Global industrial automation market outlook
The global industrial automation was valued at US$ 168 billion in 2020 and is predicted to reach US$ 326.14 billion by 2027 with an annual growth of 8.9%. Industry 4.0 and 5G wireless technology has propelled this demand for automation.
The market is driven by the improvement in quality of product and services within the life sciences trade. Additionally, speedy enhancements in detector technology are anticipated to boost up the expansion of the industrial automation market within the life sciences trade.
The adoption of automation within the life sciences industry reduces several issues caused by human error and fatigue. It allows organizations to simply notice and rectify any deviations from the patient care plan, thereby increasing the quality of products and services delivered to them. Industrial automation also results in freeing up human resources and allowing organizations to focus on core areas that give cognizance to their clinical prowers and expertise.
It also helps companies to establish standardized care for patients, leading to better health outcomes. With the increasing focus on improvement in patient-experience in the life sciences industry, there is a need for streamlined bills, scheduled appointments, and processing claims.
The global market is ready to grow with an impressive annual rate of 9%-12% from 2020 to 2025. APAC region is the driver of the global industrial automation market, owning a regional market share of 32% in 2020.
In line with international trends, around one million robots are presently in use in Asia, i. e. Representing around sixty seven of worldwide industrial mechanism usage. APAC region is predicted to still account for the most important share of the industrial plant automation market because of technological innovations combined with high adoption across numerous industries.
The global industrial automation market is disintegrated, and the degree of disintegration will decrease from 2020 to 2024. Market players are increasingly focusing on providing after sales services and software solutions to distinguish themselves and grow their market presence.