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Robotic Process Automation Market to Reach US$ 26.5 Billion by 2033

automation

Robotic Process Automation Market to Reach US$ 26.5 Billion by 2033

The global demand for robotic process automation market is expected to reach $3.2 billion by 2023. Forecasts anticipate that by the end of 2033, this sum will have risen to $26.5 billion in revenue.

The surge in investments in automation research and development, alongside the growing availability of technologies like RPA OCR tools and automated robots, is poised to solidify the demand for RPA services worldwide. As the forecast period concludes, sales of RPA monitoring tools tailored for cybersecurity, risk management, and compliance management are anticipated to experience a significant upswing.

The increasing digitization of daily life is expected to drive the demand for Robotic Process Automation (RPA) in the future. Integration of self-learning technologies like AI, machine vision, and ML across industries will further boost demand for intelligent process automation. The rise of virtual assistants, advanced chatbots, and adoption of automation technologies by businesses for productivity enhancement are key drivers. Additionally, adherence to industry 4.0 standards and AI adoption in retail will propel RPA software sales.

However, high initial investments and the need for skilled personnel may hinder RPA demand. Challenges such as a shortage of skilled professionals and complexities in implementing intelligent process automation technologies need addressing for sustained growth. Despite obstacles, investments in R&D and the availability of RPA OCR tools will solidify demand. Sales of RPA monitoring tools for cybersecurity and risk management are expected to witness substantial growth.

Market Drivers:

Several factors propel the growth of the Robotic Process Automation (RPA) market:

  1. Cost Efficiency: RPA technology streamlines repetitive and time-consuming tasks, leading to substantial cost savings for organizations. By automating these tasks, companies can reduce reliance on manual labor, enhancing operational efficiency and generating cost reductions.
  2. Enhanced Efficiency: RPA executes tasks faster and with greater accuracy than humans, boosting overall efficiency and productivity. This capability enables companies to expedite task completion, minimize errors, and increase throughput.
  3. Improved Customer Experience: RPA facilitates quicker and more precise responses to customer inquiries and requests, elevating the overall customer experience. Enhanced responsiveness contributes to heightened customer satisfaction and retention rates.
  4. Simplified Business Processes: RPA simplifies complex business processes by automating repetitive and manual tasks. This simplification streamlines operations, reduces errors, and enhances compliance adherence for businesses.
  5. Scalability: RPA solutions are easily scalable to accommodate organizations of all sizes, ranging from small businesses to large enterprises. This scalability makes RPA an appealing option for businesses seeking to automate their processes.
  6. Seamless Integration: RPA seamlessly integrates with other technologies such as artificial intelligence (AI) and machine learning (ML), further enhancing operational efficiency and productivity. This integration enables businesses to leverage advanced capabilities for improved outcomes.

Key Market Trends:

The RPA market has experienced remarkable growth in recent years, driven by widespread adoption of automation technologies across diverse industries. Organizations are increasingly turning to RPA to automate routine tasks, leading to heightened efficiency, accuracy, and productivity.

Intelligent automation has emerged as a prominent trend within the RPA market, fueled by advancements in artificial intelligence and machine learning. This approach combines RPA with AI and ML, empowering machines to learn from data and make intelligent decisions.

Cloud-based RPA solutions are gaining traction due to their flexibility, scalability, and cost-effectiveness. These solutions offer convenient access to data and analytics, empowering organizations to make well-informed decisions.

Hyper automation, which integrates various automation technologies including RPA, AI, ML, and cognitive tools, is witnessing widespread adoption. This comprehensive approach enables end-to-end automation of business processes, leading to enhanced efficiency, agility, and customer satisfaction.

The healthcare sector is swiftly embracing automation technologies like RPA to bolster operational efficiency, curb costs, and elevate patient care standards. RPA applications span areas such as claims processing, medical coding, and patient data management.

In the realm of customer experience enhancement, companies are leveraging RPA to automate customer support processes such as chatbots and virtual assistants. This adoption enables swift and efficient customer support, thereby enhancing overall customer satisfaction levels.

Competitive Landscape:

To solidify their market, share sustainably, leading companies are directing their efforts towards the expansion of novel automation technologies and services.

As an example, in September 2022, Newgen Software unveiled its latest integrated RPA solution. Additionally, the company has reinforced its automation processes to bolster its capabilities in automation and development.

Key Companies Profiled:

  • UiPath
  • Automation Anywhere Inc.
  • Redwood Software
  • NICE
  • Blue Prism
  • Pegasystems
  • Kofax
  • KOFAX
  • NTT Advanced Technology Corporation
  • Genpact Ltd.
  • WorkFusion
  • EdgeVerve
  • IPsoft Inc.
technology arrivenow labor industrial

Global Industrial Controls Market is Set to Offer Revenue Opportunity Worth US$ 341.8 Billion by 2031

The global industrial controls market is poised for significant growth in the coming years, driven by advancements in technology and increasing demand for automation and control solutions in industries such as manufacturing, energy, and automotive. The market is projected to reach a size of US$ 341.8 billion by 2031 from US$ 212.3 billion in 2022, growing at a compound annual growth rate (CAGR) of 5.5% during the forecast period of 2023-2031. This growth is expected to be driven by the increasing need for efficiency and productivity in industrial processes, as well as the growing trend towards Industry 4.0 and the Industrial Internet of Things (IIoT). In terms of volume, the market is expected to grow at a CAGR of 4.2% during the same period.

North America and Europe are currently the largest markets for industrial controls, but the Asia-Pacific region is expected to exhibit the highest growth rate during the forecast period, driven by rapid industrialization and increasing adoption of automation technologies in countries such as China and India.

Sustainability and Efficiency: Trends in Industrial Controls Market in the Era of Green Technologies

  • Industry 4.0 and IIoT: The adoption of Industry 4.0 and IIoT is expected to continue driving the growth of the industrial controls market. These technologies enable the integration of physical and digital systems, leading to greater automation, data exchange, and real-time decision-making. This trend is expected to drive demand for advanced sensors, software, and communication technologies.
  • Robotics and Automation: The demand for robotics and automation is increasing across various industries, including manufacturing, healthcare, and logistics. Industrial controls play a critical role in ensuring the seamless integration and control of robotic systems. The integration of robotics and automation with IIoT is expected to create new opportunities for the industrial controls market.
  • Edge Computing: The growing adoption of edge computing is expected to create new opportunities for the market. Edge computing allows for the processing and analysis of data closer to the source, reducing latency and enabling real-time decision-making. Industrial controls that can operate at the edge and provide secure communication with central control systems will be in high demand.
  • Cybersecurity: With the increasing adoption of IIoT and the growing use of interconnected systems, cybersecurity is becoming a critical concern. Industrial controls that provide secure communication and prevent unauthorized access will be in high demand. The market is expected to see an increased focus on developing secure industrial control systems.
  • Sustainable and Green Technologies: The focus on sustainability and reducing carbon emissions is driving the adoption of sustainable and green technologies. Industrial controls that enable greater energy efficiency and enable the integration of renewable energy sources will be in high demand. This trend is expected to create new opportunities for the industrial controls market.

Europe to Generate Over 35% Revenue of the Global Industrial Control Market

Europe has been dominating the global industrial controls market for several years. This is due to various factors such as the presence of established market players, a strong demand for automation technologies, government support for industrial development, and advanced manufacturing processes.

One of the key reasons for Europe’s dominance in the industrial controls market is the high demand for automation technologies in industries such as manufacturing, oil and gas, and power generation. The region’s manufacturing sector is one of the largest in the world, with countries such as Germany, France, and the UK being major players. As these industries continue to automate their operations to improve efficiency and productivity, the demand for industrial control systems increases.

Europe is also home to several major players in the industrial controls market, such as Siemens AG, ABB Ltd., Schneider Electric SE, and Emerson Electric Co. These companies have a strong presence in the region and are actively involved in research and development to improve their products and services. Moreover, governments in Europe have been supportive of the development of the industrial sector, providing incentives for businesses to invest in automation technologies. For instance, the European Union’s Horizon 2020 program has provided funding for research and innovation in the industrial sector, promoting the adoption of advanced manufacturing technologies.

In terms of supply, Europe has a well-established supply chain for industrial control systems. The region has a highly skilled workforce in the engineering and manufacturing fields, with a focus on innovation and quality. This has led to the development of high-quality and reliable industrial control systems, which are in high demand globally.

Automotive Industry to Remain the Largest Consumer of Industrial Control Market, with 29% Revenue Contribution

The industrial controls market is expected to continue its growth trajectory as more industries recognize the benefits of automation, energy efficiency, and improved production processes. This growth is attributed to factors such as the increasing need for industrial automation and the growing demand for energy-efficient production processes. The use of industrial controls can lead to significant cost savings for companies. Schneider Electric estimates that the use of automation and control systems in manufacturing processes can lead to cost savings of up to 30%. Additionally, the use of energy-efficient industrial controls can help companies reduce energy consumption and costs. According to the International Energy Agency, the use of energy-efficient motors and drives can lead to energy savings of up to 40%.

Improved end-user experience is another key benefit of industrial controls. The use of industrial controls can ensure that products are of high quality and meet customer demands. The automotive industry accounted for the largest share of the industrial controls market in 2022, with a revenue share of 29%, according to a report by Astute Analytica. The use of industrial controls in the automotive industry can help manufacturers produce vehicles that are reliable, safe, and meet customer specifications.

End-user preferences also play a role in the industrial controls market. For example, the food and beverage industry is a key market for industrial controls that meet strict sanitation requirements. The oil and gas industry is a key market for industrial controls that can withstand harsh environmental conditions. Our study estimates that the food and beverage industry accounted for the second-largest share of the market in 2022, with a revenue share of over 18%.

Top 10 Players Dominate Global Industrial Controls Market, Capturing Over 74% of Total Revenue

The global market is highly concentrated, with the top 10 players holding over 74% of the revenue share. One of the leading players is Siemens AG, a German multinational conglomerate specializing in industrial automation, power generation, and transportation systems. Siemens AG’s industrial automation division offers a wide range of products and solutions, including programmable logic controllers (PLCs), human-machine interfaces (HMIs), and industrial PCs. With operations in over 200 countries, Siemens AG’s industrial automation division serves customers in various industries, including automotive, aerospace, chemical, and pharmaceuticals.

Siemens AG has a strong focus on innovation, investing heavily in research and development (R&D) to develop new products and technologies for the industrial automation in the global industrial controls market. In 2020, the company invested over EUR 5.5 billion in R&D, accounting for 6.4% of its total revenue. Siemens AG has a dedicated R&D division and has won several awards for its innovative technology.

Siemens AG is also committed to sustainability, setting ambitious targets to reduce its carbon footprint and investing heavily in renewable energy sources. The company has implemented sustainable practices in its manufacturing processes, reducing waste and improving energy efficiency.

Some of the Top Market Players Are:

  • ABB Ltd.
  • Emerson Electric Co.
  • Endress+Hauser AG
  • General Electric
  • Honeywell International Inc.
  • Mitsubishi Electric Corp.
  • Omron Corporation
  • Rockwell Automation Inc.
  • Schneider Electric SE
  • Siemens AG
  • Yokogawa Electric Corporation
  • Other Prominent Players
ports

Ports Must Consider Pros and Cons Before Automation Implementation

Ports across the globe have been slow to embrace digital technologies in comparison to other supply chain industries. Most container ports still rely heavily on manually operating massive container yards, which presents several challenges, especially in large ports.

The biggest port in the U.S., the Port of Los Angeles, handled 5,039,363 twenty-foot equivalent units (TEUs) in 2018 alone, for example. In ports of this size, finding a specific container would be a considerable challenge without technology.

Certainly, many obstacles faced by ports can be overcome with the introduction of technology. People, equipment, infrastructure and other critical assets can all be connected across the ports using Internet of Things (IoT) devices, such as sensors and digital radios. This would not only improve productivity but also reduce operational costs in the future.

With a significant number of potential benefits, many may wonder why port operators are hesitant to embrace the Industrial IoT (IIoT). This is because many port operators focus on the cons of port automation as opposed to the long-term benefits of automating their key processes.

Emergence of the IIoT and Its Benefits

Industries across all sectors have taken advantage of the technology revolution, using IIoT devices to increase efficiency and reduce costs. IIoT devices are often more sensitive and precise than IoT devices, as they are often used in environments where precision is critical. Examples of these applications include the monitoring of health equipment, using robotics in factories, and analyzing data so users can better understand the performance of their operations.

A significant benefit of IIoT is that is has opened up opportunities to automate services for a number of industries, in particular ports. Automation can completely transform ports from mostly manual operations to a much more machine lead process, which can result in optimized operational productivity and efficiency.

Pros of Port Automation

The significant reduction in potential errors and the opportunity to introduce more services are just some of the reasons port automation will be an unmissable opportunity for many port operators. As many industries have already discovered, the pros certainly outweigh the cons when it comes to automation.

Increased efficiency is a significant benefit of port digitalization, with reports stating that productivity could rise by 10 to 35 percent. Examples include:

-Helping to predict and forecast demand by monitoring the arrival-and-departure patterns of container ships

-Easy to schedule the maintenance of equipment for optimal availability

-IIoT devices used to allocate equipment and frontline staff, as well as adjust the allocation in real-time

-Machine intelligence used to make plans ever more accurate

-Data collection standardized and used to help make ports and terminals more efficient

Port automation is also highly cost-effective; this is because while the initial start-up cost may be high, in the long-term operational expenses can fall by 25 to 55 percent. There are multiple reasons for this reduction in operating costs. For example, with the right network in place, operators can predict performance across the network, reducing human failures.

The landscapes of ports, in which their physical environment is structured and predictable, makes them a great platform to introduce new and innovative IIoT technologies. Ports are also able to generate large amounts of collected and processed data, which can be used by IIoT devices to increase efficiency and reduce costs massively.

Cons of Port Automation

The digitalization of ports is not without its drawbacks, though. Due to the ever-changing environment of ports, making sure data isn’t misaligned—or even absent—is extremely difficult. Any potential dead zones will prevent ports from collecting and exchanging information efficiently. This is particularly an issue for automated ports as unlike conventional ones, they can’t contain problems at individual functions or process steps, so there must always be close collaboration among activities.

Equally, with the extremely complex nature of ports, such as the necessary operational and security functions involved in the successful movement of cargo, the network used will need to be highly secure and highly mobile.

The initial investment cost of automation is exceptionally high with such a complex network being needed and is not affordable for every port, particularly those in developing nations. There are also potential updates that need to be considered to ensure ports can keep up with advancements in software. Ignoring these advancements could leave ports open to security breaches, which would be highly damaging.

On top of this, installing and maintaining an automated port requires a new skill set within the port industry. Finding these specialized technicians will not only be challenging but also costly for ports.

Enhancing the Pros, Reducing the Cons

Rajant’s Kinetic Mesh technology can provide robust and mobile-enabled connectivity that ports need to capitalize on the opportunities of IIoT fully. By using Rajant’s innovative BreadCrumb radio nodes with patented InstaMesh software protocol, connected port infrastructure has the ability to communicate wirelessly peer-to-peer, via multiple simultaneous connections. Information can be shared back and forth in a fully mobile, highly resilient web of communications.

Rajant’s BreadCrumb nodes are easy to install, as well as cost-effective. More BreadCrumbs can be introduced seamlessly to the network depending on the needs of the ports. The BreadCrumbs can also be directly deployed on a port asset—for example, a vehicle, quay crane, RTG, straddle carrier, light mast or drone—essentially turning that asset into a network node. These can then communicate not only with centralized access points but with other moving nodes within the network as well, meaning that all can share information back and forth in a highly interconnected web of communications—providing total network mobility.

DP World Antwerp

Rajant’s wireless Kinetic Mesh technology was chosen by BT to help form a wireless data backbone that could meet DP World Antwerp’s complex demands. Rajant’s “Make-Make-Make-Never-Break” method of forming connections played a significant role in this, ensuring that no connections have to be broken for new ones to be made, minimizing DP World Antwerp’s interference challenges.

What’s more, the Rajant network dynamically adapts to an autonomous, mobile environment of moving vehicles, such as containers or large ships, guaranteeing that DP World Antwerp can keep up with its ever-evolving, in-motion environment. Rajant’s ability to combine fixed, wireless, and mobile nodes together ensures that DP World Antwerp’s critical data always gets to where it needs to go–rapidly.

Handling more than 2.5 million containers every year, 3,000 trucks daily and almost 950 ships annually, it is vital that DP World can carry out its operations efficiently and effectively. With the help of Rajant and BT, DP World is now able to provide secure and resilient connectivity to 900 of its employees at Antwerp Gateway. Furthermore, DP World can analyze and optimize its processes and operations, such as the movement of vehicles around the terminal. This ensures that DP World Antwerp’s employees have an end-to-end view of operations, enabling timely analysis and decision making.

The Living Network of Tomorrow

In today’s competitive world, the demand for IIoT devices in ports will only increase. With the help of Rajant’s Breadcrumb nodes, which can be easily installed onto any object to turn it into an IIoT device, meeting this demand will become easier than ever.

By creating a living network such as this, port operators can protect their assets with proactive monitoring and improved situational awareness, whilst meeting the increasing demand to move a higher volume in and out of their ports.

With Rajant’s Kinetic Mesh technology, any potential cons associated with port automation will disappear, while the possibilities for the future of ports expand.

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Gary Anderson is senior vice president of Business Development with Rajant Corp., a Malvern, Pennsylvania-based provider of wireless telecommunication equipment. Anderson’s background includes several high-tech business start-ups, including the founding of AEI, where he served as president and CEO, and the director of sales at Vivato. Selling AEI in 2001, he was subsequently nominated by the Bush Administration to serve as the Assistant Secretary for the Department of Veterans Affairs. However, after Sept. 11, 2001, he withdrew his nomination and volunteered to assist the White House in establishing he Transportation Security Administration and the Department of Homeland Security. The retired U.S. naval officer joined Rajant in January 2006.