Industrial Automation Software Market Size

Industrial Automation Software Market Analysis

The Industrial Automation Software Market size is estimated at USD 37.84 billion in 2024, and is expected to reach USD 55.34 billion by 2029, growing at a CAGR of 7.90% during the forecast period (2024-2029).

Industrial automation software is the support system in controlling the overall industrial process. The increasing dynamic needs of various industries and complex operations and processes are driving the demand for industrial automation software. Industrial automation helps in reducing the machine hours required for operations, which can be made possible only through robust software.

• The automation of various industries has offered various benefits, such as effortless monitoring, waste reduction, and increased production speed. Automation offers customers improved quality with standardization and dependable products on time and at a much lower cost.
• Connecting industrial machinery and equipment and obtaining real-time data have played a key role in the adoption of SCADA, HMI, and PLC systems, software such as MES, APM, APC, PLM, and OTS, and control system software that offers visualization. These systems help in reducing the faults in the product, reducing downtime, scheduling maintenance, switching from a reactive state to a predictive state, and creating prescriptive stages for decision-making.
• The Industrial Internet of Things (IIoT) and Industry 4.0 are at the center of new technological approaches for the development, production, and management of the logistics chain, otherwise known as smart factory automation. These are dominating trends in the industrial sector, with machinery and devices being connected via the internet.
• However, the initial costs associated with the implementation of industrial automation solutions are high. Additionally, the costs involved in hiring and training employees who are capable of handling the solution add to the total cost, which can hinder market growth.
• The trends that existed in the pre-COVID manufacturing industry include growing adoption of Industry 4.0 throughout the world, increasing emphasis on industrial automation in manufacturing processes with increasing government support, the growing emphasis on regulatory compliance, increasing complexity and integration of supply chains, surging demand for software systems that reduce time and cost and improve overall equipment effectiveness (OEE) and the collapse of the convergence of MES and ERP layers and SCADA and MES layers. While the COVID-19 pandemic has not triggered Industry 5.0, it has brought about the adoption of Industry 4.0, which utilizes several smart manufacturing technologies. Digital workflows and automation are no longer goals; they are becoming necessary requirements. IoT devices have offered manufacturers a path toward preserving revenue streams during this pandemic.