DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Factory Automation Platform as a Service Market by Solution (MES, PLM), Platform (Asset Management, Data Processing and Analytics), Professional Service (System Integration, Consulting), End-User Industry, and Geography - Global Forecast to 2022" report to their offering.
The Factory Automation Platform as a Service market is expected to be worth USD 747.1 Million by 2022, at a CAGR of 31.05% during the forecast period.
The performance and characteristics of the Factory Automation Platform as a Service depend largely upon the platform and professional services offered. The Factory Automation Platform as a Service is adopted by several industries due to the ease and benefits of service and solutions it provided.
The growth of the market is driven by various factors such as increased focus on efficiency and cost of production and advancement in cloud computing technology. However, factors such as the complexity of operation and lack skilled technical workforce currently act as restraints for the market growth.
The oil and gas industry led the Factory Automation Platform as a Service market, in terms of market size, between 2016 and 2022. The oil and gas industry has a high growth rate in the Asia-Pacific region. However, North America holds the largest market size because of the large industry base where the adoption of Factory Automation Platform as a Service has reduced the production cost and improved the connectivity.
Manufacturers are increasingly adopting the manufacturing execution system (MES) platform because it saves costs and provides opportunities for facilitating operations and delivering high performance of their production assets across the supply chain.
The key players in this market focus on strategic partnerships, acquisitions, agreements, and new product launches to increase their revenue. For instance in September, 2016 Microsoft (U.S.) launched Azure Services, becoming the first public cloud provider in India by establishing three data centers in Mumbai, Pune, and Chennai. These local data centers would be responsible for increasing flexibility and scalability and reducing the time to market for partners and customers.
- Increased Focus On Energy Efficiency, Resource Optimization And Cost of Production
- Advancement in Cloud Computing Technology
- Lack of Skilled Technical Workforce
- New Opportunities Offered By Industry 4.0
- Convenience of Platform-Based Deployment/Service-Based Platform
- Strategic Partnerships And Collaborations
- Data Security And Privacy
- Advantech Co., Ltd
- General Electric Company
- Hitachi Data Systems Corporation (Hitachi Ltd.)
- Honeywell International Inc.
- International Business Machines Corporation
- Microsoft Corporation
- Rockwell Automation, Inc.
- Schneider Electric Se
- Siemens Ag
For more information about this report visit http://www.researchandmarkets.com/research/lc9x5f/factory
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