Market Research Report
Industrial Automation Services Market by Service, End-users, and Geography - Forecast and Analysis 2020-2024
|Published by||TechNavio (Infiniti Research Ltd.)||Product code||297470|
|Published||Content info||169 Pages
Delivery time: 1-2 business days
|Industrial Automation Services Market by Service, End-users, and Geography - Forecast and Analysis 2020-2024|
|Published: November 5, 2019||Content info: 169 Pages||
Technavio's industrial automation services market analysis considers sales from both process industries and discrete industries. Our report also provides a detailed analysis of the market in APAC, Europe, MEA, North America, and South America. In 2019, the process industries segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as increasing need for plant maintenance and optimization will play a significant role in the process industries segment to maintain its market position. Also, our global industrial automation services market report looks at factors such as the growing need for the main automation contractor, increasing focus on predictive maintenance, and lack of technical expertise. However, interoperability issues, challenges in managing multiple contractors, and growing cybersecurity concerns may hamper the growth of the industrial automation services industry over the forecast period.
The need for simultaneous devising and planning of multiple projects makes strategizing automation plans difficult for end-users. This has given rise to the concept of the leading automation contractor (MAC) that enables the smooth deployment of automation control systems. MAC helps in minimizing the planning and implementation costs and maintaining standardization across various projects. The MAC quickly assesses the requirement of end-users, generates a detailed analysis and evaluation of initial process requirements, formulates front-end design and engineering, and enables the procurement of various automation solution products. This demand will lead to the expansion of the global industrial automation services market at a CAGR of almost 6% during the forecast period.
End-users are increasingly adopting virtualization, which provides benefits such as optimum resource utilization and operation and power cost savings. Virtual machines allow easy access of physical servers integrated with industrial automation systems at various locations on the plant, thereby reducing the overall cost of servers. The increasing awareness of virtual software and flexibility in operating automation software is encouraging the end-users to increasingly adopt virtualization as it provides benefits such as optimum resource utilization and operation and power cost savings. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global industrial automation services market during the forecast period 2020-2024, view our report.
With the presence of several major players, the global industrial automation services market is fragmented. Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading industrial automation services manufacturers, that include ABB Ltd., Emerson Electric Co., FANUC Corp., Honeywell International Inc., Mitsubishi Electric Corp., OMRON Corp., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, and Yokogawa Electric Corp.
Also, the industrial automation services market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.