The rising adoption of smart technologies in various sectors and initiatives to increase efficiency are the primary factors behind the automation market’s growth. Thus, we think prominent stocks in this space, Intuitive Surgical (NASDAQ:ISRG), John Bean Technologies (NYSE:JBT), and Materion (NYSE:MTRN), could be solid additions to one’s portfolio. Read ahead to learn more.The increasing adoption of artificial intelligence, the advent of 5G wireless technology, and smart instruments are propelling the automation market’s prospects.
The need to reduce human error and improve speed are contributing significantly to the growth of the automation market. Consequently, the global industrial automation market is expected to reach $212.41 billion by 2027, registering a CAGR of 6.7%.
Businesses have increased their budget for automation to improve efficiency, decrease costs and reduce the need for human workers. This should bode well for fundamentally strong automation stocks like Intuitive Surgical, Inc. (ISRG), John Bean Technologies Corporation (JBT), and Materion Corporation (MTRN).