KUALA LUMPUR (Aug 12): The industrial automation software market is expected to reach US$59.5 billion (RM264.63 billion) by 2029, growing at a compound annual growth rate of 7.4% during the forecast period of 2022-2029.

In a report titled "Industrial Automation Software Market by Product, Deployment Type, End User, and Geography — Global Forecast to 2029" by ResearchAndMarkets.com published on Business Wire on Thursday (Aug 11), the firm said the growth of this market is driven by increasing demand for automation for qualitative and reliable manufacturing, the growing need for mass production with reduced operating costs, and the surging adoption of Industry 4.0 and other enabling technologies.

The report is an analysis of the industrial automation software market across five major geographies, and emphasises current market sizes and shares, recent developments, and forecasts until 2029.

It said the high cost of implementing factory automation solutions is expected to restrain the growth of this market.

The report said emerging automation-driven industries in developing countries and growth prospects for the industrial analytics space are expected to create significant growth opportunities for stakeholders in this market.

However, the cyber risks associated with automated systems are expected to remain a major challenge for market growth.