LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global advanced process control (APC) software market to grow to USD 1,386.7 million by 2021, at a CAGR of more than 8% over the forecast period, according to their latest report.
The research study by Technavio on the global advanced process control software market for 2017-2021 provides a detailed industry analysis based on the end-users (oil and gas industry, chemical industry, and power industry) and geography (the Americas, APAC, and EMEA).
The Americas is the leading segment of the market, projected to generate both the highest revenue and maximum incremental growth over the forecast period. The high adoption of APC software by various process industries to increase their overall efficiency is responsible for the dominance of the Americas in the market.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global advanced process control software market:
- Advantage of minimal resource requirement post implementation
- Increase in accuracy and fault reduction through APC software
- Rising demand for automation
Advantage of minimal resource requirement post implementation
Process industries use many systems and different technologies to carry out their operations. All these systems create a massive assemblage of data through various machines, which have different technological features attached to them.
“Industries deploy the APC software to minimize the resources required to monitor and sort through the data collected. The software deployed displays real-time data, performs complex calculations, and computes the result,” says Bharath Kanniappan, a lead analyst at Technavio for automation research.
Increase in accuracy and fault reduction through APC software
Fault detection is an important and crucial process used to analyze faults within industries interrelated with each other. The APC software improves process accuracy in an industry by using the fault detection and classification tool. This tool can continuously monitor ongoing processes on a real-time basis to survey process deviations, identify faulty issues, and rectify the same. Accuracy and fault reduction play a critical role to ensure that industries can reduce their operational expenditure and reflect a greater profit in operations.
Rising demand for automation
“Industries are moving toward automation to increase accuracy, security, production, and operation efficiency. The growing demand for automation has a positive impact on the adoption of APC software in various industries,” says Bharath.
The adoption of APC software ensures the optimization within industries without any extra training and recruitment activities. Automation also increases the accuracy in industries, enabling them to provide precise and standard quality of services.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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