Robotic automation process is an application technology where software with capabilities of artificial intelligence and machine learning are used. These applications are capable of handling high volumes and repeatable tasks. They are used in organization for data processing and managing transactions. It increases productivity, reliability and consistency of industries. Additionally, algorithm based programming built in the robots enable them to perform the assembly operations again and again. The adoption of such programming methods make substantially improve their capacity of handling repeated tasks. These automation processes help in reducing errors and improve standardization of the process. Banking and financial industries are major sectors utilizing the application of these automation processes. The tasks in the assembly line are often repetitive in nature and require tremendous measure of human effort and time to achieve. For an instance, assembling and related activities tend to be repetitive tasks that utilize more manpower. Further, with the development in business operations, there is an enormous interest among industrialists about robotization for business transactions. Growing demand for latest technologies and increasing use of automation is anticipated to foster the growth of robotic automation process market (2019-2027).
The robotic automation process market is anticipated to record a CAGR of 30.08% over the forecast period. The market is segmented by type of process into automated solution, decision support and management solution; by operation into rule based and knowledge based; by industry into IT, telecommunication, manufacturing & logistics and by region. Automated solution segment is anticipated to capture the largest market share in robotic automation process market on account of increasing adoption of automation solution and services across industries.
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Latest technologies with advanced equipment have become a necessary part of engineering industries. Manufacturers are now focused on providing efficient equipment and services to their consumers. Additionally, the rising demand for engineering tools, such as Selenium, Katalon Studio, Unified Functional Testing (UFT) and IBM RFT for applications such as .Net, Java, SAP, Flex, and Ajax, is expected to further increasing demand for automation. Automation has resulted in minimizing manual errors during production which has increased the manufacturing capacities of these manufacturers. Moreover, it is helping small and medium sized manufacturing companies to fairly grow. Such factors are expected to propel the growth of robotic automation process market around the world.
Virtual workforce has expanded horizons for applications of new robotization advancements. With an increasing interest for virtual workforce universally, especially in innovation and business procedure administrations, digitalization can recover any required data recovery processes. Virtual workforce further enables with structure assembly processes in a more time and labor efficient manner. This helps in answering client questions or grievances in characteristic languages such as M-Code, C-Code & CNC Machinery. Additionally, rising applications of artificial intelligence in industrial and military sector is anticipated to propel the growth of robotic automation process market.
Digitalization can give industries an upper hand by improving their business operations. Utilizing innovative solutions give consumers a focused edge in their business and a proper digitalization plan can help in improving the quality of work. The channels of digitalization help in providing feedback at regular intervals of time which could further guide the clients with the strategic decision making process. Growing need for digitalization is expected to propel the growth of the market over the forecast period.
Initial investment of automation and robotic technology is high and it requires skilled workers to run the programs of automated parts of machines. Additionally, there is a high requirement for skilled resources who can carry out the programming related tasks associated with automation & CNC machines. With the rise in initial cost of parts, manufacturing companies is taking appropriate steps in order to minimize the initial investment. Moreover, regular maintenance of the technical equipment results in increasing the cost. High cost of artificial intelligence and automation are some of the key factors restraining the growth of robotic automation process market across the globe.
Our-in depth analysis of the robotic automation process market includes the following segments:
On the basis of regional analysis, the robotic automation process market is segmented into five major regions North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America market is anticipated to capture the largest revenue share in the robotic automation process market owing to advancement in technology, growing digitalization and growth in automation software industry. With growing demand for automation services and solutions, market of Asia Pacific is expected to observe a substantial growth over the forecast period. According to the International Federation of Robotics, the industrial robot sales grew by 114% between 2013 and 2017.
The market of North America is expected to be followed by Asia Pacific owing to increasing demand for machine learning, robotic automation and artificial intelligence.
The robotic automation process market is further classified on the basis of region as follows:
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