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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Some of the Prominent Players Profiled in MRFR Analysis and are at the forefront of competition in the Global Robotic Process Automation (RPA) Market are:-
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)
The Robotic Process Automation Market is expected to grow at approximately USD 2,700 Million by 2023, at 29% of CAGR between 2017 and 2023.
25 July 17 – The robotic process automation does have impactful potential for small & medium size companies but the analysis and application needs to a lot more granular and explicit about avenues of costs savings beyond head-count reductions.
July 12, 2017- Zurich Insurance Company Ltd (Zurich), a leading multi-line insurer, and Capgemini, a global leader in consulting, technology and outsourcing, won the Information Services Group (ISG) Paragon Award Europe in the Collaboration category for their joint Robotic Process Automation (RPA) projects.
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The Market of Robotic Process Automation appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms. Prominent vendors of Robotic Process Automation targeting to invest more in technology and research and development activities to innovate their already existing products. The rising government funding is also expected to motivate key companies to invent new Robotic Process Automation modules that match the changing trends and needs across the globe. These players possess state of art R&D labs and strong sales and distribution network which have helped them to gain leadership position in the market. An ever-increasing emphasis has been observed among Robotic Process Equipment industry marketers on inbound lead generation over branding-oriented efforts.
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