Artificial Intelligence
Worldwide Workflow Automation Industry to 2025 – North America is Expected to Have the Highest Market Share
Dublin, Sept. 18, 2020 (GLOBE NEWSWIRE) — The “The Workflow Automation Market – Growth, Trends, and Forecast (2020 – 2025)” report has been added to ResearchAndMarkets.com’s offering.
The workflow automation market is expected to witness a CAGR of 5.8% over the forecast period, 2020-2025.
It is a series of automation processes in a business that has replaced the repetitive and predefined human tasks to achieve workflow efficiency. Businesses that implement workflow automation in the process are more efficient, save time and money, and minimize the likelihood of errors, as it helps in streamline communication and empowers employees to manage their own time resulting in more workplace efficiency.
The growth of the market is strongly driven by the changing nature of businesses, increasing investment in business process management technology and advancements in technologies that provide quick help to industries with large volumes of data and functionalities.
- There is an increasing adoption of artificial intelligence and related new technologies, such as computer vision, cognitive automation, and machine learning to robotic process automation. This convergence of technologies produces automation capabilities that dramatically elevate business value and competitive advantages for customers.
- The rising demand of workflow software by the organizations is leading to rapid investment for the development of more sophisticated and efficient software. According to the Red Hat and Signavio-sponsored BPTrends report, over 50% of organizations were planning to increase their investment in BPM technology by up to 100% over the course of two years (2018 and 2019) and 9% of them claiming that their investment may increase by more than 100%.
- Moreover, IoT has turned the world into a cluster of billions of connected devices that has arisen the need to automate the workflows to yields productivity, agility, and efficiency. Rapid expansion of 5G availability is driving the growth of IoT in various industries. For instance, Ericsson’s 2019 report on the mobile industry has predicted that by 2024 there may be 1.9 billion 5G cellular subscriptions that may drive the growth of IoT devices. The North American market is expected to grow most with 63% of mobile subscriptions with 5G service, and 47% of cellular subscribers in East Asia may have 5G access as well. Much of this IoT growth is likely to be credited to reductions in chipset prices and the expansion of cellular technologies, such as NB-IoT and Cat-M1.
Key Market Trends
Retail industry is expected to register a significant growth
- The retail industry is being challenged with a sluggish economy, declining in-store sales and margins, and rising labor costs. It entails tools that enable organizations to manage paper documents and both structured and unstructured data more effectively, in order to remain competitive. Therefore, experiencing the adoption of technological solutions to transform its supply chains with unprecedented visibility and insights from data.
- Buy online, pick up in-store (BOPIS) trend was adopted by several large retailers to increase the footfall in their stores. Walmart, the largest US retailer, has placed many pick-up towers in stores and has leveraged technologies that link inventory and supply chain data and allow websites and in-store associates to coordinate online orders, in-store available stock, and shipping between stores.
- Workflow automation tools improve distribution and inventory management, by digitizing inventory information and using analytics and visual reporting processes. Therefore, enable retailers to automate the supply chain from the inbound carrier to manage and distribution of inventory to store-level reconciliation. It leads to lower operational costs, a simpler and faster way to reconcile invoices and improved fill rates by shrinking reorder time.
- Further, it helps to enhance the customers experience by capturing and analyzing data from many sources, identifying patterns and predicting needs, and offering on-demand services. It also provides retailer access to all business content from the core line-of-business applications to provide timely responses.
- Besides, ongoing coronavirus disease (COVID-19) pandemic across the world has disrupted the retail market. To slow the spread of the virus, many countries have entered a state of lockdown, with temporary closures to schools, bars, restaurants, and non-necessity retail stores. In most countries, food and local grocery stores have experienced shortages of supplies, as people are stockpiling goods. Customers are not purchasing non-utility product from e-commerce website, due to the fear of spread of virus through the packaging material.
North America is expected to have highest market share
North American region is experiencing an increased number of strategic partnerships between workflow automation tool vendors and various services provider. For instance, Northside, one of the leading hospitals in the United States has created a custom mobile workflow application on TrackVia platform, that automates every step-in sterilization audit process and replaced the cumbersome manual documentation process. Furthermore, the mobile application prompts and allows employees to attach photos, enter notes to tasks, captures timestamps for each task and provide instant visibility and real-time report.
The telecom industry in the United States has adopted robotic process automation to overcome low performance, high operational costs. For instance, AT&T, the largest telecom in the United States, has implemented robotic process automation to save money in operations. It provides real-time outage information, manages impacted dispatch tickets and call information for customers who are impacted by outages. The company has reduced cost of around USD 3 million per year.
Competitive Landscape
The workflow automation market is competitive and consists of several major players, such as IBM Corporation, Software AG, Oracle Corporation, Pegasystems Inc., Xerox Corporation, Appian Corporation. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability.
- In January 2020, IBM had partnership with Automation Anywhere Inc. to deliver IBM Robotic Process Automation (RPA) with Automation Anywhere. The offering combines RPA from Automation Anywhere with IBM Digital Business Automation (DBA), to provide an integrated platform of five automation capabilities that help the business to drive virtually all types of automation projects at speed and scale.
- In June 2019, Oracle completed the acquisition of Oxygen Systems, a NetSuite SuiteCloud Developer Network partner that provides localization solutions to address the complex tax and reporting requirements for companies. Oracle may deliver international and global customers, a seamless ERP localization experience in Brazil.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness – Porter’s Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Market Drivers
4.3.1 Increasing adoption of IoT across industries
4.4 Market Restraints
4.4.1 Data Security Concerns
5 MARKET SEGMENTATION
5.1 By Deployment
5.1.1 On-premise
5.1.2 Cloud
5.2 By Solution
5.2.1 Software
5.2.2 Service
5.3 By End-user Industry
5.3.1 Banking
5.3.2 Telecom
5.3.3 Retail
5.3.4 Manufacturing and Logistics
5.3.5 Manufacturing and Logistics
5.3.6 Energy and Utilities
5.3.7 Other End-user Industries
5.4 By Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.2 Europe
5.4.2.1 United Kingdom
5.4.2.2 Germany
5.4.2.3 France
5.4.2.4 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Rest of Asia-Pacific
5.4.4 Rest of the World
5.4.4.1 Latin America
5.4.4.2 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 IBM Corporation
6.1.2 Software AG
6.1.3 Oracle Corporation
6.1.4 Pegasystems Inc.
6.1.5 Appian Corporation
6.1.6 Bizagi
6.1.7 IPsoft Inc.
6.1.8 Newgen Software Technologies Limited
6.1.9 Nintex Global Limited
6.1.10 Xerox Corporation
7 INVESTMENT ANALYSIS
8 MARKET TRENDS AND FUTURE OPPORTUNITIES
For more information about this report visit https://www.researchandmarkets.com/r/y5akqs
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Artificial Intelligence
Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow
Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.
Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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View original content:https://www.prnewswire.co.uk/news-releases/global-insurance-provider-selects-3clogic-to-streamline-ai-and-contact-center-capabilities-with-servicenow-302127739.html
Artificial Intelligence
ScreenPoint Medical Leadership Transition: Pieter Kroese Confirmed as CEO
Leading Breast AI Company, creator of industry-leading Transpara®, promotes from within for new CEO
NIJMEGEN, Netherlands, April 25, 2024 /PRNewswire/ — ScreenPoint Medical, today announced a significant transition in its leadership as Mark Koeniguer, the current CEO, steps down from his position. Mark served as CEO since 2022 and was instrumental in ScreenPoint’s commercial growth and success over the past 2 years.
The company’s Board of Directors has appointed Pieter Kroese as the new Chief Executive Officer effective April 25, 2024. Pieter takes the role after serving as COO of ScreenPoint for over five years. During that time, he has managed the transition of the company from an early startup to a thriving enterprise with hundreds of customers using ScreenPoint’s flagship Transpara software to support millions of scans a year.
“I am thrilled to lead ScreenPoint into its next phase of growth and innovation,” said Mr. Kroese. “I am deeply committed to building upon the strong foundation we have and continuing to work closely with our talented team to drive continued success. We are already expanding screening capacity and capability through proven reader support – we look forward to increasing our ability to support providers and women moving forward.”
Sir Michael Brady, Chairman of the Board at ScreenPoint Medical and a co-founder of the company, expressed enthusiasm about Pieter’s appointment, stating, “Pieter’s remarkable leadership qualities, coupled with his depth of knowledge of our product and industry, make him the perfect choice to lead ScreenPoint into the future. His strategic mindset and commitment to excellence align perfectly with our company mission of early breast cancer detection. Pieter has been an integral part of our growth to date and will provide seamless leadership through this transition into our next chapter for our customers, partners, and team.”
Author of “No Longer Radical” and over a hundred peer-reviewed publications on breast imaging, Dr. Rachel Brem is a Transpara user and ScreenPoint Board Member. Dr. Brem welcomed Mr. Kroese with the following: “Pieter has been an integral part of the ScreenPoint team for years. I am confident that his leadership will continue to deliver product excellence: earlier detection with outstanding reading workflow and improved patient outcomes. We continue to see these results from clinical sites all over the world, including many here in the United States. No other Breast AI solution has demonstrated the same results as Transpara, and I am confident that the team will continue to push on these frontiers under Pieter’s leadership.”
The entire team at ScreenPoint extends its gratitude to Mark Koeniguer and wishes him every success in the future, while warmly welcoming Pieter Kroese into his new role as CEO.
About ScreenPoint Medical
ScreenPoint Medical translates cutting edge machine learning research into technology accessible by radiologists to improve screening workflow, decision confidence and breast cancer risk assessment. Transpara is trusted by radiologists globally because it has been developed by experts in machine learning and image analysis and updated with user feedback from world-renowned breast imagers.
See all the proof at: https://screenpoint-medical.com/evidence.
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View original content:https://www.prnewswire.co.uk/news-releases/screenpoint-medical-leadership-transition-pieter-kroese-confirmed-as-ceo-302127719.html
Artificial Intelligence
Robotics Market to Surpass USD 126.96 Billion by 2031 | SkyQuest Technology
WESTFORD, Mass., April 25, 2024 /PRNewswire/ — The growing need for automation, technological developments, and long-term cost reductions are driving a robust expansion in the worldwide robotics market. SkyQuest projects that Global Robotics Market size is poised to grow from USD 41.50 Billion in 2023 to USD 126.96 Billion by 2031, at a CAGR of 15% during the forecast period (2024-2031).
Download a detailed overview:
https://www.skyquestt.com/report/robotics-market
Browse in-depth TOC on the “Robotics Market”
Pages – 202Tables – 64Figures – 75Robotics Market Overview:
Report Coverage
Details
Market Revenue in 2023
$41.50 billion
Estimated Value by 2031
$126.96 billion
Growth Rate
Poised to grow at a CAGR of 15%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Application, End Users, and Region
Geographies Covered
North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights
Collaborative Robotics
Key Market Opportunities
Prompting Several Industries to Adopt Automation Technologies
Key Market Drivers
Increasing Demand for Automation
Surge of Automation is Supporting Growth of Robotics Industry
The industrial sector is generating high revenues for the global robotics market owing to extensive automation in manufacturing, which increases productivity and lowers overall production costs. Assembly line, painting, and welding robots have become essential, thereby propelling substantial market expansion in the automotive, electronics, and heavy duty sectors. Due to the increased usage of robots for non-manufacturing functions such as customer service, shipping, and healthcare, the services sector is expanding quickly. This rapid growth is being driven by technological improvements and the push for automation in services.
Surge in Advance Robotics is Bolstering Market Growth
The use of robotics in manufacturing processes is growing, and innovation in this field is happening quickly worldwide. By increasing productivity, efficiency, and precision, advanced robotics technologies—such as AI-driven automation systems and collaborative robots, or cobots—are transforming the manufacturing sector. The dominance of manufacturing in the worldwide robotics market is fuelled by the integration of robotics into manufacturing facilities, which helps businesses remain competitive in today’s dynamic market scenario.
Rising Interest in Service Robotics is Driving Demand for Robotics in Asia Pacific
Due to the strong demand for industrial and service robots in the region, Asia Pacific now leads the global robotics industry. China, Japan, and South Korea are among the nations that have made significant investments in the robotics sector recently. The Middle East and Africa are anticipated to register the fastest-growing rate for the global robotics market. The expansion is ascribed to the region’s growing adoption of automation technology, especially in the manufacturing and logistics industries.
Request Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/robotics-market
Drivers:
Increasing Demand for AutomationAdvancements in AI and Machine Learning TechnologiesRestraints:
High Initial InvestmentsLack of Skilled WorkforceProminent Players in Global Robotics Market:
FANUC America Corporation (US)Epson Robotics (Japan)Staubli International AG (Switzerland)YRG Inc. (US)Comau S.p.A. (Italy)Northrop Grumman Corporation (US)Honda Motor Co., Ltd. (Japan)Seiko Epson Corporation (Japan)Yamaha Motor Co., Ltd. (Japan)Adept Technology, Inc. (US)View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/robotics-market
Key Questions Answered in Global Robotics Market Report
How big is the global robotics market, and what compound annual growth rate (CAGR) is it anticipated to deliver between 2024 and 2031?Which industries are fuelling the need for automation and fostering the expansion of the robotics sector?What impact have recent technological advancements and innovations had on the direction of the robotics market?Which well-known companies in the robotics industry are also major players in the global robotics market?This report provides the following insights:
Analysis of key drivers (increasing demand for automation across industries, improved the overall efficiency, productivity of the processes, demand for automation), restraints (high initial investments, difficult for small and medium-sized enterprises to invest, robots, sensors, and other equipment required not delivered), opportunities (advancements in AI and machine learning technologies, new opportunities for the robotics market, perform complex tasks with high accuracy), and challenges (lack of skilled workforce, maintenance of these robotics systems) influencing the growth of robotics marketMarket Penetration: Comprehensive information on the product portfolios offered by the top players in the robotics marketProduct Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the robotics marketMarket Development: Comprehensive information on lucrative emerging regionsMarket Diversification: Exhaustive information about new products, growing geographies, and recent developments in the marketCompetitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.Related Reports:
Global Service Robotics Market
Global Soft Robotics Market
Global Warehouse Robotics Market
Global Cloud Robotics Market
Global Robotic Welding Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:Mr. Jagraj SinghSkyquest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
View original content:https://www.prnewswire.co.uk/news-releases/robotics-market-to-surpass-usd-126-96-billion-by-2031–skyquest-technology-302127230.html
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