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The Factory Automation Platform as a Service market is expected to grow at a CAGR of 31.05% to reach USD 747.1 Million by 2022. Factors such as increased focus on efficiency and cost of production and advancement in cloud computing technology are driving the growth of the Factory Automation Platform as a Service.
Major players operating in the Factory Automation Platform as a Service market include Siemens AG (Germany), General Electric Company (U.S.), Schneider Electric SE (France), Honeywell International Inc. (U.S.), Rockwell Automation, Inc. (U.S.), Telit (U.K.), Microsoft (U.S.), PTC (U.S.), Hitachi Data Systems Corporation (Japan), Advantech Co., Ltd. (Taiwan), and IBM (U.S.), among others.
North America is the largest market for Factory Automation Platform as a Service and is expected to witness significant growth.
The market for the electric power generation industry is expected to grow at the highest rate between 2016 and 2022 owing to the adoption of new technologies such as big data, Internet of Things (IoT), and cloud computing among others to reduce the production cost and improve the connectivity.
The distributed control system (DCS) held the largest market size during the forecast period because of the need to upgrade the aging installed base of DCS and the demand for expanded project and engineering services.
Investments are being made for various technological developments in the APAC region for Factory Automation Platform as a Service, which provides several growth opportunities for the market players operating in the region. 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 the flexibility and scalability and reducing the time to market for partners and customers.