WILMINGTON, DE, UNITED STATES, March 1, 2024 /EINPresswire.com/ — The industrial automation industry 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.
The collaborative segment is expected to experience fastest growth in the coming years, owing to increased data generated from big data analytics, IoT (Internet of Things), artificial intelligence, business applications, and robotic services, which have made it easier for the manufacturers.
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Industrial automation revolutionizes manufacturing processes by leveraging control systems, such as computers and robots, alongside information technologies. The benefits are manifold, including higher production rates, increased productivity, improved product quality, enhanced safety measures, and streamlined factory operations. Additionally, automation facilitates more efficient use of materials and can lead to shorter workweeks for labor, ultimately reducing factory lead times.
Key drivers fueling the growth of the industrial automation market include the emergence of connected enterprises, the need for mass manufacturing, and the widespread adoption of digital techniques and Augmented Reality (AR) technologies in manufacturing processes. Moreover, the rising demand for Industrial Internet of Things (IIoT) solutions further propels market expansion.
However, challenges such as significant initial capital investments, ongoing reinvestments, and a shortage of technical expertise hinder the market’s growth. Additionally, a lack of awareness regarding maintenance practices presents obstacles.
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On the flip side, the increased demand for safety compliance automation solutions presents lucrative opportunities for market expansion. As companies prioritize safety measures, there is a growing need for automated solutions that ensure compliance with industry regulations.
In summary, industrial automation continues to reshape the manufacturing landscape, offering numerous benefits while also presenting challenges that must be addressed. By addressing these challenges and capitalizing on emerging opportunities, businesses can maximize the potential of industrial automation to drive efficiency, productivity, and safety across their operations.
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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.
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.
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