Global Industrial Automation Market is estimated to be US$ 274.40 billion by 2030 with a CAGR of 7.5

Abhi795430 May, 2022Business

Global Industrial Automation Market accounted for US$ 133.43 billion in 2020 and is estimated to be US$ 274.40 billion by 2030 and is anticipated to register a CAGR of 7.50%. Factory automation standardizes industrial processes and provides consistent, high-quality outcomes; as a result, it is in high demand in businesses that require dependable, high-quality manufacture. Furthermore, it meets the demand for mass production in sectors because to qualities such as little human interaction, increased quality, and lower labor expenses, all of which result in a low overall operational cost. The increased adoption of the Industry 4.0 movement and IoT-enabled smart technologies has boosted demand for factory automation. However, the rise of factory automation is hampered by excessive investment, a scarcity of personnel, and a lack of security awareness.