Market Highlights
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.
Market Scope
The global Robotic Process Automation Market is expected to grow from USD 807.9 million in 2017 to USD 3992.6 million by 2023 at a CAGR of 30.5% during the forecast period. The trend of automation among manufacturing and other large industries is likely to drive the market demand during the forecast period. The integration of RPA for assurance of quality, expedited rate of production, and lowering operational and maintenance costs can lead to a large-scale adoption and propel market growth.
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:
Based on the robot type, the market has been segmented into cartesian, articulated, SCARA, delta, redundant, 6-axis robot, dual-arm, and parallel. The 6-axis robots segment accounted for the largest market share in 2017 with a market value pegged at USD 168.7 million. It is expected to register the highest CAGR during the forecast period. On the other hand, the SCARA segment was the second-highest valued segment during the forecast period. The SCARA, also termed as selective compliance assembly robot arm, is based on a 4-axis design whose z-axis is kept fixed and can move in the XY axis allowing the robot to perform the curved motion.
Regional Analysis
The geographic analysis of the Robotic Process Automation (RPA) Technologies 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.