Factory Automation Platform as a Service Market size to grow by USD 6.65 billion from 2023 to 2028, Growth Driven by Ease of IT and OT convergence - Technavio
NEW YORK, Nov. 1, 2023 /PRNewswire/ -- The "factory automation platform as a service market by component (platform and professional service), end-user (large enterprises and SMEs), and geography (North America, APAC, Europe, South America, and Middle East and Africa) - Forecast and Analysis 2024-2028" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the factory automation platform as a service market between 2024 and 2028 is USD 6.65 billion. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
Ease of IT and OT convergence is a key factor driving market growth. Physical storage, networking equipment, and computers are information technologies whereas operational technologies include integrated control systems in SCADA & and PLCDCS for example. The convenience of data exchanges in the ecosystem is facilitated by the adoption of digital platforms that use cloud computing open APIs. To bridge the gap between IT and OT communication networks through cloud-based platforms, this platform follows agile application architecture on PaaS using containers or microservices.
Market Challenge
Data privacy and security concerns are significant challenges restricting market growth. Data security is a major concern for many organizations. Currently, organizations are focusing on data security policies that govern OpenStack cloud models, a relatively new concept in the market. Additionally, attacks such as man-in-the-middle (MiTM) attacks can harm the object storage component.
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The factory automation platform as a service market has been segmented by component (platform and professional service), end-user (large enterprises and SMEs), and geography (North America, APAC, Europe, South America, and the Middle East and Africa).
- The market share growth by the platform segment will be significant during the forecast period. Asset management, remote control, data processing and analysis, applications development, and management as well as safety administration shall form part of a platform segment for the manufacturing automation service market. Moreover, the need for an efficient cloud platform that can be used to perform data processing and analysis tasks has been enhanced by the proliferation of the IoT- IoT-enabled devices in specific sectors to streamline manufacturing processes.
- North America is estimated to contribute 36% to the growth of the global market during the forecast period.
View the Sample Report for insights into the contribution of all the segments and regional opportunities in the report.
Key Companies in the factory automation platform as a service market:
ABB Ltd., Advantech Co. Ltd., Blue Prism Group plc, ClearBlade Inc., Crosser Technologies, Emerson Electric Co., FANUC Corp., General Electric Co., Honeywell International Inc., Litmus Automation Inc., Microsoft Corp., Mitsubishi Electric Corp., Panasonic Holdings Corp., PTC Inc., Schneider Electric SE, Telit, Veea Inc., YASH Technologies Inc., Yokogawa Electric Corp., and Siemens AG
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Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Component
Market Segmentation by End-user
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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SOURCE Technavio
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