The global process automation market was valued at USD 76.83 billion in 2021 and is predicted to reach around USD 114.17 billion by 2026, expanding at a CAGR of 7.3% over the forecast period 2021 - 2026.
The Internet of Things (IoT) and Industrial 4.0 are dominating trends within the industrial sector, with machinery and devices being connected via the web. The number of IoT connected devices rose to 20.4 billion in 2017 from 15.4 billion in 2015 and is predicted to succeed in 51.1 billion by 2023, given the massive push from the investment of the technology providers through continuous research and development. To work these increasing numbers of connected devices and machine-to-machine connections within the manufacturing industry, the necessity for control and supervision is predicted to become more prominent; this will be attributed to the rise of network-connected and controlled devices and systems.
The automation industry has been revolutionized by the mixture of the digital and physical aspects of producing, aimed toward delivering optimum performance. Further, the main target of achieving zero waste production and a shorter time to plug has augmented the expansion of the market. Process Automation has offered various benefits, like effortless monitoring, reduction of waste, and speed of production. This technology gives customers improved quality with standardization and dependable products within time, and at a lower cost.
Process Automation Market Recent Developments:
Mapping and site data firm HERE Technologies has entered into a strategic partnership with Mitsubishi Corporation of Japan. By the partnership, HERE plans to play a task in various strategic initiatives in Japan and other markets in the Asia Pacific. These include deploying HERE technology in projects to deal with customer needs in transportation and logistics and else industries, like making truck logistics and last-mile delivery more dynamic; optimizing delivery routes and capacity management for middle-mile logistics; supporting smart city initiatives with a stress on reduction of traffic congestion; and enabling better mobile navigation systems and location-based advertisements in airports and entertainment facilities.
Johnson Controls profit totaled $159 million, or $0.21 per share. This compares with $355 million, or $0.38 per share, in last year's values.
Excluding items, Johnson Controls Inc reported adjusted earnings of $306 million or $0.40 per share for the amount. Analysts had expected the corporate to earn $0.38 per share, consistent with figures compiled by Thomson Reuters.
Drivers and Restraints of the Process Automation Market:
Industrial automation or factory automation are a number of the foremost prolific growth drivers of the global process automation market. The emerging requirement for reducing human interaction in various processes to chop down labor costs also as minimize errors has opened an area filled with opportunities for automated systems within the industrial sector.
The imminent need for achieving the most straightforward possible results concerning accuracy is additionally one among the expansion drivers for the global process automation market. Various automation equipment installed in multiple industries like pharmaceutical, electrical, manufacturing, and other sectors has achieved noticeable results that are far more precise than the human implied operations.
Process automation is estimated to scale back a big amount of jobs for the regional population. Process automation in areas with industrial-based employment will replace the man-force with automated equipment, which further will cause unemployment among the people. This leap could affect the regional inhabitants on a colossal scale.
Incorporating process automation within the manufacturing chain sometimes requires building high-level algorithms, and these algorithms are programmed to focus on a selected dataset. If there comes a knowledge gap within the agile development process or automation, it could lead to an ambiguous process or development.
Process Automation Market Segmentation:
The services segment is estimated to reach the dominant size of the worldwide process automation market in terms of revenues in the foreseen years.
By Business Function
Sales Process Automation is estimated to register a considerable growth rate in the next few years. Several factors that are expected to drive the market include the mixing of AI (AI) and Machin Learning (ML) technologies with digital process automation solutions, demand for IT resources consistent with business priorities, and improved IT systems to satisfy customers' changing requirements.
By Organization Size
Large enterprises account for the leading portion of the global process automation market as the expenses involved in the adoption of this technology are high.
By Deployment Type
With the increasing trend of IoT and Cloud Computing, the cloud deployment type is projected to account for an outstanding revenue share in the global process automation business, overtaking the on-premise deployments.
By Industry Vertical
Industry verticals such as Banking, Financial Services, and Insurance (BFSI), and consumer goods and retail are expected to have significant growth possibilities in the future market growth.
Process automation market Region-wise analysis:
Marked Segmentation based on the region:
North America is predicted to hold the greatest market size during the forecast period due to the presence of several process automation vendors in the region. This is also treated to be one of the most advanced regions in terms of technology adoption and IT infrastructure optimization.
Asia Pacific is still the world’s stable growth market. With around 68,000 industrial robots sold, China alone surpassed the total market volume for Europe. Growth in China saw foreign-based robotic manufacturers profit with a 69% share of the total market. At the same time, local competitors have, by now, significantly expanded their market share to 31%. The APAC region is presumed to register the highest growth rate in this market in the next few years.
a. Middle East
Key Players of Market:
With a great wave of start-ups emerging in the process automation market, some of the dominating key players are Mitsubishi Corporation, Robert Bosch GmBH, ABB Ltd, Eaton Corporation, Dassault Systems, Emerson Electric Co., Honeywell International, Inc., Johnson Controls, Inc., Rockwell Automation, Inc., and Schneider Electric SE
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferences
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Process Automation Market, By Component
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Process Automation Market, By Business Function
6.2.1 Sales Process Automation
6.2.2 Supply Chain Automation
6.2.3 Claims Automation
6.2.4 Marketing Automation
6.2.5 Market Size Estimations & Forecasts (2019-2024)
6.2.6 Y-o-Y Growth Rate Analysis
6.2.7 Market Attractiveness Index
6.3 Process Automation Market, By Organization Size
6.3.1 Small and Medium-sized Enterprises (SMEs)
6.3.2 Large Enterprises
6.3.3 Market Size Estimations & Forecasts (2019-2024)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
6.4 Process Automation Market, By Deployment Type
6.4.3 Market Size Estimations & Forecasts (2019-2024)
6.4.4 Y-o-Y Growth Rate Analysis
6.4.5 Market Attractiveness Index
6.5 Process Automation Market, By Industry Vertical
6.5.2 Retail & Consumer Goods
6.5.4 Telecom & IT
6.5.5 Transport & Logistics
6.5.6 Energy & Utility
6.5.7 Media & Entertainment
6.5.9 Market Size Estimations & Forecasts (2019-2024)
6.5.10 Y-o-Y Growth Rate Analysis
6.5.11 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Component
7.2.3 By Business Function
7.2.4 By Organization Size
7.2.5 By Deployment Type
7.2.6 By Industry Vertical
7.3.1 By Country
126.96.36.199 Rest of Europe
7.3.2 By Component
7.3.3 By Business Function
7.3.4 By Organization Size
7.3.5 By Deployment Type
7.3.6 By Industry Vertical
7.4 Asia Pacific
7.4.1 By Country
188.8.131.52 South Korea
184.108.40.206 South East Asia
220.127.116.11 Australia & NZ
18.104.22.168 Rest of Asia-Pacific
7.4.2 By Component
7.4.3 By Business Function
7.4.4 By Organization Size
7.4.5 By Deployment Type
7.4.6 By Industry Vertical
7.5 Latin America
7.5.1 By Country
22.214.171.124 Rest of Latin America
7.5.2 By Component
7.5.3 By Business Function
7.5.4 By Organization Size
7.5.5 By Deployment Type
7.5.6 By Industry Vertical
7.6 Middle East and Africa
7.6.1 By Country
126.96.36.199 Middle East
7.6.2 By Component
7.6.3 By Business Function
7.6.4 By Organization Size
7.6.5 By Deployment Type
7.6.6 By Industry Vertical
8. Key Player Analysis
8.1 Mitsubishi Corporation
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Robert Bosch GmBH
8.3 ABB Ltd
8.4 Eaton Corporation
8.5 Dassault Systems
8.6 Emerson Electric Co
8.7 Honeywell International, Inc.
8.8 Johnson Controls, Inc.
8.9 Rockwell Automation, Inc.
8.10 Schneider Electric SE
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures