According to the latest report by IMARC Group, titled "Industrial Automation Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global industrial automation services market size reached US$ 47.4 Billion in 2020. Industrial automation services involve the usage of control systems, including robots and computers, along with advanced information technologies. They assist in handling numerous processes and machinery in an industrial setting without the requirement of human intervention. They also aid in regulating the installation, designing, maintenance and support processes while ensuring reduced production costs, faster production rates and minimal waste. These solutions also aid in managing a large volume of unstructured data in a more effective manner when compared with manual handling. As a result, their deployment offers multiple advantages, such as enhanced flexibility, standardized manufacturing, precise product quality checks and improved overall accuracy.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Industrial Automation Services Market Trends:
The global market is majorly driven by the rising requirement of industrial automation services in the manufacturing industry. Manufacturers are increasingly deploying these services to achieve greater throughput and reduced costs, along with the growing production capacity and rates, which is creating a positive outlook for the market. Moreover, the widespread integration of these solutions with robotics and robotic process automation through ERP software results in improved productivity, thereby providing an impetus to the market growth. The market is further driven by the utilization of artificial intelligence and advanced sensors with industrial automation services to ensure improved performance and cost-efficiency. Also, the rising prominence of collaborative robots (cobots) that work alongside manual workers for improved functionality and precision is also acting as a major growth-inducing factor. Some of the other factors contributing to the market growth include rapid industrialization, increasing need for streamlining business processes and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 9.20% during 2021-2026.
- On the basis of the type of service, the market has been divided into project engineering and installation, maintenance and support services, consulting services and operational services.
- Based on the product type, the market has been classified into DCS, SCADA, PLC, MES and others.
- On the basis of the end users, the market has been categorized into discrete and process industries.
- On the geographical front, the market has been segmented into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Siemens AG, Honeywell International Inc., General Electric Company, Mitsubishi Electric, Rockwell Automation, Johnson Controls Inc., Schneider Electric, Yokogawa Electric Corporation, OMRON Corporation, and Danaher Corporation.
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