According to a market report, published by Sheer Analytics and Insights, The global IT automation market was valued at $192.2 billion in 2021 and it is expected to reach $1450.8 billion at a CAGR of 18.8% between 2022 and 2032. The process of developing software and systems for repeated procedures replacement and reduced manual intervention is known as IT automation. Automating manual procedures that formerly required human interaction, speeds up the supply of IT infrastructure and applications. IT automation uses software to program and repeat procedures, policies, or instructions to save time and free up IT employees for more strategic tasks. More workloads are being moved to cloud environments, new tools are being introduced, and IT teams are becoming more and more important to daily operations. Furthermore, businesses in a variety of sectors, including financial services, retail, healthcare, and education, are utilizing new tools and technologies to offer new, virtual services. By developing new digital procedures that enhance those services, the race is now on to enhance the consumer experience. Emerging digital technologies will be built on a foundation of data, AI, cloud computing, and the internet of things, giving businesses the competitive edge they need.
The introduction of 5G wireless technology and industry 4.0's expanding acceptance are driving up demand for automation solutions across industries. The growth of the worldwide industrial automation market is anticipated to be significantly influenced by developments in augmented reality, digital twins, digitalization, and industrial IoT. For instance, Kezzler AS, a cloud-based platform for product digitization and traceability, and Rockwell Automation Inc. cooperated in July 2021. Through the use of cloud-based chain technologies, the alliance seeks to give producers the ability to track their product's entire path from the point of origin to the point of sale or beyond. Hence, these are estimated to accelerate the market growth over the forecast period from 2022 to 2032.
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Moreover, Organizations can assess possible improvements, identify implementation risk reduction, and grasp feasibility with the use of a digital twin. The adoption and upkeep of digital twins have been easier with the rise of the industrial Internet of Things, which includes cloud-based systems and intelligent sensors. Furthermore, RPA technology is used in businesses to automate manual data entry operations, eliminating the need for human labor. AI employs neural networks with self-learning networks that take in input and utilize that data to analyze past data models and learn from them to make intelligent decisions. IPA workflow is made up of ML, AI, cognitive learning, and RPA together. As a result, the need for IPA rises as RPA does as well. RPA offers quickness and effectiveness. These rising factors are expected to create more growth opportunities in the future.
On the other side, some major factors would restrain the market growth at a certain period in the future. For instance, monitoring of industrial automation technology, including location, speed, vibration, and temperature. Increased automation and higher efficiency are made possible by increased maintenance of the machinery produced by asset management software with new product solutions. Increased connectivity, advanced software, and the internet of things all contribute to this. Improved workflow management and simple work transfer through the program. Improvements in accuracy and precision, consistency of performance, job quality produced without human involvement, predictability with enhanced maintenance, and labor work and cost reduction.
According to the study, key players dominating the global IT automation market are ABB Ltd (Switzerland), Automation Anywhere (U.S), Capgemini (France), Cognizant (U.S), Emerson Electric (U.S), Genpact (U.S), General Electric (U.S), HCL (India), Honeywell (U.S), Infobip (U.K), Infinitus (China), Mitsubishi Electric (Japan), Omron (Japan), Rockwell Corporation (India), Schneider Electric (France), Snorkel AI (U.S), Siemens AG (Germany), UIPath (Romania), Virtual Operations (U.K), Yokogawa Electric (Japan), Wipro (India), among others.
The Global IT Automation Market – by Offering Type:
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