The Business Research Company’s global market report on industrial automation forecasts that the global industrial automation market size will 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 Siemens AG being the largest competitor with 4.1% industrial automation market share. The report identifies the implementation of AI in industrial automation, edge and cloud computing for industrial automation, and the use of robotics as the top three technologies companies in the industrial automation market should adopt to stay relevant in the market.
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