Process Control Automation Market Overview 2024: Size, Growth Rate, and Segments

The process control automation global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market. Process Control Automation Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities. Market Size - The process control automation market size has grown steadily in recent years. It will grow from $59.86 billion in 2023 to $62.71 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to industry 4.0 revolution in the manufacturing sector, growing need to achieve process optimization in lesser time, rising rate of the population entering the middle and upper classes, reduction of operating costs with the advent of IoT, implementation of new policies and regulations. The process control automation market size is expected to see strong growth in the next few years. It will grow to $76.80 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to expansion of manufacturing sector, increasing demand for automation in industries, increasing demand for machines, increasing number of government initiatives, increasing use of remote operations. Major trends in the forecast period include technological advancements, use of advanced software, development of process automation companies, product innovation, adoption of automation technologies. Order your report now for swift delivery @ https://www.thebusinessresearchcompany.com/report/process-control-automation-global-market-report Scope Of Process Control Automation Market The Business Research Company's reports encompass a wide range of information, including: 1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth. 2. Drivers: Examination of the key factors propelling market growth. 3. Trends: Identification of emerging trends and patterns shaping the market landscape. 4. Key Segments: Breakdown of the market into its primary segments and their respective performance. 5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market. 6. Macro Economic Factors: Assessment of broader economic elements impacting the market. Process Control Automation Market Overview Market Drivers - The expansion of the manufacturing sector is expected to propel the growth of the process control automation market going forward. The manufacturing sector refers to the portion of the economy producing goods through various processes, such as machining, fabrication, assembly, or chemical processing. The manufacturing sector is expanding due to economic growth, government policies and incentives, consumer demand and preferences, and supply chain resilience. Process control automation plays a crucial role in manufacturing by enhancing efficiency, quality, productivity, flexibility, safety, and cost-effectiveness. It enables manufacturers to remain competitive in an increasingly complex and dynamic business environment. For instance, in August 2023, according to a report published by the National Association of Manufacturers (NAM), a US-based manufacturer association, manufacturing value-added production exhibited yearly growth from $2.905 trillion in the first quarter of 2023 to $2.895 trillion in the fourth. Manufacturing made up 10.9% of the value-added output in the first quarter of the US economy. Therefore, the expansion of the manufacturing sector is driving the growth of the process control automation market. Market Trends - The major companies operating in the personalized learning market are focusing on integrating artificial intelligence into personalized learning to provide students with hyper-personalized and compelling learning experiences. Artificial intelligence (AI) in personalized learning refers to the use of AI technologies to tailor educational experiences to meet the individual needs, preferences, and learning styles of students. For instance, in June 2023, BYJU'S, an India-based educational technology company, BYJU’S WIZ to provide students with personalized learning experiences using generative artificial intelligence (AI). The WIZ suite offers three AI transformer models, including BADRI, MathGPT, and TeacherGPT. Badri is a predictive AI model that identifies a student’s strengths and weaknesses at a granular level. MathGPT offers accurate solutions for complex math challenges, and TeacherGPT provides personalized guidance to students. This trio of AI mo