Latest News- Process Automation Market in Europe: Discrete automation is expected to lead the Type segment during 2024-2028
The Process Automation Market in Europe is being driven by Rising demand in healthcare sector
The Process Automation Market in Europe is expected to grow at a CAGR of 6.6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2700.7 million. In the European Process Automation Market, the adoption of virtualization technology is on the rise. Virtualization enables the creation of multiple virtual machines on a single physical server, each running its own operating system (OS) and software. Hypervisors, a crucial component of virtualization, act as a thin layer between the virtual machines and the host server. By applying virtualization at various layers, including server, storage, desktop, file, and network, businesses can optimize resource utilization, reduce operational costs, and achieve power savings. Traditionally, physical servers have been limited in their ability to run only one OS and application at a time, resulting in suboptimal performance. Virtualization addresses this issue by enabling multiple virtual machines to run on a single server, thereby improving overall efficiency and flexibility.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Type (Discrete automation, Process automation) Geography (Europe).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Process Automation Market in Europe Research Report
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The European Process Automation Market is experiencing significant growth due to the adoption of Industry 4.0 and IIoT (Industrial Internet of Things) technologies. Smart factory automation is a key trend, with IoT connected devices and cloud-based solutions enabling energy efficiency, safety automation systems, and productivity improvement. Machine learning, AI, and robotics are also driving advancements in monitoring and control, inspection, and data collection. Existing systems are being upgraded with software solutions for DCS (Distributed Control Systems), pressure, temperature, level, and humidity measurement, as well as instrumentation devices. Digital Transformation brings benefits such as improved monitoring and data collection, but also raises concerns about job displacement. Cloud-Based Automation is a major trend, offering cost savings and flexibility.
The European Process Automation Market encompasses businesses specializing in IoT-driven Industry 4 solutions, smart factory automation, logistics chain optimization, and safety automation systems. These companies develop and produce software for Industry 4.0 applications, including machine learning and energy efficiency solutions. Technavio's market analysis covers revenue generated by these organizations, focusing on enterprise software for automation, IoT-connected devices, and cloud-based services. Excluding interactive home entertainment and systems software companies, this market size is calculated based on the combined revenues of all relevant European entities.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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