Robotic Automation Process Market Segmentation by Type of Process (Automated Solution, Decision Support, and Management Solution); By Operation (Rule Based and Knowledge Based); By Industry (IT, Telecommunication, Manufacturing & Logistics); By Region– Global Demand Analysis & Opportunity Outlook 2027
Buy Now Report ID: 1445 | Published Date: Feb 02, 2023
Advancement in Technologies
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.
Demand for Virtual Workforce
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.
Growing Digitalization
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.
Restraints
High Cost of Automation
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.
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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Our-in depth analysis of the robotic automation process market includes the following segments:
By Type of Process
By Operation
By Industry
By Region
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:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
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