Why Will the Solutions Category Generate Higher Revenue in Intelligent Process Automation Market?

The major drivers in the global intelligent process automation market are the surging deployment of AI and robotic process automation in numerous corporations all around the world. In 2021, $10,801.5 million were generated by the sale of these solutions, which is set to touch $31,377.0 million by 2030. Moreover, the market will grow at a 12.6% CAGR from 2021 to 2030. Furthermore, the rising adoption of technologically advanced devices will open the closed opportunities for market players, who can advance and modify their solutions to suit the customer needs prevailing in the present scenario.

Within the offering segment, the intelligent process automation market can be bifurcated into service and solution categories. The latter bifurcation will grow at the fastest CAGR, accounting for about 14.8% in the coming years. This can be primarily attributed to the surging application of intelligent process automation (IPA) solutions in numerous industries, which in turn, will increase workflow efficiency. Apart from making the processes efficient in SMEs and large corporations, these IPA solutions not only are economic but also save the time invested in business workflows and process execution.

When segmented on application, IT operations rule the intelligent process automation market. This can be ascribed to the surging deployment of DL, AI, and ML to carry on important tasks, including managing customer requirements and attaining greater insights into the willingness to purchase of consumers by adopting IT systems. Moreover, the dynamic consumer needs are addressed by RPOA and AI together, which encourage companies to adopt IPA. Nonetheless, the application management category will also not lag and witness an approximately 13.0% CAGR in the coming years because of the highly-competitive market.

Under the organization segment, the SMEs bifurcation, which presently accounts for a significant usage of these programs, will grow at the higher CAGR, of approximately 15.1%. This is because of the increasing utilization of these solutions in SMEs for an enhanced production process so that voluminous data can be managed by smaller units. Additionally, this innovation is becoming increasingly popular in SMEs because of the enhanced operational performance offered by IPA.

In 2021, the BFSI sector dominated the intelligent process automation market, accounting for about 30% market share. This is because of the rising integration of IPA to safeguard sensitive data in a digitalized era and consumer services. These interfaces are controlled and monitored by IPA solutions to guarantee that transactions occur properly and those workflow inefficiencies are removed. Furthermore, BFSI organizations are assisted by RPA in modernizing their operational processes by interfacing with old systems via bot deployment. Therefore, all of these will together augment growth in the market.

Geographically, APAC is to dominate the intelligent process automation market in the coming years. Sales of these solutions in APAC will fetch market players a combined $13,473.1 million by 2030, advancing at the highest CAGR of approximately 14.6% in the future period. This is because of the swift deployment of innovations. Furthermore, numerous nations in the region are implementing IPA platforms to strengthen the firm foundations of their position in the entire circular economy.

Hence, the surging deployment of AI and robotic process automation in numerous corporations drive the market.

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APAC is Dominating Mechanical and Electromechanical Locks Market

The global mechanical and electromechanical locks market is projected to be worth USD 30,816.2 million by 2030, growing at a CAGR of 6.2%.

Due to the increasing need for energy-efficient technologies that allow consumers to remotely control their home appliances and other household systems, the smart home is one of the markets that is expanding quickly. Because individuals are filling their smart homes with a variety of smart gadgets, including smart locks, the growing demand for smart homes is predicted to present growth prospects for electromechanical lock vendors.

Authentic security systems are becoming more and more necessary due to an increase in thefts, attacks, and breaches of security. For business, commercial, and personal use, mechanical and electromechanical locks offer greater security by acting as a physical barrier to unauthorized access. The demand for these locks is driven by the need to protect assets, properties, and sensitive information.

As construction activities and infrastructure expansion around the world are increasing, the demand for mechanical and electromechanical locks is increasing rapidly. Nowadays hi-tech buildings, apartments, public infrastructure and many more projects are developing, in which locks are crucial part for the security purposes in all these projects.

The APAC mechanical and electromechanical locks market generated the largest revenue, of around USD 6,547.9 million in the past and it is also expected to register the highest CAGR, of around 6.8%, during the forecast period.

This is due to the region's faster growth in infrastructure, rising urban population, soaring awareness, and widespread distribution of disposable cash. Furthermore, the biggest markets in APAC are India, China, Australia, South Korea, and Japan.

APAC has shown growth in smart homes, the internet of things, and connected devices. Smart lock technologies which provide convivence to users and enhance security features are largely adopted in this region which drive the growth of locks market in APAC.

The hospitality sector contributed about 25% of the market's revenue in the past. This is attributed to the increase of the travel and tourism sector together with the global hospitality sector. Over time, automatic doors, smart doors, and smart locks have gained enormous popularity and are now widely used in the hospitality industry.

The hotel sector plays a major role in the growth of the market, for the security purposes of the hotel’s guest and other rooms, hotel requires a lot of locks, and the continuous expansion of hospitality industry globally fuels the growth of locks market.

Technological advancements such as smart homes, and growing security concern is driving the market growth, APAC is dominant due to faster growth in region’s infrastructure, hospitality industry playing a large role behind the growth of the market.

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Variable Frequency Drive Market Was Dominated by APAC

The revenue generated by variable frequency drive market was USD 23.56 billion in 2022, and it will propel at a compound annual growth rate of 5.20% by the end of this decade, to touch USD 35.34 billion by 2030, as mentioned in one of the reports of P&S Intelligence.

Rapid industrialization also drives the demand for such drives. With increasing number of industries established all over the world, the requirement for variable frequency drives is on the rise, as they are put to use in mixers, conveyors, welders, ventilation fans, pumps, cutting machines, grinders, and many more.

The AC drive had a revenue share of over 69% in 2022. This is due to the fact that most of the traditional DC drives are replaced by AC drives, as a result of their higher costs of operation and maintenance and generation of carbon dust. They also produce poor power factors, damaging to electrical systems.

Furthermore, in AC drives, the requirement for power system apparatuses is low, as there is no necessity for breakers, transformers, and HT capacitors.

Also, these reduce consumption of energy and improving life of the equipment. Therefore, these factors will boost the requirement for AC drives in the years to come.

The low-voltage drive category dominated the variable frequency drive market in 2022, and it will continue like this in the years to come as well. This is due to the fact that these drives offer numerous industry-specific and general solutions with numerous functions.

Furthermore, they are used in numerous industrial automation applications in various industries, for example rubber, and plastics, pulp & paper, cement, oil & gas, steel & metal, mining, sugar, water & wastewater.

Similarly, as a result of their capability to work for both low- and high-power uses, the requirement for these drives is on the rise.

APAC dominated the industry with 35% share in 2022. It will also have the fastest growth. This is because of the fast industrialization, driven by Japan, China, India, and Australia; numerous initiatives of the government for reducing the consumption of energy through energy-efficiency standards; and the increasing investments, leading to the progression in technology to concentrate on high dependability and reduced costs of energy.

Furthermore, the requirement for VFDs is also growing in North America, as a result of strict regulations for energy efficiency, the upgradation of infra to secure electrical distribution systems, and quick industrialization.

As a result of the rising demand for energy efficiency all over the world, the impact will be positive on the demand for variable frequency drives, and they will be demanded more in the years to come.

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Cloud Dominated Product Lifecycle Management Market

The product lifecycle management market will grow at a rate of 8.20% by 2030, to touch USD 59,466 million by 2030, as stated by a market research institution, P&S Intelligence.

The industry is powered by the increasing requirement for the smart management of products at industrial sites, tech progressions in additive manufacturing and AR, and growing need for design of the products and innovation platforms.

Furthermore, the increasing requirement for scalability and smart IT applications in diverse sectors, for example electronics and automotive, will propel lifecycle management-based solution and service requirement.

The integration of ML with the software delivers the user a more-astute understanding from the data collected yearly on a precise product. AI further supports PLM software extract and use the resourceful data, design a prediction, advance suggestions, and execute take productive conclusions with regards to product development.

Software had a substantial share in 2022, as management software lets organizations to accomplish the huge info produced throughout the product lifecycle in an effective and lucrative manner.

These kinds of software control the procedure from the original idea and expansion to final disposal in numerous sectors, for example, industrial machinery & heavy equipment, automotive & transportation, aerospace & defense, and healthcare.

The cloud category had the larger share, of 72%, in 2022, as this allows PLM users to steadily access PLM data from anywhere, at whatever time, and on any electronic device.

Cloud deployment is a preferred mode of deployment for lifecycle management software as a result of the control, security, flexibility, and scalability it delivers over data. It likewise aids in disregarding the key challenges of implementation, updating, and customization.

North America dominated the product lifecycle management market, with 37%, share in 2022, as the U.S. and Canada has advanced acceptance rates for new tech and heavy investments, reinforced by the government.

Furthermore, the strong financial position supports companies in investment in cutting-edge telecom technologies, IoT, additive manufacturing, and AR, for well-organized business operations.

Moreover, the infra progressions, which allow these technologies to function as anticipated, power the growth of IBM, Oracle, Autodesk Inc, Arena, and Ansys.

APAC will grow substantially in the years to come, of about 9%, because of the widespread digitization of the procedures in numerous industries, particularly in China and India.

Additionally, it is a hub of industries as well as electronics, automotive and telecom. All of them have an extensive manufacturing base and, therefore, intricate supply chain process, driving the industry at a robust rate.

It is because of the increasing requirement for the smart management of products in additive manufacturing and AR, the demand for PLM software will continue to increase in the years to come.

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MEMS Foundry Outsourcing Market Will Reach USD 1,804.8 Million By 2030

The value of the MEMS foundry outsourcing market stood at USD 925.7 million in 2023, and this number is projected to reach USD 1,804.8 million by 2030, advancing at a CAGR of 10.2% during the projection period. The development of this market can be primarily credited to the growth of the fabless business model.

Furthermore, the continuously declining average selling cost, the development of new applications of microelectromechanical systems, and the thriving adoption of 300-mm MEMSs will fuel the market income in the years to come.

The need for consumer electronics, such as smartphones, tablets, and headphones has constantly grown since the pandemic. This is due to the surge in the work-from-home trend and the rise in the usage of indoor entertainment devices. Furthermore, individuals are quickly accepting new and developing products, such as automotive electronics, wearable medical devices, video game consoles, and voice-activated smart speakers.

According to the National Highway Traffic Safety Administration (NHTSA), a projected 31,785 people died because of road traffic accidents in the first 9 months of 2022 in the U.S. Furthermore, according to the WHO, road traffic wounds are the key reasons for mortality for young adults and children between 10 and 29 years of age. Thus, the growing worry of customers about vehicle security and well-being has directed to a growing requirement for semi-autonomous and full automobiles.

On the basis of the business model, a significant share of the industry is accounted for by the IDM Mixed Mode category. Several IDMs have entered the outsourcing of MEMS foundry services due to the persistent decline in ASPs for microelectromechanical systems.

Furthermore, since they have more expertise in the design of microelectromechanical systems, integrated device producers such as IDM provide a stronger competitive advantage compared to fabless and FAB players. Furthermore, IDMs get benefits from the economies of scale, particularly from application-specific integrated circuit MEMS.

In Asia, Taiwan is a leader in the outsourcing of MEMS components. As a result of the rising demand for microelectronics in applications such as cars or consumer electronics, major chipmaking facilities in this country have increased their output. On the contrary, United Microelectronics Corporation announced its intention to build a new production plant in Singapore as early as February 2022 and is expected to market 22nm/28nm chips.

Additionally, China has experienced substantial development in the microsystem and semiconductor manufacturing infrastructure, primarily due to the development of the consumer and automotive electronics sectors. Furthermore, the growing export of semiconductor and microsystem-enabled items, such as tablets, smartphones, and drones, is boosting MEMS production in the nation

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