Global Industrial Automation Market Size 2024, Forecast To 2033

The industrial automation market has shown robust growth, escalating from $185.5 billion in 2023 to $198.43 billion in 2024, with a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period is attributed to the increasing adoption of robotics, strong economic growth in emerging markets, government support, and rising automotive production. Looking forward, the industrial automation market is expected to witness strong growth, reaching $263.88 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. This growth in the forecast period is driven by the increasing adoption of IoT, rising healthcare expenditure, growing demand from the agriculture industry, and the increase in passenger air traffic. Major trends in the forecast period include leveraging artificial intelligence for improving efficiency and mass production, focus on edge and cloud computing for real-time data processing, utilization of 5G technology, emphasis on cybersecurity solutions, and focus on cloud robots.