Industrial Automation Software Market Size to Reach USD 60.83 Billion in 2028 | Increasing Adoption of New Digital Industrial Technologies Such as Industrial Internet Of Things is a Key Factor Driving Industry Growth, according to Emergen Research
VANCOUVER, BC, Jan. 6, 2022 /PRNewswire/ -- The global industrial automation software market size reached USD 33.54 billion in 2020 and is expected to register a significantly steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Rising demand for Supervisory Control and Data Acquisition (SCADA) software for industry automation is one of the major factors expected to drive market revenue growth.
Drivers:
Rising demand for better performance and control and increasing adoption of new digital industrial technologies such as Industrial Internet of Thing (IIoT) are expected to propel revenue growth of the market over the forecast period. Furthermore, increasing use of cloud services across small- and medium-sized businesses to more efficiently manage automation processes is expected to open up opportunities for industrial automation software providers and, as a result, boost revenue growth of the market.
Restraints:
Concerns regarding data security of industrial automation software are primary factors expected to hamper revenue growth of the industrial automation software market. Though automation software provides advantages, including ease of deployment and cost effectiveness, security problems appear if cloud-based deployment approaches are utilized. Owing to low cost, a number of small- and medium-sized businesses use public cloud services. This further increases risks of security breaches and potential cyber attacks.
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Growth Projections:
The global industrial automation software market revenue is expected to register a CAGR of 7.8% over the forecast period and revenue is projected to increase from USD 33.54 billion in 2020 to USD 60.83 billion in 2028. Rising demand for better performance and control and increasing adoption of new digital industrial technologies are propelling market growth.
COVID-19 Impact Analysis:
The COVID-19 pandemic led to downsizing of various businesses, and negatively impacted growth of the industrial automation software market. Many small- and medium-sized enterprises are unable to afford large investment needed for deploying automation for processes. New strategies with the objective being on rapid recovery of losses as restrictions have been lifted and more mobility and functionality resume.
Current Trends and Innovations:
Integration of new technologies, including Artificial Intelligence (AI) and Machine Learning (ML) with automation software are major factors boosting adoption of automation software and services. SCADA software is used across various industries to control and monitor different processes in industries. SCADA software allows users to make smarter decisions by interacting with local machinery through Human Machine Interface (HMI) and Programmable Logic Controllers (PLCs).
Geographical Outlook:
North America is expected to register fastest revenue growth rate during the forecast period. Key factors contributing to this growth rate are increasing initiatives across various industries for boosting digitilization and adoption of automation technology in countries of the region.
Strategic Initiatives:
Some major companies included in the market report are Siemens AG, Hitachi Ltd., General Electric Company, Honeywell International Inc., SAP SE, Schneider Electric SE, ABB Ltd., HCL Technologies Limited, Rockwell Automation Inc., and Parsec Automation Corporation.
- In September 2021, HCL Technologies Ltd. signed a five-year partnership with the US-based MKS Instruments Inc. MKS instruments is a global provider of automation systems, instruments, and software for manufacturing processes. The partnership deal will drive digital and cloud-enabled transformation for MKS Instruments through Artificial Intelligence (AI) driven automation.
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Emergen Research has segmented the global industrial automation software on the basis of type, deployment, end use, and region:
- Type Outlook (Revenue, USD Billion; 2018–2028)
- Supervisory Control and Data Acquisition (SCADA)
- Distributed Control System (DCS)
- Manufacturing Execution Systems (MES)
- Human Machine Interface (HMI)
- Programmable Logic Controller (PLC)
- Deployment Outlook (Revenue, USD Billion; 2018–2028)
- On-premise
- On-cloud
- End Use Outlook (Revenue, USD Billion; 2018–2028)
- Process Industry
a. Oil and Gas
b. Chemicals
c. Paper and Pulp
d. Pharmaceuticals
e. Mining and Metals
f. Food and Beverages
g. Power
h. Others - Discrete Industry
a. Automotive
b. Machine Manufacturing
c. Semiconductor and Electronics
d. Aerospace and Defence
e. Medical Devices
f. Others
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- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
a. U.S.
b. Canada
c. Mexico - Europe
a. Germany
b. France
c. U.K.
d. Italy
e. Spain
f. Benelux
g. Rest of Europe - Asia Pacific
a. China
b. India
c. Japan
d. South Korea
e. Rest of APAC - Latin America
a. Brazil
b. Rest of LATAM - Middle East & Africa
a. Saudi Arabia
b. UAE
c. South Africa
d. Turkey
e. Rest of MEA
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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