Industrial Automation Services Market size to grow by USD 74.36 billion from 2022 to 2027, Increasing focus on predictive maintenance boosts the market - Technavio

NEW YORK, Oct. 18, 2023 /PRNewswire/ -- The industrial automation services market size is expected to grow by USD 74.36 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 17.66% during the forecast period. The market is segmented by type (PE, maintenance and support, OS, and consulting), end-user (discrete industries and process industries), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing report

The increasing focus on predictive maintenance drives the market growth. There is an increasing demand for IoT-enabled devices due to the need for data collection and analysis to address challenging maintenance tasks. The main advantage of IoT-enabled devices is that the operation of the entire plant can be monitored with the help of these devices, such as e steam trap monitors and wireless acoustic transmitters. In addition, it enables industrial operators to compare the effectiveness and performance of machines using the data on available systems and machines. Hence, such factors are positively impacting the market, which in turn will drive the market growth during the forecast period.

Key Highlights:

• The report recognizes the following as some of the key players in the industrial automation services market: ABB Ltd., Beckhoff Automation GmbH and Co. KG, Eaton Corp. Plc, Emerson Electric Co., Endress Hauser Group Services AG, Epicor Software Corp., Fuji Electric Co. Ltd., General Electric Co., Hitachi Ltd., Honeywell International Inc., Infineon Technologies AG, Keyence Corp., OMRON Corp., R and L Engineering Inc., Rockwell Automation Inc., SARO Automation, Schneider Electric SE, Siemens AG, The EPIC Systems Group LLC, and Yokogawa Electric Corp.
• Industrial Automation Services Market is fragmented in nature.
• Market to observe 16.68% YOY growth in 2023.

Market Dynamics:

Trend

• Value chain integration by automation solution providers is a primary trend in the market during the forecast period.
• There has been an increasing demand for automation solutions, and as a result, the competition among established market players has gotten more intense.
• Therefore, several market players in automation solutions are increasingly focusing on offering software solutions and after-sales services in order to stand out from the competition and expand their market presence.

Challenges 

• The challenges in managing multiple contracts impede the market growth during the forecast period.
• There is an increasing preference for longer service agreements for any minor device or component from a single service provider among many end-users in the industries.
• Therefore, it is expected to hinder the market growth during the forecast period.

The report analyses the market size and growth and provides accurate predictions on the growth of the market. View FREE PDF Sample 

Key Segments:

The market share of the PE segment will be significant during the forecast period. The increasing need to handle complex processes that may be deployed remotely is leading to the increased adoption of industrial automation control systems, such as supervisory control and data acquisition (SCADA), programmable logic controllers (PLCs), and sensors in both process and discrete industries. 

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Related Reports:

The marketing consulting market size is estimated to grow at a CAGR of 4.93% between 2022 and 2027. The market size is forecast to increase by USD 41.56 billion. 

The strategy consulting market is estimated to grow at a CAGR of 17.63% between 2022 and 2027 and the size of the market is forecast to increase by USD 70.08 billion. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio