According to the market research insights, the Global Industrial Automation market is projected to reach USD 352.02 billion by 2024, at a steady CAGR of 6.6 percent. Published by Transparency Market Research (TMR), a market analytics firm, the global industrial automation market has a considerably strong competitive landscape attributable to the impact of a few key market players. The market is largely driven by the advancements in wireless technology which have given new opportunities and possibilities to the industry level, with improved quality, increase in production and savings on labor cost.
With industrial automation technologies, types of machinery have become more advanced in implementation for more intricate actions at low costs. Additionally, integrated with the improvements in sensor technology, this technology has initiated a new landscape for smart manufacturing. For driving the market growth, reduction in production costs and advanced proficiency, compared to conventional production procedures also are contributing factor in the global industrial automation market. The report also profiles key players, including ABB Ltd., Honeywell International Inc., FANUC Corporation, and Toshiba Machine Corporation Ltd., as a few of the leading players upholding comparatively larger shares in the market. To be outstanding in the market competition, small and large-scale enterprises of market players is working on to launch new offers. These players are focused on producing forth immense developments in their products to remain in the ferocious competition of the market.
Industrial Automation provides a wide range of benefits of optimized cost, increased reliability, improving ergonomics and safety, accelerate the processes of production, and enhanced efficiency. Due to the growing requirement for aging population and automation has prompted a demand in the global Industrial Automation Market.