

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.

KEY FINDINGS OF THE STUDY

• By component, the software segment accounted for the largest industrial automation market share in 2021.
• By region, North America generated highest revenue in 2021.
• By industry vertical, the manufacturing segment generated the highest revenue of the industrial automation market forecast in 2021.

The key players that operate in the industrial automation analysis are Accenture, 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. These players have adopted various strategies to increase their market penetration and strengthen their position in the industrial automation industry.