Artificial Intelligence
Robotic Process Automation Market Worth $47.19 Billion by 2029 – Exclusive Report by Meticulous Research®
Redding, California, May 23, 2022 (GLOBE NEWSWIRE) — According to a new market research report titled, “Robotic Process Automation Market by Type (Software, Service), Process, Deployment (Cloud, On-Premises), Application, and Industry (BFSI, Telecom, and IT Industry), and Geography – Global Forecasts to 2029,” the global robotic process automation market is expected to grow at a CAGR of 16.2% during the forecast period to reach $47.19 billion by 2029.
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The growth of this market is attributed to the growing demand for automation in business processes, increasing adoption of advanced technologies to surge demand for robotic process automation solutions, and growing innovations in RPA to accommodate changing consumer demands. However, data insecurity risk is hindering the implementation of robotic process automation solutions in the financial sector. In addition, the growing demand for robotic process automation in logistics and BPO sectors is expected to create significant growth opportunities for the players operating in this market. However, a lack of awareness regarding robotic process automation is a major challenge to the growth of this market.
Impact of COVID-19 on the Robotic Process Automation Market
The outbreak of the COVID-19 pandemic severely affected numerous businesses across the globe. Several industries were negatively impacted due to the disruption of supply chains and workforce limitations caused by the nationwide lockdowns. Closure of factories and trade restrictions also added to the existing challenges, severely impacting various industries. Manufacturing plants were shut down, affecting production, which led to a significant demand-supply gap. Global Infrastructure & construction industries are witnessed acute labor shortages, suspension & cancellation of projects, and disrupted supply and logistics.
Various robotic automation companies such as UiPath SRL (U.S.) and Automation Anywhere Inc. (U.S.) witnessed a massive rise in the demand for automation solutions during the pandemic from various industries. Furthermore, the rising adoption of chatbots & virtual assistants in the BPO sector is expected to reduce the requirement for human resources, which, in turn, is projected to fuel the demand for RPA solutions.
The rising integration of RPA with advanced technologies like cloud computing, AI, and ML is expected to create huge growth opportunities for the market in the coming years. Moreover, AI-integrated RPA will improve accuracy, productivity, and flexibility in the business process. Further, it will eliminate the staff requirements in the back-office process across various industries such as BPO, banking & insurance, and healthcare. Thus, driving the market growth in the coming years.
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The global robotic process automation market is segmented based on type (software and service), process (automated solutions, decision support & management solutions, and interaction solutions), deployment mode (cloud-based and on-premise), application (administration & reporting, customer support, data migration & capture extraction, analysis, and other applications), industry (banking, financial services, & insurance; telecom & IT; travel, hospitality, and transportation; retail & consumer goods; manufacturing & logistics; healthcare & pharmaceuticals; other industries). The study also evaluates industry competitors and analyses the market at the country level.
Based on type, the robotic process automation market is segmented into software and services. In 2022, the service-based segment is estimated to account for the largest share of the robotic process automation market. The growth of this segment is attributed to the high competition among enterprises. It has urged the service providers to improve their consulting, training, and advisory services, and continuous upgrades in automation services that enable high scalability and minimize cost have driven the demand for RPA as a service. However, the software segment is expected to grow at the highest CAGR during the forecast period.
Based on process, the robotic process automation market is segmented into automated solutions, decision support & management solutions, and interaction solutions. In 2022, the automated solutions segment is estimated to account for the largest share of the robotic process automation market. The growth of this segment is attributed to its high degree of flexibility and scalability.
Based on deployment mode, the robotic process automation market is segmented into cloud-based and on-premise. In 2022, the on-premise segment is estimated to account for the largest share of the robotic process automation market. The growth of this segment is attributed to the growth in adoption of on-premise RPA solutions by organizations that are seeking to save costs by having a large volume of processes automated through RPA and having sufficient IT support for maintaining the infrastructure. However, the cloud-based segment is projected to grow at the highest CAGR during the forecast period due to its benefits, such as greater scalability, security, and ease of access & management.
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Based on application, the robotic process automation market is segmented into administration & reporting, customer support, data migration & capture extraction, analysis, and other applications. In 2022, the administration & reporting segment is estimated to account for the largest share of the robotic process automation market. However, the analysis segment is poised to grow at the highest CAGR due to its analysis operations, including service trends, invoices, reports, and other works.
Based on industry, the robotic process automation market is segmented into banking, financial services, & insurance; telecom & IT industry; travel, hospitality, & transportation industry; retail & consumer goods; manufacturing & logistics industry; healthcare & pharmaceuticals; and other industries. In 2022, the banking, financial services, & insurance segment is estimated to account for the largest share of the robotic process automation market.
In the BFSI industry, robotic process automation controls and monitors interfaces to ensure seamless execution of transactions and to fix loopholes. It improves the accuracy and efficiency of different processes in this industry. These solutions help in regulatory reporting and balance sheet reconciliation by collating data from multiple systems and conducting a host of validation checks to prepare information for a detailed analysis. However, the healthcare & pharmaceuticals segment is projected to grow at the highest CAGR during the forecast period.
Geographically, the North American region is estimated to account for the largest share of the robotic process automation market in 2022. The large share of this market is mainly attributed to the high penetration rate of automation & process management solutions among government agencies and enterprises. Furthermore, the application of RPA is rising among SMEs in the region due to rising knowledge about improving various business functions, such as data entry, accounting/finance, procurement detail, record keeping, and several other HR-related functions.
Some of the major players operating in this market are Uipath SRL (U.S.), Automation Anywhere Inc. (U.S.), Nice Systems Ltd. (Israel), Pegasystems Inc. (U.S.), Blue Prism PLC (U.K.), Ipsoft, Inc. (U.S.), Celaton Ltd. (U.K.), Verint System Inc. (U.S.), OnviSource, Inc. (U.S.), Kofax Inc. (U.S.), FPT Software (Vietnam), EdgeVerve Systems Limited (India), Daythree Business Services Sdn Bhd (Malaysia), Kryon Systems (Israel), and Genpact Ltd (U.S.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/robotic-process-automation-market-5282
Scope of the Report:
Robotic Process Automation Market, by Type
- Software
- Model-based
- Process-based
- Services
- Consulting
- Integration & Development
- Training
Robotic Process Automation Market, by Process
- Automated Solutions
- Decision Support and Management Solutions
- Interaction Solutions
Robotic Process Automation Market, by Deployment Mode
- Cloud-based
- On-premise
Robotic Process Automation Market, by Application
- Administration and Reporting
- Customer Support
- Data Migration & Capture Extraction
- Analysis
- Other Applications
Robotic Process Automation Market, by Industry
- Banking, Financial Services, & Insurance
- Telecom & IT
- Travel, Hospitality, & Transportation
- Retail & Consumer Goods
- Manufacturing & Logistics
- Healthcare & Pharmaceuticals
- Other Industries
Robotic Process Automation Market, by Geography
- North America
- U.S.
- Canada
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Singapore
- Thailand
- Australia
- Taiwan
- Rest of Asia-Pacific
- Europe
- Germany
- U.K.
- France
- Netherlands
- Norway
- Italy
- Spain
- Switzerland
- Sweden
- Denmark
- Rest of Europe
- Latin America
- Middle East & Africa
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About Meticulous Research®
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Artificial Intelligence
Xinhua Silk Road: E China’s Changzhou City unveils investment opportunities in sectors of new productive forces for global investors
BEIJING, Sept. 29, 2024 /PRNewswire/ — Changzhou City, an leading international smart manufacturing base located in east China’s Jiangsu Province, has released a bunch of investment investment opportunities to global investors in various sectors of new productive forces at the the 2024 New Energy Industry Development Conference & Invest in Changzhou Conference held in the city on September 19.
The investment opportunities covers nine areas including synthetic biology, low-altitude economy, intelligent connected new energy vehicles, solid-state batteries, hydrogen energy, third-generation semiconductors, and artificial intelligence, manifesting the confidence of Changzhou in further opening development.
Changzhou, seated in the axis of the Yangtze River Delta, has become an important base for advanced manufacturing in China.
In recent years, thanks to intensified efforts in developing new energy industry and fostering new quality productive forces, Changzhou has expanded the added value of its industrial sector to more than two trillion yuan, with manufacturing added value accounting for about 43 percent, both ranking among the top three in Jiangsu Province.
In the Hurun China New Energy Cities 2024, a list released by the Hurun Research Institute at the conference, Changzhou ranked first among other cities in the country for three consecutive years in terms of investment attractiveness and concentration.
Changzhou has accumulated a total of 10.59 billion US dollars (nearly 74.25 billion yuan) in terms of actually utilized foreign capital since 2020. Major projects such as soft magnetism of ArcelorMittal and medical device of BIOS, a Hong Kong-based company, have been launched during the conference.
In addition, Changzhou has released a multilingual guide for foreign nationals in Changzhou at the conference, which includes practical service items in stay and residence, work, convenient payment options, among others, turning the city into a more open and international place.
Original link: https://en.imsilkroad.com/p/342380.html
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Artificial Intelligence
CGTN: China honors individuals with highest awards in celebration of 75th National Day
BEIJING, Sept. 29, 2024 /PRNewswire/ — Huang Zongde enlisted in the Chinese People’s Liberation Army at the age of 17, beginning a nearly four-decade-long military career where his bravery, valor and devotion earned him countless awards and honors.
The heavily decorated 93-year-old received the highest state honor on Sunday when Chinese President Xi Jinping conferred him with the Medal of the Republic at a ceremony in the Great Hall of the People in Beijing.
China awarded national medals and national honorary titles to 15 individuals, including Huang, in recognition of their contribution and achievement as it celebrates the 75th anniversary of the founding of the People’s Republic of China, which falls on October 1.
Chinese heroes and role models
In addition to Huang, three others were awarded the Medal of the Republic. Wang Yongzhi, a missile and rocket expert and a pioneer of China’s manned space program, was honored posthumously. Wang Zhenyi, a medical scientist known for breakthroughs in leukemia treatment, and Li Zhensheng, an expert in wheat breeding, are also among the honorees.
The national honorary titles went to 10 people, including scientists, a border patrolman, an artist, a craftsman, educators, a health worker, an economist and an athlete.
Addressing Sunday’s awarding ceremony, President Xi, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, called on the Chinese people to learn from heroes and role models to form a mighty force to build a strong China.
China is in a crucial period for building a great modern socialist country in all respects and achieving national rejuvenation through Chinese modernization, he said.
Encouraging the Chinese people to strive for extraordinary achievements at ordinary job posts, Xi urged them to contribute to resolving challenges to development and reform and safeguarding social harmony and stability.
China’s old friends and good friends
As its highest state honor for foreigners, China awarded the Friendship Medal to Dilma Rousseff, president of the New Development Bank and former Brazilian president, for her commitment to the friendship between China and Brazil, and development of relationship between China and the Community of Latin American and Caribbean States, and cooperation among BRICS countries, a group of major emerging economies.
Accepting the honor at the ceremony, Rousseff said the medal symbolizes the strong bonds between Brazil and China and pledged to continue her unremitting efforts to promote the friendship.
China’s achievements over the decades, including economic transformation, technological innovation and remarkable social development, have made it a beacon and a source of inspiration for the world, she said.
Xi lauded Rousseff as an outstanding representative of China’s old friends and good friends who have shared the same aspirations and stood together with the Chinese people over the past 75 years and vowed that China will never forget such international friends.
The Chinese people are ready to join hands with people from all over the world to safeguard world peace, promote common development and advance the building of a community with a shared future for mankind to create a better future for humanity, he said.
https://news.cgtn.com/news/2024-09-29/China-honors-individuals-with-highest-awards-ahead-of-National-Day-1xhS1SaZeZa/p.html
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HANGZHOU, China, Sept. 29, 2024 /PRNewswire/ — On September 26, a delegation from the Ministry of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan, led by Minister Madiyev Zhaslan, visited SUPCON. SUPCON’s Chairman and President, Mr.Cui Shan, warmly welcomed the delegation.
The Kazakhstan government representatives expressed their appreciation and recognition of SUPCON’s expertise and innovation in intelligent manufacturing, digital transformation, and industrial AI.
Madiyev Zhaslan expressed a strong interest in industrial AI technologies of SUPCON, particularly their applications in intelligent and low-carbon facilities. He looks forward to exploring extensive collaboration with SUPCON across various sectors in Kazakhstan.
Cui Shan emphasized that as a leading industrial AI company with a global presence, SUPCON will leverage its technological advantages to meet Kazakhstan’s industry development requirements and trends, injecting new momentum into the country’s industrial digitalization.
In 2023, SUPCON established a subsidiary in Kazakhstan as its Central Asia regional headquarters and set up a localized operational system. SUPCON will continue to invest in the long-term development of the Central Asia region, contributing further wisdom and strength to the industrial digital transformation in Kazakhstan and beyond.
Photo – https://mma.prnewswire.com/media/2518470/image_5022684_18905906.jpg Photo – https://mma.prnewswire.com/media/2518471/1.jpg
View original content:https://www.prnewswire.co.uk/news-releases/kazakhstan-government-delegation-visited-supcon-302261857.html
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