The global industrial automation services market 2020 can potentially advance at an approx. rate of 10% from 2017 to 2023 (review period), reveals Market Research Future (MRFR). The market can also reach a valuation of USD 55.60 Billion, indicating considerable gains during the given timeframe.
Top Boosters and Main Barriers
Industrial automation services involve a vast set of technologies as well as automatic control devices that help boost the quality and productivity of products, while bringing down the production cost. These services also help lower human intervention in industrial processes and ensure better performance compared to humans. It involves the use of robots, computers, information technologies and control systems that manage industrial processes. Some globally known companies in the industrial automation services industry include Mitsubishi Electric Factory Automation, ABB Ltd., Emerson Electric Company and Siemens, to mention a few.
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Industrial automation services help standardize all the processes within an industry, facilitating superior-quality and consistent results. Therefore; its demand in a variety of industries to achieve reliable and qualitative manufacturing has soared considerably over the years. It also enables mass production in industries, given its capability to prevent human intervention, improve the product quality, and cut down labor expenses, all of which culminates in reduced operational costs.
The industrial automation services are gaining traction because of the emergence of the Industry 4.0 trend along with IoT enabled smart technologies. The rapidly increasing number of SMES, rising popularity of Internet of Things and cloud-based automation, high demand for smart factories, supply chain synchronization, mass customization and developments in the M2M communication technology also benefit the worldwide market.
Market Segmentation
The main segments considered in the report, depending on which the industrial automation services market has been analyzed, include service, solution, and end user.
The service segment can be narrowed down into consulting, professional service, system integration services, technical training, and others. Between these, the consulting services note the highest demand in the market as they help back every stage of the projects, ranging from the startup to the ongoing maintenance. It also leverages the existing assets to boost the output, enhance the quality, ensure safety and also cater to regulations.
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