Robotic Process Automation Market 2021 Analysis, growth, Size, Opportunities and Forecast 2023
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 global robotic process automation market has been segmented based on process, operations, type, and industry. On the basis of process, the market for robotic process automation is segmented based on decision support, automated solution, and management solution. Additionally, the market on the basis of type, is segmented into tools. The global market for robotic process automation is also covered based on operations segment which is further split into rule based. The market is further segmented based on industry into manufacturing & logistics and IT & telecommunication.
Factors like demand for software with capabilities of artificial intelligence and machine learning support the robotic process automation market growth. The performance of the robotic process automation market has also been studied for the past and current years. Additionally, the robotic process automation market report provides analysis of these segments. The robotic process automation market segmental analysis provided in the report offers major details about the robotic process automation market performance and future.
Companies in the Robotic Process Automation (RPA) Market are spread across the world. The Robotic Process Automation (RPA) Market report provides major information about regional markets of North America, Europe, Asia-Pacific (APAC), and the rest of the world. The North American Robotic Process Automation (RPA) Market has many companies across the United States, Canada, and Mexico. Europe has companies in the Robotic Process Automation (RPA) Market across Germany, France, Spain, Italy, and the United Kingdom. A detailed analysis of the Robotic Process Automation (RPA) Market across India, China, and Japan in the Asia-Pacific region is also presented in the report. The Robotic Process Automation (RPA) Market of the Middle East, Africa, and other regions has also been studied by analysts. The regional analysis of the Robotic Process Automation (RPA) Market can be found in the market research report.
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