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Industrial Automation Software Market to Grow by USD 5.44 billion during 2020-2024 | Need to Reduce Overall Operational Expenses to Emerge as Key Driver | Technavio


NEW YORK, March 5, 2021 /PRNewswire/ -- The industrial automation software market is expected to grow by USD 5.44 billion during 2020-2024, expanding at a CAGR of almost 3%. The report also throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters ? with a limited impact on the full-year economic growth.

The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios. - Get FREE Sample Report within MINUTES

Industrial Automation Software Market: Need to reduce overall operating expenses to drive growth

Automation software helps end-user industries to control the overall manufacturing operations and deliver superior quality products with high precision. The effective deployment of automation software minimizes process failures and reduces product failure costs and waste. These solutions help enterprises to cut labor costs, thereby reducing product manufacturing and maintenance expenses. The adoption of automation software and solution has not only reduced the number of workers required per plant but also provided industrial operators with flexibility in product pricing. These factors will drive the industrial automation software market over the forecast period.

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As per Technavio, the emergence of automation software solutions on the cloud will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.

Industrial Automation Software Market: Emergence of automation software solutions on the cloud

Cloud-based automation software eliminates the expenses related to hardware and IT infrastructure of automation solutions such as MES and SCADA. The shift of functions such as analyzing and maintaining data from the operators to cloud service providers enables the users to view data on tablets and smartphones. These devices are also used as portable HMIs to monitor remote machines and enable field technicians to access and control the process. The adoption of cloud-based SCADA and MES solutions would reduce end-users' costs up to 25% compared to on-premise during the forecast period. Thus, the emergence of automation software solutions on the cloud is driving the market for industrial automation software.

"The emergence of automation software solutions and the increasing investments by private entities in renewable power generation plants will further boost market growth during the forecast period", says a senior analyst at Technavio.

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Industrial Automation Software Market: Major Vendors

Industrial Automation Software Market: Segmentation Analysis

This market research report segments the industrial automation software market by product (SCADA software, MES, DCS software, HMI software, and PLC software), end-user (Process industry and Discrete industry), and Geography (APAC, North America, Europe, MEA, and South America).

The APAC region led the industrial automation software market in 2020, followed by North America, Europe, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increasing plant complexities.

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Some of the key topics covered in the report include:

Market Challenges

Market Drivers

Market Trends

Vendor Landscape

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/ 

SOURCE Technavio


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