Global Robotic Process Automation (RPA) in Manufacturing Market Size to Reach USD 99.07 Billion in 2032 | Emergen Research

Vancouver, Oct. 09, 2023 (GLOBE NEWSWIRE) -- Current Market Scenario:

Global Robotic Process Automation (RPA) in manufacturing market size reached USD 7.60 Billion in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Rising demand for cyber physical systems in manufacturing process is one of the key factors expected to drive market revenue growth.

Drivers:

Increasing advancements in robotics to improve scalability by reducing time consuming manual work is a significant factor driving revenue growth of the market globally. Moreover, rise in adoption of cyber physical systems in manufacturing process has boosted production rate and thereby contributed significantly to revenue growth of the market.

Restraints:

However, RPA in manufacturing requires higher degree of skill and coordination in order to improve reliability and reduce chances of accidents which is the key factor expected to restrain growth of global RPA in manufacturing market. Additionally, concerns regarding cyber security and lack of collaboration among various teams to implement RPA is another significant factor expected to hamper revenue growth of market.

Growth Projections:

Global RPA in manufacturing market is expected to register a CAGR of 33.2% over the forecast period and revenue is projected to increase from USD 7.60 Billion in 2021 to USD 99.07 Billion in 2032. Rapid advancements in robotics along with rising demand for cyber physical systems in manufacturing process are significant factors propelling revenue growth of market.

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 COVID-19 Impact Analysis:

COVID-19 had a wide-ranging impact on the global market. Government-imposed lockdown caused limited availability of manual workforce and temporary closures of manufacturing units due to stringent government guidelines resulted in less production. However, this has resulted in a significant increase in demand for RPA in manufacturing as it requires minimal human interaction through use of automation in production and process management.

Current Trends and Innovations:

Rising demand for cyber physical systems in manufacturing process has led to increase in production rate along with improvement in manufacturing operations. Key market players are attempting to integrate existing machinery and physical systems with cyber systems in order to transform it into a network of cyber-physical systems capable of communicating with each other in real time. Such systems can directly record data from physical systems using sensors and impact physical processes using actuators and simultaneously analyses and store recorded data. These enable better connectivity with one another and in global networks via digital communication facilities.

Geographical Outlook:

Europe is expected to register a significantly robust revenue growth rate over the forecast period due to robust presence of major market players such as Blue Prism Limited, and UiPath Inc. Moreover, the European Union (EU) has revealed its intentions to automate work processes that require manual labor in factories and enterprises and will take necessary initiatives in future. This has led to increase in demand for robotic process automation for manufacturing thereby driving growth of the market.

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Scope of Research

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Major Companies and Competitive Landscape
The global RPA in manufacturing market is fairly fragmented, with a number of large and medium-sized players accounting for majority market revenue. Major players are deploying various technologies, entering into mergers & acquisitions, strategic agreements & contracts, developing, and testing new RPA technologies. Some major companies in the global RPA in manufacturing market report include:

• Pegasystems Inc.
• Automation Anywhere, Inc.
• Blue Prism Limited
• EdgeVerve Systems Limited
• Kofax Inc.
• UiPath Inc.
• Celaton Limited
• Xerox Corporation
• NICE Ltd
• WorkFusion, Inc

Strategic Development

• In September 2021, Automation Anywhere, Inc. signed a five-year partnership agreement with Indian Oil Corporation Ltd (IOCL) in order to accelerate and scale automation and drive innovation. IOCL envisages agile operating processes, improves connectivity among disparate systems, and empower employees to work more efficiently by allowing the company to create solutions that help in delivering more efficiently.
• In September 2021, EdgeVerve Systems Limited launched latest version of its Automation platform AssistEdge 19.0 which will support and scale up to large process automation programs for global enterprises along with sophisticated end-to-end orchestration capabilities that will enable integrating RPA bots and AI technologies

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Emergen Research has segmented global RPA in manufacturing market on the basis of process, operation, component, organization size, deployment and region:

• Process Outlook (Revenue, USD Billion; 2019–2032)

• • Automated Solution
    1. Report Automation
    2. Demand and Supply planning
  • Decision Support & Management Solution
    1. Workflow Management
    2. Invoice Management
    3. ERP Management
    4. Purchase Order Management
  • Interaction Solution

• Operation Outlook (Revenue, USD Billion; 2019–2032)
  • Rule Based
  • Knowledge Based

• Component Outlook (Revenue, USD Billion; 2019–2032)

• • Software
  • Services

• Organization Size Outlook (Revenue, USD Billion; 2019–2032)

• • Large Enterprises
  • Small & Medium Enterprises

• Deployment Outlook (Revenue, USD Billion; 2019–2032)

• • On-cloud
  • On-premise

• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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