The Process Automation Market size is estimated at USD 109.77 billion in 2024, and is expected to reach USD 145.65 billion by 2029, growing at a CAGR of 5.82% during the forecast period (2024-2029).
The Industrial Internet of Things (IIoT) and the Industrial 4.0 are at the center of new technological approaches for development, production, and management of the entire logistics chain, otherwise known as smart factory automation and are dominating trends in the industrial sector, with machinery and devices being connected via the internet. The number of IoT connected devices rose to 20.35 billion in 2017 from 15.41 billion in 2015 and is expected to reach 51.11 billion by 2023, given the huge push from the investment of the technology providers through continuous research and development.
The process automation market is fragmented and highly competitive and consists of several major players. Few of the major players currently dominate the market. These major players, with a prominent share in the market, are focusing on expanding their customer base across outside countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. Key players are ABB Ltd, Dassault Systemes SE, etc. Recent developments in the market are -
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