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.
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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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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