The Business Research Company’s global market reports have been updated with the latest market sizing information for the year 2023 and forecasted to 2032. The global industrial automation market size is expected to grow from $177.2 billion in 2022 to $190.9 billion in 2023 at a compound annual growth rate (CAGR) of more than 7%. The factory automation market size is then expected to grow to $256.7 billion in 2027 at a CAGR of more than 7%. The industrial automation market is fairly fragmented, with a large number of players. The industrial automation market forecast identifies the implementation of AI in industrial automation, edge and cloud computing for industrial automation, and the adoption of IoT as the top three technologies companies in the industrial automation market should adopt to stay relevant in the market.
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