In the current competitive market scenario, automation industry across the globe is witnessing huge demand to improve efficiency and to meet the environmental standards and regulations as well as the corporate financial objectives. Cost reduction in automation industry is essential in order to enhance the productivity and efficiency of manufacturing and process systems, given the increasing age of many industrial systems and the dynamic nature of industrial manufacturing market. Advancements in technology in industrial automation over the past decades have largely contributed in the development of this sector. Demand for automation is likely to skyrocket in the coming years due to the increased requirements of high product quality, combined with the expectations of equally high reliability in high volume production. Increased adoption of technologies like IoT and Industry 4.0 and massive demand for automation in manufacturing sectors has given definitely given a fresh boost to the automation industry.