Industrial Automation Market to exceed USD 52.7 Billion by 2020

Asia-Pacific is expected to be the fastest-growing region in the space

Global Industrial Automation services market is estimated to exceed USD 52.7 billion by 2020 growing at a CAGR of 10.63% for the forecasted period, as per research and markets report.

 

North America dominates the global automation industry market followed by Europe. Asia-Pacific is expected to be the fastest-growing region iin the space, according to the report. In 2015, U.S. companies exported nearly USD10.5 billion worth of products to foreign markets.

 

Major Drivers

Need for operational efficiency, rapidly growing SMEs, growing inclination towards Internet of Things (IoT) and cloud-based automation, growing demand for smart factories, mass customization, supply chain synchronization, integration of systems, increasing R&D and innovation in Artificial intelligence and advancement in the M2M communication technology are some of the key growth factors of this industry. High installation and maintenance costs and lack of trained professionals are still some of the constraints in this industry.

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