According to the business intelligence report titled ‘Global Industrial Automation Market Size study, By Component (Hardware, and Software), By Industry (Discrete Industry, and Process Industry) and Regional Forecasts 2021-2027’, available with Market Study Report, global industrial automation market was assessed at USD 179.95 billion in 2020 and is anticipated to be worth USD 326.14 billion by 2027, growing at 8.9% CAGR between 2021-2027.
 

Digital transformation of industries, coupled with the industrial revolution and coordinated efforts by companies are the key factors driving global industrial automation market growth.
 

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Citing an example, in 2020, Siemens AG garnered USD 10.5 billion from its mobility section, which includes traveler & cargo transportation businesses as well. The company’s best performing segment for the same financial year was digital industries vertical, which amassed USD 17.5 billion.
 

For the unversed, industrial automation refers to the utilization of control frameworks such as robots or PCs, along with data innovations to take care of the hardware and various processes in an industry.
 

While innovation in 5G technology will aid revenue inflow, high initial capital investment will act as a challenge for businesses in this domain.
 

Based on component, worldwide industrial automation industry is split into software, and hardware. Speaking of industry type, the business sphere is bifurcated into process industry, and discrete industry. Information about market share held, growth rate estimates, sales amassed, and valuation of each segment is incorporated in the report as well.
 

From regional frame of reference, Europe currently poses as lucrative growth avenue for the partakers, owing to developing business sector. Meanwhile, Asia Pacific market is slated to register significant growth between 2021-2027, due to advanced mechanics, and increasing computerization.
 

Key players profiled in the global industrial automation industry report are Hewlett-Packard Development Company L.P., General Electric Company, 3D Systems Corporation, Schneider Electric SE, Fuji Electric Co. Ltd., Endress+Hauser Group, Azbil Corporation, Yokogawa Electric Corporation, WIKA Alexander Wiegand SE & Co. KG, and Honeywell International Inc.
 

These companies are undertaking strategic decisions such as mergers & acquisitions, partnerships, product launches, collaborations, alliances, and investments in R&D to enlarge profit margins and strengthen their foothold in global industrial automation business sphere.