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Industrial Automation Market Insights Covering Market Dynamics and Competitive Scenario through 2024

May 1st 2019 at 11:34 PM

Stemming in the 18th century, industrial revolution has steadily traversed in its fourth stage, ushering disruptive alterations in industry infrastructure such as automation. Exponential rise in industrial activities and corresponding need for adequate, cost efficient organizational management is likely to pave avenues for automation in the ambit of industrial operations, thus reckoning an exponential growth curve in industrial automation market. Pressing needs to substitute human errors and associated limitations catapult adoption of robotics and connected devices to enable seamless workflow with negligible physical interference. Factors as such are poised to favor lucrative outlook of industrial automation market in subsequent times.

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With the global populace increasing at an astral pace, demands for goods and services are pegged to remain high, thereby further necessitating adoption of advanced plant machinery with high throughput and auto-functional attributes to ensure timely delivery across diverse industry verticals. Workplace injuries and mishaps continue to remain potential bottlenecks, contributing towards hefty compensation claims. To offset the situation several industries such as manufacturing has fast embraced industrial automation to limit instances of workforce accidents and mishaps. The range of industrial automation is not merely limited to mass production and greater throughput but spills down to ensuring favorable working conditions and leverage tactical decisions.

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Factors such as lack of adequate skilled labor and resources to transform manual workflow into an automated one are likely to serve as major growth deterrents in industrial automation space. However, stern demands for improved mass production capabilities across multifarious domains such as F&B, pharmaceuticals, electronics, and chemicals amongst others are likely to create lucrative opportunities across the globe at large in the forthcoming years.

Besides enabling mass production with utmost dexterity, industrial automation is crucial to maintain the protocols of product lifecycle management (PLM) encompassing production, design, and delivery. To ensure flawless inventory management and enterprise resource planning and management adoption of automated lifecycle management consisting of a gamut of information systems remains crucial. As industrialization continues to remain a dominant trend, emerging economies are likely to offer further opportunities. However, in terms of feasibility, accessibility, and availability of resources, matured economies such as Europe is likely to remain at the helm in terms of large scale adoption, triggering magnificent growth in industrial automation market.

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