Artificial Intelligence
Global Robotic Process Automation Market to Reach $17.43 Billion by 2028 | Regulatory Challenges and High Deployment Cost to Remain Key Challenges
Westford,USA, Oct. 25, 2022 (GLOBE NEWSWIRE) — The Robotic Process Automation Market is witnessing major growth owing to increasing focus on improving efficiencies and reducing costs in manufacturing processes. Along with this, rising demand from automotive and medical industries is also contributing to the growth of the robotic process automation market.
With the rapid advancement in robotic process automation, the technology enables efficient, repeatable, and error-free way for organizations to carry out certain manufacturing processes. The technology also helps automate a wide range of tasks, including material handling, assembly, product testing, and packaging. Moreover, it allows organizations to realize significant cost savings by automating multiple processes simultaneously.
Over the past few years, there has been a rising trend in adoption of robotic process automation across various industries due to its many benefits such as increased efficiency and accuracy. Several players in the robotic process automation market are investing heavily in RPA software development initiatives to build more effective platforms that can cater to the needs of their respective customers. Some of these companies include Rockwell Automation (US), ABB Ltd (Switzerland), Germany’s KOHLER AG (DE), Japan’s Yaskawa Electric Corporation (JP), and General Motors Co. (US).
The key factors driving the growth of the robotic process automation market are increasing demand from various industrial sectors such as automotive and pharmaceuticals, as well as rising investment in RPA software development initiatives by leading vendors.
This report evaluates the Robotic Process Automation (RPA) market based on vendor landscape, product types, end markets, and regions. It also provides insights into the factors driving RPA adoption and growth. The report features interviews with key executives from leading players in the RPA market.
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SkyQuest’s Analysis
A recent SkyQuest’s report, “Robotic Process Automation market: Current Trends, Future Updates,” provides an in-depth analysis of robotic process automation (RPA) and the role it will play in business organization over the next several years. Among some key findings: RPA is starting to show up in larger organizations with budgets that are able to commit to its long-term cost.
The growth of robotic process automation market takes place across three key delivery models: on-premises RPA, hosted RPA and as a component of an AI platform. In fact, on-premises usage is expected to increase more than threefold over the next two years while hosted RPA will grow around 20%. Nearly half (48%) of all respondents say they plan to deploy or implement at least one type of RPA software this year. As demand for automation rises and adoption rates increase, so too does the need for better integration with other business processes such as ERP and marketing automation systems.
Enterprises must also account for potential regulatory hurdles when deploying RPA technology. This year’s most frequent concern in the global robotic process automation market is ensuring data integrity (49%), followed by making sure robots are safe (45%). As businesses adopt RPA technology to automate more work tasks, opportunities for value creation abound. Recent studies have found that customers’ satisfaction with robotics processes increased by 66% when compared with manual process implementations. Furthermore, 46% predict increased profits.
The reason for this growth of the robotic process automation market is simple: Robotics have become cheaper and more powerful over time, which has led to an increase in their adoption in manufacturing and other industrial sectors. Furthermore, advances in artificial intelligence (AI) are making it possible for robots to be trained quickly to carry out specific tasks.
Overall, SkyQuest’s analysis indicates that RPA has the potential to improve business efficiency and productivity by automating certain routine tasks or transferring work from humans to machines. However, these benefits come with attendant risks and challenges that must be carefully managed if they are to be successfully exploited.
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Regulatory Challenges and Deployment Cost to Remain Key Challenges
SkyQuest’s analysis of the robotic process automation market reveals several key trends. First, enterprises are increasingly looking to use RPA to improve efficiency and accuracy across various business processes. Second, RPA is being used to address challenges that traditional automation technologies cannot address, such as handling complex data or necessitating human interaction at certain points in the process. Finally, while there are many benefits to using RPA, including lower costs and improved customer service quality, there are also challenges to be addressed, including a lack of standardization in the market and a shortage of skilled workers with experience using RPA technology.
Based on these findings, SkyQuest has identified three key areas where further growth for the robotic process automation market is likely: expanding beyond traditional business process automation; utilizing artificial intelligence and machine learning technologies; and providing enhanced user engagement experiences. In addition to its market update report on RPA, we have also developed five actionable insights for businesses interested in implementing this transformative technology.
Overall, the report on the global robotic process automation market finds that there are many opportunities for automation within various industries, with a particularly strong focus on customer experience and process design and optimization. However, there are also some challenges that need to be addressed before widespread adoption of RPA can take place. For example, regulatory issues need to be resolved so that robotic processes can be safely integrated into companies’ businesses without causing any disruption or safety concerns. Additionally, businesses will need to see a significant reduction in the overall cost of implementing RPA in order to make it a viable option for larger companies.
AI in Robotic Process Automation Market: Challenges and opportunities
Although artificial intelligence (AI) has been incrementally integrated into robotic process automation (RPA) over the past decade, recent acceleration in AI development and deployment is forecast to dramatically change how companies operate by 2030.
In a study released in October 2022, SkyQuest research associate Swarnima Aeri noted that while most companies are still “quite hesitant” about deploying AI in their RPA platforms, there is a growing awareness of its potential and the need for digital transformation. Lamb highlighted two key drivers of this shift: accelerating growth of machine learning and natural language processing capabilities, and growing demand from customers for more automated processes. SkyQuest’s analysts pointed out that one challenge for businesses in the robotic process automation market when it comes to integrating AI into their RPA efforts is training the machines properly on how to carry out tasks efficiently without human assistance. They also warned that if not managed well, AI can lead to significant costs savings in terms of time and resources but also worker displacement.
To date, our study on the robotic process automation market found that RPA has typically focused on automating manual processes such as data entry or data entry verification; however, they expect future deployments to involve a broader range of tasks including decision making and business process management.
This increase in automation has led to new opportunities for companies, as well as challenges. One challenge is that businesses must choose which tasks to automate and which to leave unchanged. Another challenge is that manual processes can be difficult to replicate and are subject to human error.
our recently released a report on the growing integration of AI into robotic process automation market. The report focused on five key areas: cognitive computing, machine learning, natural language processing, deep learning, and augmented reality/virtual reality. In each area, we have assessed how well different providers were performing and made recommendations for how companies should approach this growing field.
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Top Players in Global Robotic Process Automation Market
- Nice Systems Ltd. (Israel)
- Automation Anywhere (US)
- Blue Prism Group Plc (UK)
- Celaton Ltd. (UK)
- IPSoftInc. (US)
- Pegasystems Inc. (US)
- Redwood Software (US)
- UiPath SRL (UK)
- Verint Systems Inc. (US)
- and Xerox Corporation (US)
Related Reports in SkyQuest’s Library:
Global Printed Circuit Board Market
Global Organic Light Emitting Diode OLED Market
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STOCKHOLM, Oct. 11, 2024 /PRNewswire/ — The following representatives of ASSA ABLOY AB’s shareholders will be members of the Nomination Committee for the 2025 Annual General Meeting:
– Johan Menckel, Investment AB Latour, Chairman of the Nomination Committee
– Mikael Ekdahl, Melker Schörling AB
– Marianne Nilsson, Swedbank Robur Fonder
– Yvonne Sörberg, Handelsbanken Fonder
– Carina Silberg, Alecta
The Chairman of the Board, Johan Hjertonsson, has been co-opted to the Nomination Committee.
The Nomination Committee shall prepare proposals for the Annual General Meeting in 2025 regarding the election of Chairman of the General Meeting, members of the Board of Directors, Chairman of the Board, Vice Chairman of the Board, auditor, fees for the members of the Board including division between the Chairman, the Vice Chairman and the other Board members as well as fees for committee work, fees to the company’s auditor and, if necessary, changes to the instructions for the Nomination Committee.
The Annual General Meeting will be held on 23 April 2025, in Stockholm, Sweden.
Shareholders who wish to submit proposals to the Nomination Committee should send an email to [email protected].
For more information, please contact:Nico Delvaux, President and CEO, tel. no: +46 8 506 485 82Erik Pieder, CFO and Executive Vice President, tel. no: +46 8 506 485 72 Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68
About ASSA ABLOY
The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 61,000 employees and sales of SEK 141 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY’s innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people experience a more open world.
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Artificial Intelligence
AI in Social Media Market worth $10.33 billion by 2029- Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., Oct. 11, 2024 /PRNewswire/ — The AI in Social Media Market is projected to grow from USD 2.20 billion in 2024 to USD 10.33 billion by 2029, at a compound annual growth rate (CAGR) of 36.2% during the forecast period, according to a new report by MarketsandMarkets™. The market is expected to grow due to the rise in the need for more personalized user experiences, optimized advertising, and automated customer service.
Browse in-depth TOC on “AI in Social Media Market”
315 – Tables 63 – Figures320 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019-2029
Base year considered
2023
Forecast period
2024-2029
Forecast units
USD (billion)
Segments Covered
Product type, Use case, End user, and Region
Geographics covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Companies covered
Major vendors in the global AI in Social Media Market are Google (US), Meta (US), IBM (US), Sprout Social (US), Sprinklr (US), AWS (US), LivePerson (US), HubSpot (US), Microsoft (US), Adobe (US), Baidu (China), OpenAI (US), Hootsuite (US), Qualtrics (US), Brandwatch (UK), Converseon (US), Meltwater (US), Quid (US), Digimind (France), CreatorIQ (US), Aspire.io (US), Lately.AI (US), SocialPilot (US), Copy.ai (US), Flick (UK), Dash Hudson (US), Jasper (US), Upfluence (US), Ocoya (Lithuania), Upgrow (US), StoryChief (Belgium), Genius.AI (UAE), ContentStudio (US), Emplifi (US), Lumen5 (US), Buffer (US), Narrato (India), Mentionlytics (UK), Kapwing (US), Predis.AI (India), Pictory (US), Midjourney (US), and Synthesia (UK).
The major factors driving the market growth of AI in Social Media Market include the introduction of AI-powered deepfake detection in social media to identify and flag altered content. Social platforms are increasingly relying on advanced AI algorithms to detect and flag manipulated videos, images, and audio, addressing growing concerns about misinformation, fraud, and digital deception. Growth in Gen AI-based content creation tools enables brands to create captivating and unique content. These tools empower brands to effortlessly create captivating, unique content at scale, allowing personalized engagement with audiences. The rising demand for highly personalized content and recommendations tailored to user preferences and behavior are shaping the social media market. This personalization boosts user satisfaction, fosters stronger engagement, and increases time spent on platforms, benefiting users and advertisers. Improved collaboration between influencers and brands is boosting the effectiveness of influencer marketing campaigns with AI. AI tools help brands and influencers to better understand the audiences by analyzing data like preferences, behaviors, and trends. This helps both brands and influencers grow their reach and engagement which makes influencer marketing campaigns successful.
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Advent of Gen AI-based content creation tools enables brands to create captivating and unique content.
The rise of gen AI-based content creation tools has transformed social media by empowering brands to create unique content. These tools are powered by advanced language models, enable automated text generation, images, and videos that cover target audiences, and maintain a dynamic presence on platforms. The utilization of gen AI across sectors such as entertainment, healthcare, and marketing agencies is transforming content creation and customer engagement. Gen AI also simplifies content production workflow, reducing time and cost related to traditional content creation methods. Global tech giants are investing heavily in AI technologies to improve user experience, enhance advertising effectiveness, and gain competitive advantages in the AI in social media market.
By Product type, the influencer marketing segment registers for the fastest growing market during the forecast period.
By automating and optimizing influencer marketing, AI social media tools enable brands to make data-driven decisions, reach relevant audiences, and ensure their campaigns are more effective and cost-efficient. AI-based social media tools in influencer marketing assist brands in detecting fraudulent influencers, which can improve the ROI, increase sales, and improve the brand’s reputation. For instance, AI content tools like Lumen5, Canva, Jasper, and Midjourney are major tools for improving influencer marketing strategies by crafting high-quality content.
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By region, Asia Pacific to register the highest CAGR market during the forecast period.
Asia Pacific is a rapidly growing region for AI in social media, compelled by high mobile and internet penetration rates and a young, tech-savvy population. Countries like China, India, Japan, and South Korea are leading the adoption, with social media platforms being central to the region’s social media ecosystem. With the vast amount of content generated in diverse languages, AI in social media is used for content moderation, language translation, and understanding user-generated content, specifically across China and India.
Top Key Companies in AI in Social Media Market:
Some major players in the AI in Social Media Market include Google (US), Meta (US), IBM (US), Sprout Social (US), Sprinklr (US), AWS (US), LivePerson (US), HubSpot (US), Microsoft (US), Adobe (US), Baidu (China), OpenAI (US), Hootsuite (US), Qualtrics (US), Brandwatch (UK), Converseon (US), Meltwater (US), Quid (US), Digimind (France), CreatorIQ (US), Aspire.io (US), Lately.AI (US), SocialPilot (US), Copy.ai (US), Flick (UK), Dash Hudson (US), Jasper (US), Upfluence (US), Ocoya (Lithuania), Upgrow (US), StoryChief (Belgium), Genius.AI (UAE), ContentStudio (US), Emplifi (US), Lumen5 (US), Buffer (US), Narrato (India), Mentionlytics (UK), Kapwing (US), Predis.AI (India), Pictory (US), Midjourney (US), and Synthesia (UK).
Browse Adjacent Markets: Artificial Intelligence (AI) Market Research Reports & Consulting
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Artificial Intelligence
NTT DATA signs agreement to acquire Aoop and will become a leader in ServiceNow solutions in Latin America
BIELEFELD, Germany and SÃO PAULO, Oct. 11, 2024 /PRNewswire/ — NTT DATA Business Solutions AG, a global unit of NTT DATA, announces that the agreement for the acquisition of Aoop, a leading ServiceNow implementation company in Brazil, has been signed. The terms of the acquisition have been finalized between the companies and will be completed following approval from the Administrative Council for Economic Defense (CADE). Founded in 2017, Aoop supports customers across various industries and is a specialist in the acceleration of automated digital strategies. With Aoop, NTT DATA will expand its operations in the Latin American ServiceNow solutions market, complementing a recent acquisition in the UK focused on strengthening this offering in Europe and the United States.
“With the acquisition of Aoop, we significantly increase our competitive strength in Brazil by offering both SAP and ServiceNow solutions, positioning us alongside market leaders,” says Norbert Rotter, CEO, NTT DATA Business Solutions. “This move will not only secure us a leading position in the fast-growing ServiceNow ecosystem but will also integrates a company with a strong market presence and solid financials to NTT DATA. It will be a significant step in driving our strategic objectives, strengthening our partnership with ServiceNow and our commitment to establishing a Center of Excellence in the region.”
Ricardo Fachin, Managing Director of NTT DATA Business Solutions Brazil adds: “The acquisition of Aoop will solidify our leading position in the Brazilian market. It will enhance synergies with our other Latin American and U.S. operations, accelerating our regional growth. As part of ServiceNow’s global strategy, Brazil will become a significant shoring center for the group. Aoop’s comprehensive portfolio, covering all ServiceNow verticals, will benefit all NTT DATA customers.”
With a strategy focused on driving the future of organizations and providing full lifecycle services, Aoop has completed around 2,500 digital transformation projects and has over 300 professionals certified on ServiceNow solutions. This expertise has led the company to become a ServiceNow Elite Partner in record time. The continuous commitment to excellence and the delivery of innovative solutions have established Aoop as a market reference, integrating intelligent efficiency throughout the entire production chain.
“Aoop leads the ServiceNow market in Brazil. Our integration with NTT DATA Business Solutions will allow us to further expand our solution offerings to existing customers, access new opportunities for joint solutions with SAP customers and accelerate our international expansion,” says Luiz Cesar Baptistella, CEO and founder of Aoop.
The acquisition of Aoop will add 120 customers to the portfolio of NTT DATA Business Solutions, which has been operating in Brazil for 25 years. Aoop will become a subsidiary of NTT DATA Business Solutions – Servicos de Tecnologia Ltda. in Brazil and will operate as an independent company after the acquisition, using the brand name “Aoop, an NTT DATA Company”.
For more information visit nttdata-solutions.com.
About NTT DATA Business Solutions
NTT DATA Business Solutions is a leading global IT service provider focused on SAP with a powerful ecosystem of partners. With more than 35 years of in-depth experience, we enable companies worldwide to become Intelligent Enterprises. We deliver end-to-end solutions that accelerate sustainable growth and success – from strategic consulting and implementation to managed services and beyond. As a global strategic SAP partner, we drive innovation and leverage the latest technologies to support our customers individually and across all industries. Our more than 15,300 dedicated employees in over 30 countries work passionately every day to make it happen.
NTT DATA Business Solutions is part of NTT DATA, a $30+ billion trusted global innovator of business and technology services headquartered in Tokyo. As One NTT DATA we serve 75% of the Fortune Global 100 and are committed to helping customers innovate, optimize and transform for long-term success. NTT DATA is part of NTT Group.
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Königsbreede 1, 33605 Bielefeld, Germany
T: +49 521 9 14 48 108
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