Factory Automation Market to Reach $218.8 billion by 2027: Growing Demand for Advanced Manufacturing Processes

 

The report "Industrial Control & Factory Automation Market by Component, Solution (SCADA, PLC, DCS, MES, Industrial Safety, PAM), Industry (Process Industry and Discrete Industry) and Region (North America, Europe, APAC, RoW) – Global Forecast to 2027" The global industrial control & factory automation market size is estimated to be USD 147.9 billion in 2022 and is projected to reach USD 218.8 billion by 2027, at a CAGR of 8.2%. Increasing adoption of technologies such as AI and IoT in industrial environments, increasing number of government initiatives to promote industrial automation, and rising need for augmented reality and virtual reality technologies are major factors driving the growth of the industrial control & factory automation market. Additionally, growing adoption of smart manufacturing techniques across process and discrete industries is another key driver for the market.

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Industrial 3D printing to grow at the highest growth rate during the forecast period

Industrial 3D printing is used in tooling, robotics, and special machinery applications. The manufacturing of tools is an expensive and time-consuming process, but it can be simplified using industrial 3D printing. Tools with highly complex designs can be easily manufactured, thereby eliminating the need for an assembly line, and helping to reduce labor costs. The development of new materials is expected to contribute to the increased adoption of industrial 3D printing globally.

PAM is expected to register the highest growth rate and MES is expected to register the second highest growth rate during the forecast period

PAM solutions enable users to determine possible failures at the production level well in advance and provide them the required corrective actions to be taken in real-time. PAM solutions offer predictive and proactive maintenance approaches for predicting future failures with a high degree of accuracy, thereby increasing the adoption of PAM across sectors such as oil & gas and energy & power. MES enables cost-savings and improvements in operations and delivery of high-performance production assets across the supply chain of industries for local manufacturers. Demand for MES across different industries is expected to increase with quantifiable improvements in their production and efficiency. Potential improvements in supplier and inventory management are also expected to attract most industries toward implementing MES in their manufacturing units.

Among discrete industries, the medical device industry is expected to register the highest growth during the forecast period

The growth of the medical device industry is driven by continuous innovations and technological advancements in the field of healthcare. The industry has witnessed significant growth owing to the development of state-of-the-art medical devices equipped with novel technologies. Manufacturers operating in this industry are adopting innovative solutions to enhance their overall manufacturing processes and increase operational efficiency, thereby increasing the adoption of industrial control & factory automation solutions in this domain.

The industrial control & factory automation market in Asia Pacific held the largest share and is expected to grow significantly from 2022 to 2027

The growth of the market in Asia Pacific can be attributed to the efforts being made to boost the region’s manufacturing sector through the adoption of innovative practices and implementation of automation technologies. Research institutes and corporates in countries like China and Japan are collaborating to improve the manufacturing processes of different industries in the country. Industrial intellectualization and information integration remain the focus of the industrial policies formulated by the government. Owing to the rising competition from China and South Korea, Japan is focusing on the adoption of advanced and highly precise automation solutions in its industrial sector, especially in the consumer electronics, semiconductors, automotive, and food & beverage industries. Industries in the country are increasingly adopting manufacturing robots, sensors, wireless technologies, and machine vision systems to transform their factories into smart factories. This, in turn, is leading to the growth of the industrial control & factory automation market in Japan.

Major companies operating in the industrial control & factory automation market include ABB (Switzerland), Emerson (US), Siemens (Germany), Schneider Electric (France), Mitsubishi Electric (Japan), Yokogawa Electric Corporation (Japan), Endress+Hauser (Switzerland), Honeywell (US), Rockwell Automation (US), and General Electric (US).

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Next-Generation Data Storage Market expected to reach $86.2 billion by 2028

The report "Next-Generation Data Storage Market by Storage System (Direct-Attached, Network-Attached, Storage Area Network), Storage Architecture, Storage Medium, Storage Systems, Deployment Type, End-user and Region - Global Forecast to 2028" The Next-Generation Data Storage market is projected to grow from USD 60.7 billion in 2023 and is projected to reach USD 86.2 billion by 2028; it is expected to grow at a CAGR of 7.3% from 2023 to 2028. The growth of this market is driven by factors such as rising use of 5G technology, surging adoption of IoT technologies and connected devices, and rising data generation with surge in use of mobile and smart wearable devices.

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NAS segment is expected to grow at the high CAGR from 2023 to 2028

NAS segment is expected to grow at high rates over the forecast period. A NAS device is connected to a network that allows storage and retrieval of data from a central location for authorized network users and varied clients. It helps enterprises to scale their storage capacities without upgrading or replacing the existing servers. With the high adoption rate of smart home automation in growing countries such as the US, Germany, China, and Japan, the demand for NAS storage systems for home cloud servers is growing rapidly. This will further fuel the segment growth over the forecast timeframe.

The SSD segment in Next-Generation Data Storage market is expected to be the fastest growing storage medium segment during the forecast period

The SSD segment is projected to be the fastest growing storage medium segment during the forecast period. SSDs use non-volatile solid-state chips that feature flash memory cells to store data on a long-term basis. The storage solution depends entirely on flash memory to store data, making them much faster at reading and writing data in ad hoc and sustained operations. Next-generation SSDs do not require an additional power source that always maintains an electrical current in the device to preserve data. This makes them more reliable than traditional HDDs. SSDs come with a storage capacity ranging from 120 GB to 30.72 TB. The high-end scalability feature provided by the SSDs will propel the market growth over the forecast period.

Cloud service providers segment of the Next-Generation Data Storage market to record highest CAGR from 2023 to 2028

The cloud service providers segment is expected to account for the highest CAGR of the Next-Generation Data Storage market from 2023 to 2028. Many organizations are opting for cloud solutions to drive down data storage costs. The challenge of dealing with burgeoning volumes of data—often unstructured—is likely to be a key factor for users interest in the cloud. The adoption of solid-state drives (SSDs) by cloud providers continues to be a major trend. The availability of cloud storage solutions and services has eliminated the need to maintain on-premises storage infrastructures, such as disk storage and tape devices. Cloud storage solutions offer enterprises the flexibility to scale up or down the storage capacity, depending on the business requirements.

North America will hold the largest share in the Next-Generation Data Storage market during the forecast period

North America will hold the largest Next-Generation Data Storage market share from 2023 to 2028. Leading companies in North America, such as Dell Technologies, HPE, and NetApp, Inc., provide the most developed data storage solutions to various industries. Enterprises in North America are increasingly spending on IT infrastructure to gain a competitive advantage and increase business productivity. The region has a large number of prominent players offering server-attached networks and storage systems, namely Dell, HPE, and Hitachi. Additionally, the market for data centers has been evolving through administration and federal mandates for data center optimization. Also, increasing cloud adoption is driving the demand for data centers. This trend of having well-optimized data centers boosts the demand for next-generation data storage solutions in this region.

Key players in the Next-Generation Data Storage market include Dell Technologies Inc. (US), HPE (US), NetApp, Inc. (US), Huawei Technologies Co., Ltd. (China), Pure Storage, Inc. (US), Hitachi Ltd. (Japan), Fujitsu Ltd. (Japan), IBM Corporation (US), DataDirect Networks (US), and MicronTechnology Inc. (US). Apart from these, Cloudian (US), Drobo, Inc. (US), Quantum Corp. (US), Western Digital Corporation (US), Samsung Electronics Co., Ltd. (South Korea), Nutanix (US), Seagate Technology LLC (US), Scality (US), NETGEAR, Inc. (US), Inspur Group (China), SK Hynix (South Korea), LucidLink (US), DataCore (US), KIOXIA Holdings Corp. (Japan), and Infinidat (US) are among a few emerging companies in the Next-Generation Data Storage market.

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Artificial Intelligence in Healthcare Market expected to reach $102.7 Billion by 2028

 

The report "Artificial Intelligence in Healthcare Market by Offering (Hardware, Software, Services), Technology (Machine Learning, NLP, Context-aware Computing, Computer Vision), Application, End User and Region - Global Forecast to 2028" according to MarketsandMarketsTM. The AI in Healthcare Market is projected to grow from USD 14.6 Billion in 2023 to USD 102.7 Billion by 2028; it is expected to grow at a CAGR of 47.6% during the forecast period. The market growth is attributed to the increasing generation of large and complex healthcare datasets, growing computing power, declining hardware costs, and rising need to reduce healthcare costs. The growing potential of AI technology in genomics, drug discovery, and imaging & diagnostics is expected to create growth opportunities for the market.

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Software to account for a larger share of AI in Healthcare market in 2023

Software is expected to hold the majority of the share during the forecast period. Increasing developments in AI software and related software development kits will further propel the market growth in the coming years. The software integrated into computer systems carries out complex operations. It synthesizes the data received from hardware systems and processes it in an AI system to generate an intelligent response. The software is developed using AI technologies, such as machine learning, natural language processing, and deep learning.

In most cases, the software can run in the existing system without any additional requirements for specific hardware. The software can run the specific application without additional hardware, especially for patients, payers, ACOs, and MCOs. AI-related additional hardware is needed in case of faster calculations in healthcare, for example, in medical imaging, drug discovery, and precision medicine.

Machine Learning to hold for the majority of the share in AI in Healthcare market in 2023

Machine Learning is expected to account for the largest market share throughout the forecast period. This is attributed to the enormous availability of data, also called big data, and the increasing adoption of ML by hospitals, research centers, pharmaceutical companies, and other healthcare institutions to improve patient health. ML is being implemented in healthcare to deal with large volumes of data. The time previously dedicated to creating charts and spreadsheets is now being used to seek intelligent ways to automate data analysis. It is used to streamline hospital administrative processes, map and treat infectious diseases, and personalize medical treatments.

Medical Imaging & Diagnostics segment to grow at highest CAGR in AI in Healthcare market

In healthcare, medical imaging generates a large volume of data, and this data is also the most challenging of all in terms of understanding and interpretation. Healthcare AI startups are raising venture capital and have been working in the field of imaging and diagnostics (especially pathology) and extracting insights using machine learning. Zebra Medical Vision, for instance, provides radiologists with AI-enabled assistants that receive imaging scans and automatically analyze them for various clinical findings they have studied. The results are passed onto radiologists, who consider the assistant’s reports when diagnosing.

Market in Asia Pacific to hold significant opportunities for the market during forecast period

China, Japan, South Korea, and India are among the major countries driving the AI in Healthcare market in Asia Pacific. In 2022, China held the largest share of the AI in Healthcare market among all countries in Asia Pacific. It is the highest spender on healthcare among the countries in Asia Pacific and is planning to digitize medical records. The healthcare sector in China is rapidly growing, resulting in the introduction of new medical technologies. All these factors, coupled with burgeoning population growth in the country, are expected to increase the healthcare data volume in their respective healthcare systems. This represents a significant untapped opportunity for AI companies operating in the hospitals and healthcare providers segment.

Major vendors in the AI in Healthcare market include Intel Corporation (US), Koninklijke Philips N.V., (Netherlands), Microsoft (US), Siemens Healthineers (Germany), and NVIDIA Corporation (US) among others.

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Artificial Intelligence Poised to Transform Cybersecurity Landscape, Market to Reach $60.6 Billion by 2028

 

The report "Artificial Intelligence in Cybersecurity Market by Offering (Hardware, Software, and Service), Deployment Type, Security Type, Technology (ML, NLP, and Context-Aware), Application (IAM, DLP, and UTM), End User and Geography - Global Forecast to 2028" The artificial intelligence in cybersecurity market size is valued at USD 22.4 Billion in 2023 and is anticipated to be USD 60.6 Billion by 2028; growing at a CAGR of 21.9% from 2023 to 2028. The key factors contributing to the growth of Artificial intelligence in the cybersecurity market include the increasing instances of cyber threats, rising concerns of data protection, and increasing vulnerability of Wi-Fi networks to the security threats are among the factors driving the growth of Artificial intelligence in the cybersecurity market.• Informational PDF Brochure :-

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Future of AI in Cybersecurity Market

The future of the AI in cybersecurity market is expected to be bright and promising. With the increasing need for advanced security solutions and the rapid growth of cyber threats, the demand for AI in cybersecurity is expected to grow significantly in the coming years. The use of AI in cybersecurity is expected to become more widespread, with organizations adopting AI-powered security solutions to improve their threat detection and response capabilities. In addition, advancements in AI technology are expected to result in more sophisticated and effective security solutions.

AI is expected to play a critical role in addressing the ever-evolving nature of cyber threats by providing organizations with the ability to proactively detect and respond to security incidents in real-time. As AI continues to become more sophisticated, it is also expected to help organizations automate many manual security tasks, reducing the workload for security teams and freeing up resources for other important tasks.

In conclusion, the future of AI in cybersecurity is expected to be characterized by increased investment, innovation, and adoption, with AI-powered security solutions becoming increasingly integral to the overall security landscape.

APAC exhibit the highest CAGR during the forecast period

APAC is highly concerned about the increasing security spending owing to the ever-growing threat landscape. Machine learning, IoT, Big Data analytics, and AI are the emerging methodologies that are being deployed in this region. Organizations are transforming their businesses to cloud to increase productivity speed and business performance. The nature of cyber threats is changing continuously and becoming more sophisticated. Ransomware, ad fraud malware, android malware, DDoS, botnets, banking Trojans, and adware are the topmost malware attacks in this region. Rising population and government policies, among other factors, are expected to boost the growth of the AI in cybersecurity market in APAC.

Software to dominate artificial intelligence in cybersecurity market during forecast period

Software holds a major share of the overall AI in cybersecurity market owing to developments in AI software and related software development kits. AI systems require different types of software, including application program interfaces, such as language, speech, vision, and sensor data, along with machine learning algorithms, to realize the applications for cybersecurity. The software platforms and solutions are available at higher costs as there are only a limited number of experts that develop machine learning algorithms. Companies such as Darktrace (UK), Cylance (US), Securonix (US), and IBM (US) are among the frontrunners in the development of software for the AI in the cybersecurity market.

Automotive & Transportation To grow at highest CAGR during forecast period

In the automotive industry, Big Data poses a significant problem with connected car becoming more of a gadget than a purely physical product, constantly synced and updated. It now produces huge amounts of data. Combining machine learning with Big Data analytics presents an opportunity to make sense of the huge volumes of valuable data collected from vehicles, servers, and smart mobility services. Using machine learning, patterns of “normal” behavior can serve as baselines to identify anomalies from cyber threats and policy violations to vehicle and driver irregular behaviors.

The key players in this market are NVIDIA Corporation (US), Intel Corporation (US), Xilinx Inc. (US), Samsung Electronics Co., Ltd (South Korea), Micron Technology, Inc. (US), IBM Corporation (US), Amazon Web Services, Inc. (US), Microsoft (US), Palo Alto Networks Inc. (US), Trellix (US), CrowdStrike (US), and NortonLifeLock (US). The players in this market have adopted various strategies to expand their global presence and increase their market shares.

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Rise of Industrial PCs: Market Projected to be Worth $6.6 Billion in 2028

 

The report "Industrial PC Market by Type (Panel, Rack Mount, Embedded, and DIN Rail), Specification (Data Storage Medium, Maximum RAM Capacity, Display Type), Sales Channel (Direct, Indirect), Industry (Process, Discrete) and Region - Global Forecast to 2028" The industrial PC market is projected to grow from USD 5.0 billion in 2023 to USD 6.6 billion in 2028; it is expected to grow at a CAGR of 5.5% from 2023 to 2028. The growth of the market attributed to the stringent regulatory requirements to ensure safety and security in production plants and high demand for industrial IoT by manufacturing companies driving the industrial PC market.

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Panel industrial PCs to hold the largest market share of the industrial PC market from 2023 to 2028.

Panel industrial PCs are equipped with powerful processors to achieve high computing power; these PCs offer multiple expansion slots for add-on boards. Panel industrial PCs are easy to deploy for demanding applications across a wide range of industries. The resistive touchscreen technology used in these PCs allows the user to perform tasks even by wearing gloves. Compact chassis, high performance, enhanced flexibility, improved safety control, and user-friendly touchscreens are some of the key features of panel industrial PCs.

Direct sales market for industrial PC to grow at higher CAGR during the forecast period.

Direct sales channels involve the selling of industrial PCs directly through a manufacturing company’s in-house sales staff. Players in the industrial PC market sell industrial PCs to end-user industries directly through their staff. Direct channels help end-user industries to choose the correct specification and get customized PCs according to their requirements. Several leading industrial PC providers, such as Kontron and Advantech, along with IEI Integration and Avalue Technology, prefer supplying industrial PCs and related products directly to end-user industries.

Discrete industries of industrial PC market to grow at higher CAGR from 2023 to 2028

The increasing demand for improved process flexibility and enhanced efficiency, comprehensive integration of quality and regulatory requirements, harmonized production processes for optimum supply chain management, and the constant pressure in terms of reducing maintenance and operation costs are the major factors that would drive the adoption of industrial PCs in discrete industries. Furthermore, the increasing focus of automobile companies to develop quality products at competitive prices and the growing demand for high-end automobiles are driving the growth of the industrial PC market for discrete industries.

Asia Pacific to be the fastest-growing market for industrial PCs during forecast period

The industrial PC market in Asia Pacific is expected to grow at the highest CAGR during 2023—2028. China and Japan are major markets for industrial PCs in Asia Pacific. Japan is home to major automobile manufacturers and suppliers currently facing the challenge of high labor costs and increased lead times of manual production. Hence, companies are adopting automated and semi-automated material handling solutions to overcome these challenges. The rising use of industrial automation technologies in these countries fuels the growth of the market for industrial PCs in Asia Pacific.

Key players operating in the market include Advantech Co., Ltd., (Taiwan), Beckhoff Automation (Germany), IEI Integration Corporation (Taiwan), Siemens (Germany), B&R Automation (Austria), Kontron (Germany), Avalue Technology Incorporation (Taiwan), DFI (Taiwan), NEXCOM International Co., Ltd., (Taiwan), and American Portwell Technology Inc. (US).

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The Booming Study on UV Disinfection Equipment Market Analysis Over the Next Five Years

UV disinfection equipment is a type of technology used to sanitize and disinfect surfaces and air with ultraviolet light. This technology has been used for decades to reduce the risk of infection and illness and is now becoming increasingly popular in the market.

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The UV disinfection equipment market is growing rapidly due to the increasing demand for sanitization and disinfection solutions. This market is projected to grow from USD 5.0 billion in 2022 to USD 9.1 billion by 2027; it is expected to grow at a CAGR of 12.5% from 2022 to 2027, driven by the need for clean and safe environments.

Benefits of UV Disinfection Equipment

UV disinfection equipment is a cost-effective and efficient solution for sanitizing and disinfecting surfaces and air. It is easy to install and requires minimal maintenance. It is also safe to use and does not produce any harmful by products.

UV disinfection equipment is also an eco-friendly solution as it does not use any chemicals or other hazardous materials. It is also effective at killing germs and bacteria, making it a great solution for reducing the risk of infection and illness.

Market Segmentation

The UV disinfection equipment market can be segmented based on product type, end-use industry, and geography. By product type, the market is segmented into UV-C lamps, UV-A lamps, and others. By end-use industry, the market is segmented into healthcare, food & beverage, and others.

 

By geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to be the largest market due to the high demand for UV disinfection equipment from the healthcare industry.

Key Market Players

The key players in the UV disinfection equipment market are Xylem Inc. (US), Trojan Technologies (UK), Halma Group (UK), Kuraray Co., Ltd. (Japan), Atlantic Ultraviolet Corporation (US), Evoqua Water Technologies LLC (US), Advanced UV, Inc. (US), American Ultraviolet (US), Atlantium Technologies Ltd. (Israel), Hoenle AG (Germany), and Lumalier Corporation (US).

These companies are also increasing their presence in the market through strategic partnerships and acquisitions. For instance, Philips Lighting has acquired Luciom to expand its presence in the UV disinfection equipment market.

Market Outlook

The global UV disinfection equipment market is expected to witness significant growth over the forecast period, driven by the increasing demand for sanitization and disinfection solutions. The healthcare industry is expected to be the largest consumer of UV disinfection equipment.

The growing awareness about the benefits of UV disinfection equipment is also expected to drive the market growth. The increasing demand in emerging markets such as India and China is also expected to have a positive impact on the market growth.

Conclusion

The UV disinfection equipment market is expected to witness significant growth over the forecast period due to the increasing demand for sanitization and disinfection solutions. The healthcare industry is expected to be the largest consumer of UV disinfection equipment.

The key players in the market are focusing on innovation and product development to gain a competitive advantage. The increasing demand in emerging markets such as India and China is also expected to have a positive impact on the market growth.

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Smart Home Revolution: The Future of the Market

The smart home market is an ever-growing industry that is constantly innovating and introducing new products and services. It is a market that is driven by consumer demand and is constantly evolving to meet the needs of consumers. It is a market that is becoming increasingly competitive and is now estimated to be worth over $ 138.9 billion by 2026 at a CAGR of 10.4% during the forecast period.

The smart home market is characterized by a wide range of products and services, from home automation systems to smart appliances and security systems. It is a market that is expected to continue to grow as more and more consumers become aware of the benefits of a smart home. This presentation will provide an overview of the smart home market, its products, and its potential for growth.

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Smart Home Products and Services

The smart home market comprises a wide range of products and services, from home automation systems to smart appliances and security systems. Home automation systems allow users to control their home’s lighting, temperature, and security from a single device, while smart appliances can monitor energy consumption and provide alerts when energy levels are low. Security systems can be used to monitor and protect the home from intruders.

The smart home market is also characterized by a wide range of services, such as home health monitoring, voice-activated assistants, and home entertainment systems. These services allow users to stay connected to their home from anywhere, as well as providing an array of entertainment options. The services offered in the smart home market are constantly evolving and improving, as companies strive to provide the best user experience possible.

Growth of the Smart Home Market

The smart home market is expected to experience significant growth in the coming years. According to a recent study, the market is estimated to be worth over $ 84.5 billion in 2021. This growth is being driven by the increasing demand for smart home products and services, as well as the emergence of new technologies such as artificial intelligence and the Internet of Things.

The growth of the smart home market is also being driven by the increasing awareness of the benefits of a smart home. Consumers are becoming aware of the potential savings in energy costs, as well as the convenience and security that a smart home can provide. This is leading to an increase in demand for smart home products and services and is expected to continue to drive the growth of the market.

Challenges Facing the Smart Home Market

The smart home market is not without its challenges. One of the biggest challenges facing the market is the lack of standardization. As the market is still relatively new, there is no standardization in terms of protocols and technologies. This can make it difficult for consumers to find compatible products and services, as well as making it difficult for manufacturers to develop products that are compatible with a wide range of products.

Another challenge facing the market is the lack of consumer awareness. While more and more consumers are becoming aware of the benefits of a smart home, there is still a lack of understanding of the technology and how it works. This can make it difficult for companies to market their products and services to consumers, as they need to educate them on the technology and its potential.

Opportunities in the Smart Home Market

Despite the challenges facing the market, there are also several opportunities. One of the biggest opportunities is in the development of new and innovative products and services. As the market is constantly evolving, there is a need for companies to develop products and services that meet the needs of consumers. This can provide companies with a competitive edge and can lead to increased profits.

Another opportunity is in the development of new technologies. As the market is still relatively new, there is a need for companies to develop new technologies that can be used to improve the user experience. This can lead to increased demand for products and services, as well as providing companies with a competitive edge.

Major players in the smart home market are Honeywell (US), Siemens (Germany), Johnson Controls (Ireland), Schneider Electric (France), ASSA ABLOY (Sweden), Amazon (US), Apple (US), ADT (US), ABB (Switzerland), Robert Bosch (Germany), Sony (Japan), Samsung Electronics (South Korea), Crestron Electronics (US), LG Electronics (South Korea), and Legrand (France). Apart from these Ooma (US), Delta Controls (Canada), Control4 (US), Axis Communications (Sweden), Comcast (US), Smarthome (US), SimpliSafe (US), Armorax (US), Canary (US), and Lutron (US). The top players have adopted merger & acquisition, partnership, collaboration, and product launch strategies to grow in the global precision farming market.

Conclusion

The smart home market is an ever-growing industry that is constantly innovating and introducing new products and services. It is a market that is driven by consumer demand and is constantly evolving to meet the needs of consumers.

The smart home market is characterized by a wide range of products and services, from home automation systems to smart appliances and security systems. It is a market that is expected to continue to grow as more and more consumers become aware of the benefits of a smart home. This presentation has provided an overview of the smart home market, its products, and its potential for growth.

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