In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
October 16, 2021: SAS to collaborate with European Banking Federation to provide AI services for banks worldwide to enable automated machine learning.
June 07, 2020: Wipro limited to collaborate with IBM Corporation to provide security across public or private cloud and on-premises IT environment.
Ans: The growing adoption of automation technology is estimated to boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~18% over the forecast period, i.e., 2022 – 2031.
Ans: The major players in the market are Microsoft Corporation, IBM Corporation, Rockwell Automation Inc., SAP SE, Wipro Ltd., Allerin tech Pvt. ltd., OneGlobe LLC, Mitsubishi Electric Corp., and Infosys Ltd.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by technology, end-user, and by region.
Ans: The manufacturing segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Ans: Lack of skilled manpower in the hyper automation is estimated to hamper the market growth.
Ans: The North America region is anticipated to provide more business opportunities over the forecast period owing to the rising adoption of advanced technology in the region.