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The global industrial automation market size is expected to witness exponential growth by reaching USD 326.14 billion by 2027. This is attributable to the growing demand for advanced wireless technologies such as 5G to increase productivity and accuracy in industrial applications across the globe. This information is published by Fortune Business Insights, in its latest report, titled “Industrial Automation Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, and Software), By Industry (Discrete Industry, and Process Industry), and Regional Forecast, 2020-2027.” The report further mentions that the market was worth USD 168.81 billion in 2019 and is projected to exhibit a CAGR of 8.9% between 2020 and 2027.
Emerson Collaborates with QRI to Develop Next-Gen AI-based Analytics
In March 2020, Emerson, a technological solutions provider, announced its collaboration with Quantum Reservoir Impact (QRI) to develop and commercialize the next-generation artificial intelligence (AI) enabled tools and applications for oil and gas exploration industry. The collaboration between the two software companies is aimed at facilitating the oil and gas industry with the latest digital transforming technologies to optimize large amounts of data and enable efficient data management strategies. Steve Santy, Emerson President for E&P software, said, “The collaboration with QRI is expected to enhance our capabilities to provide our clients with superior analytics that helps them in maximizing capital and production efficiency while maintaining an optimum reserve assessment.”
Adoption of advanced computational technologies by major companies such as Emerson and QRI will help them consolidate their position and thus contribute to the growth of the global industrial automation market during the forecast period.
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Growing Adoption of 5G Technology in Industrial Applications to Augur Growth
Intense competition and fast-paced evolution of technology are enabling the companies to adopt a high-speed network. Besides this, rapid urbanization is propelling the demand for smart infrastructures and automation technology across the globe. Owing to the instantaneous connectivity and low latency provided by the 5G network, the industrial companies are embracing the technology to expedite automation services in their operations. Increasing focus on high productivity, while minimizing operational costs, is driving the industrial applications to adopt modern technologies such as 5G that will bode well for the growth of the global market during the forecast period.
Major Companies Focusing on R&D Activities to Strengthen Position
Fortune Business Insights observes that the competition in the global industrial automation is characterized by the growing focus of major companies such as ABB Ltd, and Rockwell Automation, to develop innovative digital solutions to enhance the automation experience. These companies are investing heavily in research and development activities to cement their position in the fiercely competitive global marketplace during the forecast period. Furthermore, the proactive stance by the key players in adopting strategies such as collaboration, merger and acquisition, and partnership is expected to contribute to the growth of the market in the forthcoming years.
List of the Companies Operating in the Market:
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Value (USD Billion)