North America Industrial Process Automation Market is expected to reach USD 24.78 billion by 2030

The presence of high labour cost and technological innovation are driving up demand for the North America Industrial Process Automation market during the forecast period.

North America Industrial Process Automation Market was valued at USD 15.79 billion in 2022, and is predicted to reach USD 24.78 billion by 2030, with a CAGR of 4.82% from 2023 to 2030, according to new research by Next Move Strategy Consulting. In North America, where labor costs tend to be higher compared to several other regions such as Asia and South America, there is a growing impetus for the adoption of automation technologies.

Businesses are increasingly turning to advancements in robotics, artificial intelligence, and machine learning to streamline their operations, reduce their dependence on labor, and enhance productivity. These technologies enable the automation of increasingly intricate tasks, providing businesses with a competitive advantage in the global market by optimizing efficiency and cost-effectiveness.

However, a significant challenge impeding the growth of the industrial process automation market is the absence of standardization. Without standardized protocols, vendors may develop proprietary systems that prove challenging to replace or upgrade. This situation can result in vendor lock-in, where companies become dependent on a specific vendor's technology, restricting their flexibility to work with different providers.

Vendor lock-in can lead to increased costs, reduced adaptability, and less room for innovation, all of which can have a detrimental impact on the industrial process automation market's expansion. Such concerns about being locked into a specific vendor's technology may deter companies from investing in automation systems, thus constraining market growth.

On the other hand, the increasing adoption of cloud-based automation solutions presents a significant growth opportunity for the industrial process automation industry. These solutions offer several benefits such as increased efficiency, productivity, and profitability for businesses. They can be easily scaled up or down, making them suitable for businesses of all sizes. 

Additionally, cloud-based solutions offer enhanced control and transparency within industrial processes, resulting in substantial reductions in expenses related to the upkeep and enhancement of hardware, software, and infrastructure.

This cost-saving feature allows companies to redirect resources towards their core competencies and other strategic areas of their operations. The increasing adoption of cloud-based solutions for handling and harnessing 3D data acquired from reality capture devices indicates a noticeable surge in interest toward embracing these technologies. 

For instance, in January 2022, Accenture made a strategic investment via Accenture Ventures in Cintoo, a company that offers cloud-based solutions for the management and utilization of 3D data acquired from reality capture devices. As a result, continued growth and innovation in the industrial process automation industry is expected in the future.

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According to the report, leading players in the North America Industrial Process Automation market include Hitachi Ltd, Yokogawa Electric, Siemens AG, Mitshubishi Electric Corporation, Honeywell International Inc., ABB Ltd, Toshiba Corporation, Emerson Electric Co., Rockwell Automation Inc, Omron Corporation, and Fanuc Corporation, Schneider Electric SE, Endress+Hauser, Valmet OYJ, and Dwyer Instruments Inc.

Key Insights from the North America Industrial Process Automation Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the North America Industrial Process Automation market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The market share of players in the North America Industrial Process Automation market is provided in the report along with their competitive analysis.

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