The focus on operational efficiency has intensified considerably, which is expected to provide an optimistic outlook for the growth of the market. Market reports associated with the information and communication technology industry have been made available by Market Research Future which creates reports on other industry verticals that outlines the current market scenarios. The market is set to gain a 10% CAGR growth in the forecast period.
The ability to guarantee and maximize returns by strict controls is expected to increase the growth of the industrial automation services market. Speedily growing SMEs, developing technology such as the Internet of Things (IoT) and cloud-based automation and rising demand for smart factories is expected to provide several opportunities for the expansion of the market. Moreover, the mass customization of products coupled with supply chain synchronization is projected to accelerate market growth. Additionally, the progress in the M2M communication technology and integration of systems is expected to provide an extra edge to the industrial automation services market in the forecast period.
The industrial automation services market is segmented on the basis of solution, service, and end-user. On the basis of service, the market is segmented into professional service, consulting, system integration services, technical training, and others. On the basis of solution, the market is segmented into programmable logic controller, distributed control system, SCADA and others. On the basis of end user, the industrial automation services market is segmented into manufacturing, transportation and logistics, automotive, chemical, food, energy and power systems, material, and others.
Detailed Regional Analysis
The region-wise analysis of Industrial Automation Services Market covers regions such as Asia Pacific, Europe, North America, and Rest of the World. It has been noted that the North American region is responsible for the major portion of the market. The Asia Pacific region is anticipated to display maximum growth opportunities, particularly, in India and China. Due to the growing population, manufacturers in the region are using automation systems in their assembling units to recover plant operation and to maintain international standards, reduced cost labor, and skilled workforce.
The possibility for success in the market has been determined to be positive which will be fruitful for future expansions. The diversification of the product assortment in the market is increasing the opportunity for the progress of the market. The leadership inclinations in the market are reinforcing the level of growth that can be achieved in the present market scenario. The market is at an optimally productive level and will be capable of generating greater value for the firms in the market and its shareholders. The evolution patterns are reviewed in tandem to the customer likings to realize the highest growth, and in the long run, viability. The ability to utilize the economies of scale is further proving to be beneficial for overall market growth. Though, the market has also significantly counterbalanced the market benefits and thus is encouraging an increase in the number of firms in the market.
The noteworthy competitors in the industrial automation services market are Honeywell International Inc., (U.S.) Siemens AG (German), Mitsubishi Electric (Japan), General Electric Company (U.S.), Rockwell Automation (U.S.), Johnson Controls Inc. (U.S.), Schneider Electric (France), Yokogawa Electric Corporation (Japan), OMRON Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), Danaher Corporation (U.S.) among others.
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