Process Automation Market Outlook 3031:
The global process automation market size was valued at USD 12.34 Billion in 2022 and is projected to reach USD 34.77 Billion by 2031, expanding at a CAGR of 12.2% during the forecast period 2023 - 2031. The growth of the market is attributed to the increasing businesses requirement for improve productivity and profits also rising digitalization is driving the market.
Governments all around the globe have established various laws in favors of automation, with the goal of increasing energy efficiency while lowering costs. The industry's shift to Industry 4.0 is a path to become more inventive, adaptable, data-driven, and agile. The cornerstone for improving information availability and decision making is the correct blend of legacy process industry systems and new Industry 4.0 technologies.
Process automation streamlines a system by eliminating human input, reducing mistakes, increasing delivery speed, improving quality, lowering costs, and simplifying the business process. To develop a fully automated workflow, it combines software tools, people, and procedures.
Manufacturing companies were among the first to introduce automation, using robots and processing lines to execute everyday production tasks in the factory. In order to attain automated efficiency outside of the manufacturing line, the industry is progressively using Robotic Process Automation to optimize back-office activities.
Robotic process automation can be aid in healthcare will be reduced at least 30% of may be used in a variety of situations including improving the healthcare inefficiencies by automation and artificial intelligence. In future this technology will helps the patient and doctors in various ways such as advance drug delivery, health monitoring and others.
Moreover, the inventory management, distribution, and inventory handling activities are all monitored by the pharmacy automation system. In both hospital and retail pharmacies pharmacy.
Global pandemic covid – 19 leads to shutting down of business worldwide and companies started working remotely this resulted into sudden spike in the demand for automation. As in these circumstances, firms are capable of reaching goal output levels, and automation can help to a greater extent with the slow recovery following epidemic containment.
Process Automation Market Trends, Drivers, Restraints, and Opportunities
- Increasing digitalization in industries is anticipated to push the market during the forecast period.
- Growing innovations wide usage of artificial intelligence and machine learning is projected to drive the market.
- Growth & development in data science industry is expected to boost the process automation market growth.
- Rising use of the internet of things and upcoming 5G technology is projected to fuel the process automation market growth in the coming years.
- Growing stressful work environments and decreasing work-life balance are expected to spur market.
- Increasing adoption of the low-code automation platform is a major factor boosting market in the coming years.
- Complex automation processes are expected to hinder the process automation market growth.
- Robotics process automations in manufacturing industries is expected to create an immense opportunity for the market players.
Scope of Process Automation Market Report
The report on the global process automation market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Process Automation Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016 – 2021
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Forecast Period
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2023 – 2031
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Segmentation
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Communication Protocol (Wired Protocol, and Wireless Protocol), End-user Industries (Paper & Pulp, Water & Wastewater Treatment, Chemical & Petrochemical, Energy & Utilities, Oil & Gas, Food & Beverages, and Pharmaceutical), Technologies (Distributed Control System (DCS), Programmable Logic Controller (PLC), Machine Execution System (MES), Process Safety Systems, Electric Motors, Supervisory Control and Data Acquisition (SCADA), Valves & Actuators, Human Machine Interface (HMI), Sensors & Transmitters)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Emerson Electric Co.; Honeywell International Inc.; ABB Ltd; Dassault Systemes SE; Eaton Corporation
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Process Automation Market Segment Insights
The wireless protocol segment is expected to grow at a robust pace
On the basis of communication protocol, the process automation market is segregated into wired protocol, and wireless protocol. The wireless protocol is expected to represent a key share of the market in the coming years due to its more flexible and adaptable compared to wired network.
The paper & pulp segment is projected to represent a large market share
Based on end-user, industries the process automation market share is divided into paper & pulp?, water & wastewater treatment?, chemical & petrochemical?, energy & utilities?, oil & gas?, food & beverages, and pharmaceutical?.
The paper & pulp segment is expected to constitute a key share of the market in the coming years owing to major production processes in paper industry require constant monitoring of temperature and chemical content, and process automation makes it possible to do so from a single place.
The distributed control system (DCS) segment is expected register at a rapid pace
On the basis of technologies, the process automation market is segmented into programmable logic controller (PLC), machine execution system (MES), distributed control system (DCS), process safety systems?, electric motors?, supervisory control and data acquisition (SCADA), valves & actuators?, human machine interface (HMI)?, sensors & transmitters.
The distributed control system (DCS)segment is expected to grow at a rapid pace during the forecast period due to high adoption of technology in manufacturing industries as this technology enable to controls the processes that required continuous or batch-oriented operation.
North America is anticipated to dominate the market
On the basis of regions, the process automation market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to a wide adoption of automation technology by small and large enterprise such amazon, Walmart and others.
Segments
The global process automation market has been segmented on the basis of
Communication Protocol
- Wired Protocol
- Wireless Protocol
End-User Industries
- Paper & Pulp
- Water & Wastewater Treatment
- Chemical & Petrochemical
- Energy & Utilities
- Oil & Gas
- Food & Beverages
- Pharmaceutical
Technologies
- Distributed Control System (DCS)
- Programmable Logic Controller (PLC)
- Machine Execution System (MES)
- Process Safety Systems
- Electric Motors
- Supervisory Control Data Acquisition (SCADA)
- Valves & Actuators
- Human Machine Interface (HMI)
- Sensors & Transmitters
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the process automation market include Emerson Electric Co.; Honeywell International Inc.; ABB Ltd; Dassault Systemes SE; Eaton Corporation. Some of these players are focusing on business strategies including partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
In May 2021, Appian has published the latest edition of their low-code automation platform, Appian Low Code Automation Platform. AI-driven Intelligent Document Processing (IDP), new design advice and developer collaboration tools.
In May 2021, Pegasystems has released a new version of its Pega Infinity software. Improved low-code, intelligent automation, and AI capabilities are all included in the latest edition.
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