According to a new report by UnivDatos Market Insights, the Industrial Automation market was valued at USD 224 Billion in 2023, growing at a CAGR of about 9% during the forecast period from 2024 - 2032. by increasing the efficiency of the processes, cutting costs, and increasing effectiveness in business operations. It helps companies to satisfy customer needs for increased product differentiation, delivery time, and quality as well as reduce energy consumption. Moreover, the increase in the application of new technologies, including the automation of work by Artificial Intelligence in organizational activities, will continue to dictate change in the redesign of business processes and structures. Furthermore, leading players have actively integrated mergers & acquisitions and joint ventures as important strategic moves to sustain the competition in the global market.

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 In April 2024, Lear Corporation a global automotive technology leader in Seating and E-Systems, acquired WIP Industrial Automation (“WIP”). The acquisition builds upon Lear’s successful integration of ASI Automation, Thagora Technology SRL, and InTouch Automation as part of IDEA by Lear, the next phase of the company’s strategy to utilize technology and innovation to develop products and extend its leadership in operational excellence.

According to the report, the impact of industrial automation has been identified to be high for the North American area. Some of how this impact has been felt include:

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North America is expected to grow with a considerable CAGR in the forecast period due to the advancement in technology and globalization of industries. Industry 4.0 with a mature manufacturing background is improving production efficiency relating to products and services in industrial markets. It is becoming apparent that organizations are using automation solutions to overcome the shortage of labor, increase the level of safety, and strengthen their position in the global market. For instance, on May 6, 2024, Comau is spearheading the Power of Automation with new digital-driven, advanced robotic, and powerful AI-backed automation solutions, unveiled at Automate, North America’s leading automation show. The region exhibits a robust inclination towards research activities that contribute to development, especially regarding automation solutions such as robotics and artificial intelligence.

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