February 2 2021
Market Research Future published a research report on “Robotic Process Automation Market Research Report- Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
According to a recent study report published by the Market Research Future, The global market of Robotic Process Automation is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023).
The Global Robotic Automation Process Market is driven by the improved operation cost for businesses, growing usage of smartphones, demand for enterprise resource planning, emergence of artificial intelligence and machine learning technology. On the other hand, the installation cost of robotic process automation software and lack of technical expertise is hindering the growth of Robotic Process Automation Market.
The Robotic process automation market is highly competitive due to the high demand for SCARA robot in mechanical operations such as packaging or stacking items on pallets or surfaces.
The automated manufacturing & production process offers high potential leverage for improving productivity and profits for industrial process thereby reduce energy consumption and cost associated with the manufacturing process. Components such as programmable controllers, PACs, industrial robots, process control system, PLM software and discrete sensors are some of the popular products deployed by industrialist to automate their manufacturing and production process. Industrial robots have the ability of producing high quality products with accuracy and can generate high return on investment for the investors and also bring safety on the workplace. Automation technology is capable of replacing accidents caused in agriculture and manufacturing industries. Further, Owing to high demand of smartphones in consumer market, major smartphone manufacturing companies such as Apple, Samsung, Xiaomi, Oppo, has started deploying robotic process automation in their complex production process. Foxconn technology, a leading smartphone manufacturing company, has replaced their employees with robots to speed up the production process in order to meet the increasing demand in the consumer market.
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Robotic process automation is promptly advancing from handling traditional application required for performing repetitive task. Enterprises are able to source incredible data made available by Internet of things (IoT) and APIs by applying machine learning technologies. A RPA system can perform common office tasks like generating reports, collecting information from existing documents, extracting and sorting information automatically. Such software solution can be deployed on-site or hosted on cloud depending on security requirements.
Broadcom Limited (U.S.), Samsung Electronics Co. Ltd. (South Korea), Huawei Technologies Co. Ltd. (China), LG Corporation (South Korea),Foxconn Technology Group (Taiwan), Fanuc Corporation (Japan), ABB Ltd. (U.S.), Seiko Epson Corporation (Japan), Nachi Robotic System Inc. (U.S.), Nice Systems Ltd. (Israel), Pegasystems (U.S.), Redwood Software (U.S.), Yaskawa Electric Corporation (Japan), Denso Wave Incorporation (U.S.), and KUKA Robotics (Germany) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Robotic Process Automation (RPA) Market.
The Robotic Process Automation Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
North-America is dominating the Global Robotic Process Automation Market with the largest market share and therefore accounting for astronomical amounts and is expected to grow over its previous growth records by 2023. Robotic Process Automation Market in Asia-Pacific market is expected to witness a fastest growing CAGR during 2017 to 2023 due to advancement in automation technologies, increasing smartphone users, growth in automation software industry, growing digitization and increasing adoption of business process automation solutions by small and medium scale enterprises. The European market for Robotic Process Automation Market is expected to witness a significant growth CAGR (2017-2023).
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