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


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
  • NTT Advanced Technology Corporation
  • Genpact Ltd.
  • WorkFusion
  • EdgeVerve
  • IPsoft Inc.

Global Industrial Robotics Market Soars to Unprecedented Heights

Projected to Surpass US$ 150 Billion Valuation by 2031 | More than 680 thousand Units Industrial robots Installed in 2022

The global industrial robotics market is expected to experience strong growth in the coming years, driven by increasing demand for automation, improvements in robotic technology, and the need to improve supply chain efficiency. The material handling segment is expected to be a key contributor to this growth, with the market projected to surpass US$150 billion by 2031. As e-commerce continues to grow, the demand for material handling robots is expected to increase, making it a critical area of focus for industrial robotics companies.

Global industrial robotics market generated revenue of US$ 18.2 billion in 2022 and is anticipated to reach the valuation of US$ 151.4 billion by 2031 at a CAGR of 27.2% over the course of forecast period, 2023–2031.

Industrial robots are playing an increasingly important role in a wide range of industries, from manufacturing and logistics to healthcare and the public sector. In its latest report on the market for industrial robots, Astute Analytica found that the global installed base of industrial robots will grew from 391.5 thousand units in 2019 to 690.9 thousand units by 2022. The analysis shows that the electronics/electrical equipment industry will continue to be the largest user of industrial robots, with an installed base of 177.2 thousand units by 2022. This is followed by the automotive and chemicals/pharmaceuticals industries, which are expected to have an installed base of 157.2 thousand units and 28.7 thousand units, respectively in 2022.

The Asia-Pacific region is expected to be the biggest market for industrial robots, with an installed base of 504.8 million units in 2022. This is followed by Europe (97.1 million units) and North America (55.0 million units).

The research indicates that there is a growing trend towards more technologically advanced industries such as automotive and electronics, leading to an increased demand for industrial robots that can handle complex tasks. Additionally, there is an increasing popularity of collaborative robots designed to work safely alongside humans in industries like healthcare, retail, and logistics in the global industrial robotics market. Developing countries are also emerging as growth markets for industrial robots, as multinational companies set up manufacturing facilities, driving demand for robotic technologies. Astute Analytica forecasts that the prices of industrial robots will continue to decline as they become more widely adopted, as seen in the 20% price reduction between 2016 and 2021.

Over 680 thousand Units Industrial Robots Installed in 2022 in Global Industrial Robotics Market

According to the World Robotics report, industrial robot installations reached a record high of 680 thousand Units in 2022, at a CAGR of 38.9% from 2023-2031. Worldwide annual robot installations between 2015 and 2021 more than doubled. Asia remained the largest market for industrial robots, with China leading the pack by deploying 268,195 units, an increase of 51%.

Japan remained the second largest market with 47,182 units installed, followed by the US and Republic of Korea. Europe saw a 24% increase in installations, with Germany, Italy, and France being the top markets. In the Americas, robot installations increased by 31%, with the US leading the way with 34,987 units installed. The automotive industry remained the top adopter, but other industries such as metal and machinery, plastic and chemical products, and food and beverage saw significant increases in robot demand.

Material Handling Robots Poised to Dominate Global Industrial Robotics Market, Projected to Contribute Over 50% of Total Revenue by 2031

Material handling robots are expected to generate more than 50% of revenue in the global industrial robotics market by 2031. Material handling robots are used to move and transport materials in factories, warehouses, and distribution centers, and their increasing popularity is driven by the growing demand for automation and the need to improve efficiency in supply chain management. The adoption of material handling robots is also supported by advancements in technology, such as the development of collaborative robots that can work safely alongside humans and the integration of artificial intelligence and machine learning algorithms that enable robots to perform more complex tasks.

With the continued growth of e-commerce and the increasing demand for faster and more accurate order fulfillment, the industrial robotics market for material handling robots is expected to experience significant growth in the coming years, making it a key area of focus for industrial robotics companies.

According to the US Bureau of Labor Statistics, the employment of material handling workers is projected to grow 4% from 2019 to 2029, with an increasing demand for faster and more efficient warehouse and distribution center operations. The growing demand for automation is also driving the adoption of material handling robots. In addition, the International Federation of Robotics (IFR) reports that the sales of material handling robots increased by 6% in 2020, reaching a total of 100,000 units sold worldwide. The IFR also projects that the market for material handling robots will continue to grow in the coming years, with sales expected to reach 238,000 units by 2025.

Competitive Landscape: Top 10 Players to Hold More than 36% Revenue Share | Strong Inflow of Investment is Coming in the Industrial robotics market  

The market is highly competitive, with vendors offering a wide range of products and services. However, competition is intensifying, as new entrants are entering the market and established players are expanding their offerings. However, this can make it difficult for established robotic companies to keep up with the latest trends and technologies. Astute Analytica’s analysis of the competitive landscape shows that the leading vendors are ABB Limited, Fanuc Corporation, Mitsubishi Electric Corporation and Yaskawa Electric Corporation among others.

Top 10 players in the market held over 36% revenue share as they offer a comprehensive range of products and services. The report also provides an overview of the major trends affecting the industrial robots industry. These include the increasing adoption of collaborative robots, the growing demand for cloud-based solutions, and the rising popularity of artificial intelligence (AI) and machine learning technologies. In order to sustain the intensifying industrial robotics market, market players adopting various growth strategies.

  • Boston Dynamics was acquired by Hyundai Motor Group for $1.1 billion in June 2021,
  • Embark Trucks: While not strictly an industrial robot, Embark Trucks is developing autonomous trucking technology that uses robotics and AI to improve safety and efficiency in the logistics industry. It raised $75 million in a funding round led by Tiger Global Management in June 2021.
  • Locus Robotics: The startup provides autonomous mobile robots for warehouse fulfillment. It raised $150 million in a funding round led by Tiger Global Management in September 2021.
  • Righthand Robotics raised $23 million in a funding round led by Menlo Ventures in 2020.
  • GreyOrange: This startup provides AI-powered robots for warehouse automation. It raised $140 million in funding in 2019 from investors including Mithril Capital and Blume Ventures.
  • Sarcos Robotics: This startup develops exoskeletons and other robotics systems for industrial and military applications in the global industrial robotics market. It raised $40 million in a funding round led by Rotor Capital in October 2020.
  • Berkshire Grey: The startup provides intelligent robotic systems for order fulfillment and supply chain optimization. It raised $263 million in a SPAC merger with Revolution Acceleration Acquisition Corp in Jan 2020.

Some of the Top Market Players Are:

  • ABB Limited
  • DAIHEN Corporation
  • Denso Corporation
  • Epson America Incorporated
  • Fanuc Corporation
  • Kawasaki Heavy Industries Limited
  • Kobe Steel, Limited
  • Kuka AG
  • Mitsubishi Electric Corporation
  • Yaskawa Electric Corporation
  • Other Prominent Players

Tompkins Robotics New PickPal Product Series Expands Robotic Solutions Portfolio

Tompkins Robotics is expanding its robotic solution offerings and will be introducing its new PickPal product series which is a line of pick assist (PA) autonomous mobile robots (AMR) at ProMat.

Attendees of ProMat can see a demonstration of this system in the Tompkins Robotics ProMat Booth N7140 from the 20th-24th.  There are currently two models in the PickPal series, the standard PickPal which can carry 60 kg of orders, and the PickPal+ which handles up to 100kg of orders. There are additional models coming soon to carry more orders, have higher capacity, and apply pick assist technology to case picking. This robotic technology follows Tompkins Robotics core design elements of producing adaptive, flexible, and scalable solutions.

PickPal provides a quickly implemented and low operating cost robotic technology that can be inserted into existing operations doing order fulfillment in a scalable RaaS model. The RaaS model has minimal implementation costs and a low cost of ownership while driving significant labor savings and capacity improvement. PickPal will drive capacity, cost, and workforce improvements in operations that are struggling with meeting fulfillment demands.  PickPal integrates with other technologies to improve efficiency in existing automated systems as well.  Mike Futch, President & CEO of Tompkins Robotics, explains how the PickPal solution is positioned and benefits the supply chain market.  Tompkins Robotics PickPal series provides a new solution with more flexible contracts, lower monthly cost, and minimal risk to help 3PL, e-commerce and other fulfillment customers handle the growing problems that traditional, large-scale solutions cannot easily address.  PickPals ability to handle the rising number of SKUs, increases in each picking, and faster delivery demands make it a terrific solution for customers to address their fulfillment problems.

Tompkins Robotics continues to develop technologies and new applications that evolve the picking and sortation process helping increase the capacity and utilization of their customers distribution and fulfillment centers.  Tompkins Robotics will be demonstrating their new PickPal solution at ProMat, Booth N7140, as well as in the Tompkins Robotics Lab in Orlando, FL.  For additional information or to arrange a demonstration of the Induction Lift please visit   Media are invited to meet with Tompkins Robotics representatives during the product launch press conference at Booth N7140 on Tuesday, March 21st at 1:30 PM.  Contact Lauren Fiochetta at for more information.

About Tompkins Robotics

Tompkins Robotics focuses on robotic automation of distribution and fulfillment operations. Beginning over five years ago with our robotic sortation solution, tSort, we have continued to develop innovative solutions to provide our customers unmatched flexibility and capacity throughout their supply chain processes.  We have added solutions upstream, like our Pick Assist AMR, PickPal, as well as downstream, with the only automated takeaway unit from a unit sorter robot, xChange. Our warehouse execution systems, tWES, links all these technologies and provides a broad solution set for our customers. Tompkins Robotics continues to evolve and enhance our customers operations with solutions that maximize modularity, floorspace, flexibility, and speed of implementation and our RaaS financing option allows for customers to see an even faster ROI to make them more successful in todays dynamic marketplace.

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Global Laboratory Robotics Market to Touch Valuation of US$ 527.56 Million by 2031

Global laboratory robotics market generated a revenue of USD 289.38 million in 2022 and is projected to attain a value of USD 527.56 million by 2031 at a CAGR of 6.9% during the forecast period 2023–2031.

Laboratory robotics is still in its early stages of development but is growing rapidly, which presents both challenges and opportunities. On one hand, there is still a lot of room for improvement in terms of technology and efficiency. However, this also means that there is significant potential for growth and innovation in this sector. The majority of companies in the laboratory robotics market are small, with only a few large players. However, the industry is expected to grow rapidly in the coming years, as laboratory robots become more widely adopted. The major drivers for this growth are the increasing automation of laboratories and the need for faster and more accurate results. Currently, there are three main types of laboratory robots: automated liquid handlers, autoclave washers, and cell culture systems.

The most of this growth of the global laboratory robotics market was driven by the pharmaceutical and biotechnology industries, which were using robots to speed up drug discovery and development processes. The report also found that the use of robots was becoming more widespread in other industries, such as food and beverage, chemicals, and oil and gas. In addition, the report found that robots were being used more extensively in research laboratories, particularly in academic settings.

Finally, the report found that there was a growing trend of companies outsourcing their laboratory robotics needs to specialized providers. This was especially true for small and medium-sized companies that did not have the internal resources to develop and maintain their own robotic infrastructure.

High Investment Cost and Lack of Standardization to Imped Laboratory Robotics Market Growth to Some Extent

Astute Analytica expects that new types of robots will emerge in the future as technology advances. One of the key challenges facing the industry is the high cost of investment. Laboratory robotics are generally more expensive than traditional manual methods and this can hamper adoption.

Another challenge is the lack of standardization across different platforms which can make it difficult to compare results and replicate experiments. Our study believes that these challenges can be overcome with continued innovation and investment in the sector. The report on laboratory robotics market contains a number of recommendations for both suppliers and users of laboratory robotics. Suppliers should focus on developing new applications and improving usability while users should seek to increase collaboration between different stakeholders to drive adoption.

Key Market Trends to Watch Out

Astute Analytica’s analysis of laboratory robotics market enabled it to identify several key trends shaping the market.

  • First, the industry is benefiting from the continued development of new robotic technologies.
  • Second, laboratory robotics companies are consolidating at a rapid pace.
  • And third, the industry is shifting from North America and Europe to Asia.

The continued development of new robotic technologies is driving growth in the laboratory robotics industry. Newer, more advanced robots are entering the market, and they are becoming more affordable. This is making laboratory robotics more accessible to a wider range of customers, including small- and medium-sized laboratories.

The industry is also benefiting from the consolidation of laboratory robotics companies. A growing number of firms are acquiring other companies in the space, which is helping them to expand their product offerings and gain scale advantages. The consolidation trend is also making the industry more efficient and reducing costs.

Finally, the laboratory robotics market is shifting from North America and Europe to Asia. This reflects the growing economic importance of Asia as a market for Laboratory robotics products and services.

Three Major Shifts are Underway in Global Laboratory Robotics Market

Astute Analytica’s analysis also Identifies three major shifts that are under way in the market:

  • A move from low-end to high-end applications
  • A move from disconnected to integrated systems
  • A move from custom-built to off-the-shelf solutions

These shifts are being driven by advances in technology and changes in customer preferences, and they are changing the competitive landscape of the laboratory robotics market. Interestingly, the number of companies offering automated liquid handlers has remained relatively constant over the past few years, even as other segments have seen new entrants. This is due to the fact that liquid handlers are typically used for high-throughput screening applications, which require a different set of capabilities than other segments.

As a result, the automated liquid handling segment has been relatively insulated from commoditization pressures. In contrast, the other segments of the laboratory robotics market have seen a proliferation of new entrants in recent years. This is in line with the fact that these segments are less capital intensive and have lower barriers to entry than automated liquid handling.

Laboratory Robotics Market Gaining Momentum for Drug Discovery

As drug discovery becomes increasingly reliant on high-throughput techniques, laboratory robotics is playing an increasingly important role. Automated liquid handling robots are now commonplace in many research laboratories, and are used for a variety of tasks such as plate washing, reagent dispensing and nucleic acid extraction. In addition to their routine use in drug discovery, laboratory robotics is also being used to create new drugs. For example, automated DNA synthesis and peptide synthesis are both powerful tools that can be used to create new molecules for testing.

The increasing use of laboratory robotics is having a major impact on the speed and efficiency of drug discovery. With more and more tasks being automated, researchers are able to focus on other aspects of their work, leading to faster progress towards new treatments.

There are several reasons for the increasing use of laboratory robotics market in drug discovery.

  • First, they can automate tedious and time-consuming tasks, such as pipetting and media preparation. This frees up scientists to focus on more complex tasks. Second, they can increase throughput by running multiple experiments simultaneously.
  • Third, they provide greater accuracy and precision than manual methods, which is critical for drug discovery where failure rates are high.
  • Finally, they improve reproducibility by ensuring that experiments are carried out in a consistent manner.

Laboratory robotics market is becoming an increasingly important tool in drug discovery. Their ability to automate repetitive tasks, increase throughput, and improve accuracy and reproducibility makes them invaluable for this application.

Some of the Top Market Players Are:

  • AB Controls
  • Aerotech
  • Anton Paar
  • Aurora Biomed
  • Biosera
  • Chemspeed Technologies
  • Cleveland Automation Engineering
  • Hamilton Robotics
  • HighRes Biosolutions
  • Hudson Robotics
  • Labman
  • PerkinElmer Inc.
  • Protedyne (LabCorp)
  • Siemens AG
  • ST Robotics
  • Tecan Group
  • Thermo Fisher Scientific
  • Universal Robots
  • Yaskawa Electric
  • Other Prominent Players

About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.