Industrial automation software enables controlling systems and devices, allowing the operation of industrial processes and machinery without human intervention. Industrial automation software allows the utilization of technologies such as IoT, enhanced connectivity, sensors, and analytics. They facilitate the transition from reactive to proactive maintenance and enable the detection of prospective concerns to mitigate operational risks and extend asset life & productivity. The increasing dynamic needs of the industry and demanding, complex operations and processes are driving the growth of industrial automation software globally.
Industry 4.0 technologies include the Industrial Internet of Things (IIoT), cyber-physical systems, Cloud Robotics, Cloud Computing, and Big Data. These technologies enhance productivity, efficiency, knowledge sharing & collaborative working flexibility, and agility while reducing production costs. Hence, industrial automation system manufacturers focus on the networked and intelligent production of Industry 4.0-compatible technologies. Many end-use industries such as automotive & transportation, metals & machinery, electrical & electronics, and aerospace & defense have started implementing Industry 4.0 concepts in their manufacturing processes to harness the advantages, including increased productivity, flexibility, and safety; higher product quality; reduced need for consumables; and lower production costs.
Several governments across the globe are offering incentives, such as tax credits and reimbursements, for the development and adoption of Industry 4.0. For instance, in March 2022, the World Economic Forum announced the addition of 13 new sites to its Global Lighthouse Network, a community of 103 world-leading manufacturing facilities and value chains using Fourth Industrial Revolution technologies to increase operational performance and environmental sustainability. In this global network, 66% of lighthouse companies, including Janssen (Italy), Sanofi (France), BOE Technology Group (China), Schneider Electric (India), and Unilever (India), made sustainability improvements by reducing consumption, resource waste, and carbon emissions, and increased productivity by 82%. In 2021, the Indian manufacturing sector invested approximately USD 6.5 billion in Industry 4.0.
Additionally, in September 2020, the U.S. allocated more than USD 1 billion to establishing 12 new research & development hubs for AI and quantum information science (QIS) across the country. In February 2021, Singapore announced plans to provide USD 18.1 billion over the next three years to help local businesses innovate and build capabilities essential to take them through the next transformation phase with the adoption of emerging technologies, including 5G, artificial intelligence (AI) and cybersecurity. Such investments by public and private sector players to promote Industry 4.0 are driving the growth of the industrial automation software market.
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