Industrial Automation Market Soars with AI Robots to USD 350.9 Billion by 2031 | SkyQuest Technology
WESTFORD, Mass., July 31, 2024 /PRNewswire/ -- According to SkyQuest, the global Industrial Automation Market size was valued at USD 171.21 Billion in 2022 and is expected to grow from USD 185.42 Billion in 2023 to reach USD 350.9 Billion by 2031, at a CAGR of 8.3% during the forecast period (2024-2031).
With the ongoing introduction of cutting-edge technology like robots, artificial intelligence, and more, the industrial sector has been expanding quickly. Furthermore, automation makes it possible to leverage intelligent industrial infrastructure to expedite manufacturing and material handling processes. The industry is working on control systems and industrial automation to lower labor expenses as well as improve efficiencies as well. Furthermore, it has rapidly put in place new systems with enhanced networking architecture since the inception of industry 4.0 that are expected to provide huge opportunities for this sector.
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Industrial Automation Market Overview:
Report Coverage |
Details |
Market Revenue in 2023 |
$185.42 Billion |
Estimated Value by 2031 |
$350.9 Billion |
Growth Rate |
Poised to grow at a CAGR of 8.3% |
Forecast Period |
2024–2031 |
Forecast Units |
Value (USD Billion) |
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered |
Component, Hardware, Software Type, Industry Vertical and Region |
Geographies Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. |
Report Highlights |
Industry 4.0 adoption |
Key Market Opportunities |
Customized solutions for industry verticals |
Key Market Drivers |
Cost savings and efficiency boost |
Segments covered in Industrial Automation Market are as follows:
- Component
- Hardware, Software, and Service
- Hardware
- Industrial Sensors, Machine Vision Systems, Field Instruments, Industrial Robots (Robot Type- Traditional Industrial Robots, Collaborative Robots), Human machine Interface, Industrial PCs, and Others
- Software Type
- Manufacturing Execution System, Industrial Safety, Plant Asset Management, Supervisory Control & Data Acquisition, Programmable Logic Controller, and Distributed Control System
- Industry Vertical
- Oil and Gas, Manufacturing, Automotive, Healthcare, Food and Beverages, Chemicals, Energy and Power, Metal and Mining, and Others
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Understanding the Essential Parts and Cutting-Edge Software That Propel Industrial Efficiency
Industrial automation relies on a few key components without which it cannot function efficiently or without errors during manufacturing and material handling process. Materials in this case are significant as they serve to make sure that strength levels, performance indices, efficiency rates for sizable machinery like robots as well as smaller ones remain high or even increase production levels as well reduce costs.
Software subsection of the global industrial automation market includes items like SCADA, MES, PLM, and ERP systems, which makes easier data integration, real-time monitoring, and predictive maintenance. With regards to the industrial automation market, software is crucial as it helps in controlling and integrating automatic systems thereby enhancing productivity, accuracy and general operational efficiency.
In the global industrial automation market, consulting, implementation, maintenance, and training services are included in the services subsegment. These services guarantee continuous system optimisation, smooth integration of automation technology, and operator skill development. In the industrial automation industry, services play a critical role by providing human training, continual optimisation, and the necessary support for automating and sustaining systems.
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Essential Role of Tailored Automation in Driving Growth and Innovation Across Verticals
The automotive, aerospace, electronics, pharmaceutical, food & beverage, and other industry verticals are among those covered by the worldwide industrial automation market. Automation is used by every vertical to lower operating costs, provide quality control, and improve production efficiency. Customized solutions for specific industry needs that leverage innovation and market expansion depend on industry verticals to advance in industrial automation while at the same time increasing productivity, quality, and affordability.
The automotive, electronics, and consumer goods industries are included in the manufacturing sub-segment of the worldwide industrial automation market. The use of modern robots, IoT integration and AI driven analytics help manufacturing automation to improve precision, speed up production lines, and reduce waste. For manufacturing automation, industrial automation relies heavily on manufacturing which uses the latest technology to increase productivity and creativity with greater accuracy hence drive market expansion.
The healthcare subsegment of the global industrial automation market uses automation technologies such as robotic surgery, automated diagnostics, and smart medical devices. Healthcare automation is very important in improving patient outcomes and operational effectiveness and in advancing technology breakthroughs together with market growth. It provides precision and efficiency in medical procedures, diagnostics, and logistics.
Synergy between Cutting-Edge Technology, Advanced Automation, and Intelligent Systems
New and sophisticated software solutions, robotics, artificial intelligence and other state of the art technologies are causing a revolution in the global industrial automation industry. Through the use of these advancements industries are capable of reducing mistakes, increasing production and saving huge amounts of money. Automation is being integrated into a wide range of business verticals, including manufacturing and healthcare, indicating how important it is to streamline operations and expanding the market. The smooth operation and long-term viability of automated systems are guaranteed by necessary parts, sturdy materials, and customised services. The industrial automation market is expected to increase significantly as Industry 4.0 develops, providing previously unheard-of chances for efficiency and creativity.
Related Report:
Industrial Internet Of Things (IIoT) Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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SOURCE SkyQuest Technology
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