According to the 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 valuation was USD 179.95 billion in 2020 and is anticipated to reach USD 326.14 billion by 2027 while growing at a CAGR of 8.9% during 2021-2027.
 

Recent industrial revolution along with digital transformation across an array of end-use verticals are catalyzing the growth of global industrial automation market. It is to be noted that industrial automation is basically substitution of manpower that is responsible for carrying out various processes and for taking care of the hardware, with the application of control frameworks such as PCs or robots.
 

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In addition, recent technological advancement with the introduction of 5G technology is expected to boost the industry dynamics during the forecast period. However, scarcity of skilled professionals and high initial investment are likely to hamper the market growth over the coming years.
 

The report widely illustrates the industry segments along with the market drivers and probable challenges that will influence the growth matrix during the study period. Furthermore, it will provide insights about the companies catering to the market while emphasizing on opportunities with investment point of view.
 

Global industrial automation market sphere, based on the component terrain, is bifurcated as software, and hardware. In terms of process, the market is divided as discrete industry, and process industry.
 

Geographically, the report comprehensively studies the latest trends and profitable prospects across North America, Asia Pacific, Latin America, Europe and the rest of the world. As per estimates, Europe accounts for sizeable market share presently, owing to flourishing businesses in the region. Parallelly, Asia Pacific market is touted to provide new opportunities over 2021-2027, pertaining to rising computerization and advanced mechanics in the region.
 

The companies that define the worldwide industrial automation market competitive scenario are General Electric Company, Schneider Electric SE, Endress+Hauser, Yokogawa Electric Corporation, Honeywell International Inc, WIKA Alexander Wiegand SE & Co. KG, Azbil Corporation, Fuji Electric Co. Ltd., 3D Systems Inc., and Hewlett-Packard Development Company L.P.