Global Industrial Automation Software Market Anticipated to Reach to $52.95B by 2023

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The global industrial automation software market generated $35.39 billion in 2018 and is expected to grow at a CAGR of 8.39% during the forecast period, 2018-2023.

The market is growing owing to the need for improved productivity, speed, and efficiency required in the manufacturing process and proliferation of new digital industrial technologies such as industry 4.0 and industrial IoT. Moreover, the emergence of automation-driven industries in developing countries and growth opportunities in industrial analytics market are the major factors expected to create lucrative opportunities for the market in the next ten years.

During the industrial revolution, which began to gain shape during the 18^th and 19^th centuries, the demand for autonomous machines proliferated to increase the production as well as to improve the quality of products. Prior to the industrial revolution, the manufacturing of products was carried out manually with the use of ordinary tools and machinery.

With the onset of industrialization, the demand for mass production and specialized machinery increased and brought out a shift from conventional methods to the deployment of automated machines to perform tedious and repetitive jobs.

During that period, workers in an industry used to operate the machines for production. Due to rapid technological advancement in the industrial automation, the requirement for automated machines, which could perform task with preset instructions and negligible human interactions, increased. The requirement of such automated machines led to the invention and popularization of controlled devices.

Further technological advancements, such as the introduction of integrated circuits, laid the foundation of industrial robots. In 1959, George Devol and Joseph Engelberger developed the first industrial robot. Later on, the researchers and programmers successfully executed complex programming, and robots with advanced capabilities for other applications were created.

The introduction of robots in the manufacturing industry rapidly transformed the process of production that led to the generation of the demand for more automated solutions (both hardware and software) to increase the visibility into the manufacturing process and to generate actionable insight from it for increasing the production and decreasing the production cost.

According to Shubhranshu Agarwal, Industry Analyst at BIS Research, "The growth in industrial automation software market is mainly proliferated by the increase in adoption of industry 4.0 among manufacturing units. According to the analysis, pharmaceutical industry is expected to hold the major market share by 2023. This is due to the emergence of new startups and small and medium enterprises (SMEs) in the pharmaceuticals industry, and the adoption of industrial automation software solutions in their manufacturing process."

The market report provides a detailed analysis of the recent trends influencing the market, along with a comprehensive study of the future trends and technological developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, financial summary, and SWOT analysis. The overall market has been segmented into range, class, end user, and region. The report also includes a comprehensive section on the geographical analysis for North America, Europe, Asia-Pacific, and Rest-of-the-World.

Some of the key players in the global industrial automation software market include ABB Ltd, Honeywell International Inc., Schneider Electric, Siemens AG, Rockwell Automation Inc., CANNON-Automata, Emerson Electric CO., OMRON Corporation, Dassault Systèmes, IBM Corporation, Parsec Automation Corp, General Electric, Werum IT Solutions, and Aegis Industrial Software Corporation.