Industrial Automation Software Market size is set to grow by USD 5,.24 million from 2023-2027, ABB Ltd., Advantech Co. Ltd. and AMETEK Inc., and more to emerge as Some of the Key Vendors, Technavio
NEW YORK, April 17, 2024 /PRNewswire/ -- The global industrial automation software market size is estimated to grow by USD 5,249.42 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of almost 2.6% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 39%.
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Major Players in the Market
Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:
ABB Ltd., Advantech Co. Ltd., AMETEK Inc., Baosteel Group Corp., Beckhoff Automation GmbH and Co. KG, Eaton Corp. Plc, Emerson Electric Co, General Electric Co., Hitachi Ltd., Honeywell International Inc., Mitsubishi Electric Corp., OMRON Corp., Parsec Automation Corp., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Tata Consultancy Services Ltd., TOSHIBA CORP, Yokogawa Electric Corp., Oracle Corp.
Analyst Review
The Industrial Automation Software Market is experiencing significant growth in various industries, including Robotics and Artificial Intelligence (AI) in Industry 4.0. Emerson Electric Co and other key players are leveraging Cloud computing, AI, and Machine Learning to optimize processes in the Automotive, Aerospace, Heavy Engineering, and Manufacturing industries. Industrial robots are being integrated with Sensors and 5G technology for effortless monitoring, waste reduction, increased production speed, improved quality, and standardization. Robust software solutions enable dependable products, lower costs, and control system software for Visualization, Downtime reduction, and Maintenance in a reactive state. The Healthcare industry also benefits from Industrial Automation Software, leading to a more efficient and productive industrial landscape.
Key Market Drivers
The Industrial Automation Software Market is experiencing significant growth due to the shift towards Reactive, Predictive, and Prescriptive states in decision-making for manufacturing operations. Industry 4.0 technological approaches, such as smart factory automation, are driving this transition. Machinery and devices, including Internet-connected sensors, robotics, and artificial intelligence (AI), are key components. Initial costs for adopting these technologies can be high, but long-term benefits include reduced labor wage and labor costs, increased efficiency, and regulatory compliance. Government support and cloud computing are facilitating wider adoption. Industries like Automotive, Aerospace, Heavy Engineering, and Healthcare are major consumers. Emerson Electric Co and GE Digital are leading providers, offering solutions like iFIX HMI/SCADA for faster decision-making and remote location monitoring. AI, machine learning, 5G technology, and data analysis are integral to these advanced software systems. Technological advances, such as hardware, software components, data processing, and deployment options, continue to evolve, enabling real-time data analysis and predictive maintenance. The integration of AI and robotics further enhances capabilities, leading to improved product quality and operational excellence.
Challenges and Opportunities
The Industrial automation software market is experiencing significant growth as industries transition towards complete automation using robust software for machine hours management. This shift towards smart factory automation, facilitated by control system software and technological approaches like Industry 4.0, enables effortless monitoring, waste reduction, increased production speed, and improved quality. However, with the adoption of IoT and connected technologies comes the risk of cybersecurity threats, particularly against control systems such as SCADA networks. Industries must prioritize dependable products, standardization, and regulatory compliance to mitigate these risks. Initial costs may be high, but the benefits of predictive and prescriptive maintenance, decision-making capabilities, and remote location monitoring outweigh the labor wage and labor cost savings. Deployment options include hardware, software components, data processing, and visualization for seamless integration into existing systems. Government support and data analysis are also crucial factors in the market's growth.
The Industrial Automation Software Market is experiencing significant growth, driven by technological approaches such as Robotics, Artificial Intelligence (AI), and Machine Learning in Industry 4. Emerson Electric Co and other key players offer Robust software for effortless monitoring and waste reduction in the Automotive, Aerospace, Heavy Engineering, and Healthcare industries. Industrial robots, Sensors, and 5G technology enable Increased production speed, Improved quality, and Standardization of Dependable products. Control system software and Visualization tools facilitate Downtime reduction and Maintenance in Reactive, Predictive, and Prescriptive stages. Decision-making is streamlined through Data analysis and Remote location monitoring. Initial costs and Adoption of Industry 4 are mitigated by Government support and Regulatory compliance. Cloud computing and AI enable seamless integration with Machinery and devices on the Internet, reducing overall costs and enhancing Technological approaches to Smart factory automation.
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Market Overview
The Industrial Automation Software Market is experiencing significant growth, driven by the integration of technology and manufacturing processes. Robots and artificial intelligence (AI) are becoming increasingly common in industries, enabling predictive maintenance, real-time monitoring, and automation of complex processes. Industrys such as electronics, automotive, and heavy manufacturing are leading the adoption of these technologies. In 2020, the market size was estimated to be worth USD172.9 billion, with a projected CAGR of 11.1% from 2021 to 2028. Companies such as Siemens, ABB, and Rockwell Automation are major players in this market. The use of cloud technology, IoT, and edge computing is also transforming the industry, enabling remote access and real-time data analysis. The future of industrial automation software lies in the integration of advanced technologies such as machine learning, computer vision, and natural language processing.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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