In 2021, the automation industry is estimated to generate around 214 billion U.S. dollars worldwide. The process automation segment is expected to exceed 83 billion U.S. dollars by 2021. The global automation market is expected to grow rather considerably, particularly in 3D printing, artificial intelligence, and drones, each of which are predicted to nearly double in global revenues over this time period. Automation is an important factor to most modern industries, and industrial software development is vital to fields in tech, engineering, and scientific research. Industrial software alone is expected to be worth 43 billion U.S. dollars in 2021.
By expediting processes and minimizing human error, the advent of automation and connected devices allows industries to innovate and grow in size fairly rapidly. Without automated processes, stores and warehouses would find it difficult to fill their shelves with i.e. food, medicine, and computers. Whereas the industrial age regarded automation as feats of mechanical engineering, the automation of today is driven by advancements in robotics and software engineering. Currently, industrial workers, researchers, and even bureaucrats make use of machine learning and artificial intelligence to streamline their work.
Automation is not just a technology to increase production and feed economic growth, but it also acts as a service to domestic and personal living. Previously, many products that utilized artificial intelligence and robotics simply were not affordable to the masses. However, as the sectors develop, the technology becomes better and cheaper. Self-driving cars are a stand out example of an automated product that is expected to become widely used once the technology is perfected. In the U.S. alone, annual autonomous vehicle sales are expected reach 4.5 million units by 2035.
Global automation market size in 2019 and 2021, by segment
(in billion U.S. dollars)
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UBS. (February 26, 2020). Global automation market size in 2019 and 2021, by segment (in billion U.S. dollars) [Graph]. In Statista. Retrieved December 09, 2022, from https://www.statista.com/statistics/257170/global-automation-market-revenue-by-end-market/
UBS. "Global automation market size in 2019 and 2021, by segment (in billion U.S. dollars)." Chart. February 26, 2020. Statista. Accessed December 09, 2022. https://www.statista.com/statistics/257170/global-automation-market-revenue-by-end-market/
UBS. (2020). Global automation market size in 2019 and 2021, by segment (in billion U.S. dollars). Statista. Statista Inc.. Accessed: December 09, 2022. https://www.statista.com/statistics/257170/global-automation-market-revenue-by-end-market/
UBS. "Global Automation Market Size in 2019 and 2021, by Segment (in Billion U.S. Dollars)." Statista, Statista Inc., 26 Feb 2020, https://www.statista.com/statistics/257170/global-automation-market-revenue-by-end-market/
UBS, Global automation market size in 2019 and 2021, by segment (in billion U.S. dollars) Statista, https://www.statista.com/statistics/257170/global-automation-market-revenue-by-end-market/ (last visited December 09, 2022)