Robotic Process Automation Market Comprehensive Study Explores Huge Revenue Scope in Future
- ehteshampeerzade
- Dec 2, 2020
- 3 min read
Market Highlights
Robotic process automation (RPA) is the process of handling repeatable tasks of huge volume. This process makes use of technologies such as machine learning and artificial intelligence. The global robotic process automation market, as per this analysis by Market Research Future (MRFR), is anticipated to strike 29% CAGR across the forecast period 2017 to 2023. The market has been assessed to exceed USD 2700 Mn mark in terms of value by the end of the review period.
Robotic process automation (RPA) is a process being adopted by various industries for lowering the error rate and boosting production. The proliferation of smartphones into daily lives of users and their advantages and convenience can expand the need of the process. The global Robotic Process Automation Market report by Market Research Future (MRFR) contains a compilation of insights and hurdles to be faced by the industry during the period of 2018 to 2023 (forecast period). The sudden outbreak of the COVID-19 virus and its effect on production and value chain are discussed in the report.
Innovation in smartphones, connected device interfaces, inclination towards social media, and development of mobile applications for remote controlling of processes can favor the market. Automation of repetitive tasks in a smartphone assembly line while reducing errors can drive its requirement among major manufacturers. The large scope of smartphones in developing and developed economies as well as inclination towards mobile applications can provide a wide scope for the market.
Moreover, the deployment of advanced automation in manufacturing and production processes can be pivotal for the global RPA for smartphones market. The focus on energy efficiency, acceptance of IoT, and rising adoption of smartphones are other drivers of the market.
Segmentation:
On the basis of process, the global robotic process automation market size has been segmented into automated solution, decision support and management solution, and interaction solution.
Based on operations, the robotic process automation market has been segmented into spend analysis, e-sourcing, e-procurement, contract management, and supplier management.
On the basis of type, the robotic process automation market has been segmented into tools, travel & logistics, and services.
The industry-based segments of the robotic process automation market identified in this report are BFSI, transportation, healthcare & pharmaceuticals, IT & telecommunication, retail, travel, manufacturing & logistics, hospitality, and others.
Regional Analysis
The geographic analysis of the Robotic Process Automation Market has been conducted for North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). North America is expected to dominate the Robotic Process Automation Market during the forecast period due to growing development in the IT industry. It is valued at USD 294.19 million in 2017. The market is expected to register a CAGR of 31.29% during the forecast period in the region and drive revenues owing to increasing dependence on smartphones for their user-friendliness and comfort.
Asia Pacific (APAC) has successfully taken the second position in the Robotic Process Automation Market. It is expected to grow at an agile rate during the forecast period. Emergence of startups in China and India that encourage development of smartphone apps and funding by venture capital firms for pushing the use of AI-driven chatbots can bode well for the market.
Competitive Outlook
Redwood Software, KUKA Robotics, Seiko Epson Corporation, Fanuc Corporation, Denso Wave Inc., ABB Ltd, Pegasystems Inc., Nice Ltd, Yaskawa Electric Corporation, and Nachi Robotic System Inc. are key players of the global robotic process automation for smartphones market.
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