IndustryARC announces the publication of a freshly compiled market research report on the global process automation market, estimating the demand to grow at a notable CAGR of 7% during the forecast period of 2019-2025. The analysts have estimated the global process automation market size to be at $65 billion as of 2018. The information that is supplemented by other aspects in the report including geographical revenue representations, strategic merger and acquisition analysis, segmentations, competitive analysis, etc. The report is titled ‘Process Automation Market: By Type (PLC, SCADA, Valves, Transmitters, MES); By Industry (Chemical, Oil & Gas, Petrochemical, F&B, Paper, Automotive) & By Region Forecast (2019 - 2025).’ Geographically, Asia Pacific has been highlighted as the most lucrative region, generating 30% to 35% of the overall demand in 2018. End use industry-wise, the pharmaceutical segment is projected for an above average CAGR of 8% during the aforementioned forecast period.
Process automation is essentially a software that can implement tasks just the way humans do, and is beneficial for functions carried out in an office environment. They are programmed in a manner that duplicates the way humans do tasks, and reduces their workload. Finance industry was one of the first to adopt process automation system for acquiring maximum return rates as it reduced the workload on employees by doing menial tasks like KYC completion, or identification of credit risk.
Browse 40 Market Tables, 175 Figures spread through 175 slides and an in-depth TOC “Process Automation Market (2019 - 2025)”
Global Process Automation Market: Competitive Landscape
- Mitsubishi Corporation
Mitsubishi is a Japanese company, headquartered in Tokyo, and well-known throughout the world for its automotive manufacturing. Mitsubishi has been experimenting with process automation along with cloud computing to completely overhaul their manufacturing process. One of the prime examples of their experimentation with process automation is in Singapore-based Kallang-Paya Lebar Expressway. The company has designed a special ventilation system using process automation which helps in controlling the air quality of the tunnel, and providing smoke control in case of any fire detection.
- Robert Bosch GmbH
Robert Bosch GmbH, a company based in Germany has devoted an entire subsidiary to process automation. This subsidiary is known as Robert Bosch Engineering and Business Solutions Private Limited, and is working strenuously towards implementing automation in most systems. The company has been recruiting engineers on an exhaustive level as they claim that the scope for jobs in process automation market is unlimited. In India alone, Robert Bosch has vowed to create 200,000 jobs in the market for process automation by the year 2021.
Global Process Automation Market: Key trends
- Accentuated Customer Experience
Process automation is providing a better customer experience by helping businesses in integrating features like automated chats on their websites. This helps businesses in engaging more customers by answering their queries in real-time, and providing them with opportunities to learn more about the business.
- Impact on Artificial Intelligence
Process automation will have a positive impact on AI, as it will enable businesses to move towards solutions that require robotic supplementation in several processes. Tasks such as packaging and production which are mostly done manually can be carried out efficiently with the help of robots that are build using process automation.
Process automation will continue to impact our lives by making office work simpler, and faster. Serving as a forerunner to AI, the world will soon approach a time when automation will be an intrinsic part of our lives.
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Process Control Automation Market: By Type (Robotics, Industrial Automation, Electrical Systems & Components, Testing, Inspection & Certification); By Systems & Module Analysis (Software Systems, Instrumentation & Controls, Switches, Controllers, Others), By Valves, Actuators & Positioners; By Application; By End-User Industry & Geography - Forecast(2018 - 2023)
Robotic Process Automation Market: By Type (attended automation, unattended automation, hybrid RPA); By Solution (automation, decision support, interaction); By Industry (healthcare, retail, insurance, others); By Geography - Forecast(2018-2023)
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