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Industrial Automation Set to Reach $352 Billion by 2024

Industry 4.0: the Fourth Industrial Revolution

The first Industrial Revolution was brought about by the invention of the steam engine which ran on a source of energy that was cheap, abundant, and extremely effective. 

Shortly after, the concept of the assembly line and the ability to harness the power of electricity brought about the second revolution, which made it possible to mass produce complicated items like the automobile. 

Building upon modern factory systems and automation introduced in the third revolution, Industry 4.0 seeks to create smart, fully autonomous factories that require minimal human involvement and oversight.

Just like steam power, electricity, and the assembly line, all-new concepts and technologies like The Internet of Things (IoT), Internet of Systems (IoS), and cyber-physical systems are all leading the way for the so-called “Fourth Industrial Revolution.” 

So, is Industry 4.0 just a new buzzword or fad in manufacturing, or is it a trend that will truly revolutionize the industrial automation market as a whole? 

Growth in the Industrial Automation Market

A recent report from Transparency Market Research claims that the global Industrial Automation market will reach $352 billion by the year 2024. The report also suggests that market will grow by an average of 6.6% per year, between 2016 and 2024.

Driving factors for growth in the industrial automation market include an increasing demand for technology and industrial systems that enhance operational efficiency and lessen the need for human intervention and oversight. 

According to the report, the main selling points of industrial automation include shorter production times and a long-term reduction in manufacturing costs. Other benefits include the ability to quickly adjust production based on demand/seasonality and improved safety due to a reduction in human error.

Despite an optimistic future, however, there still remain many barriers to continued growth in the industrial automation market. 

Both high competition and fragmentation make this a challenging market to break into in the coming years. And a severe shortage of professionals, lack of security awareness, a high cost of implementation, and limited funding all contribute to stunted growth. 

Where WonderLogix Comes In

WonderLogix Studio is a platform that allows you to manage your PLCs without needing to code. By eliminating the requirement to know how to code, we’re empowering professionals in a wide variety of fields like Biotechnology to effortlessly program and maintain their PLCs without supervision.

Our platform also provides a host of benefits to be expected from any Industry 4.0 technology, such as quicker time-to-market, reduction in human programming errors, and an overall improvement in industrial safety. In fact, you can expect to get your PLC project to market 3X faster when you use WonderLogix instead of traditional PLC programming methods. 

WonderLogix Studio’s object-oriented design also adds a level of intelligibility to PLC programming that coding languages tend to obscure. The patented Logic Editor allows you to program and maintain complex systems like you would with a modern website builder—just click, drag, and drop.  

To learn more about WonderLogix Studio and how we’re revolutionizing industrial automation, please check out our page.  

Written by Corey Singleton

"As a business owner, I put big money into sales and marketing without ever really knowing what results I was going to get. Tired of this ambiguity, I decided to create a new kind of sales support company: one that provides a guarantee.

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