Artificial Intelligence
EY reports global revenues of US$37.2b in 2020
EY today announces combined global revenues of US$37.2b for the financial year ended June 2020, an increase of 4.1% in local currency despite the global economic impact caused by COVID-19. Over the past seven years, the global EY organization (EY) has recorded strong 7.7% compound annual growth.
Carmine Di Sibio, EY Global Chairman and CEO, says:
“The COVID-19 pandemic has affected people, businesses and communities everywhere, creating new challenges for us all. During this difficult period, our number one priority has been the safety of EY people, clients and communities.
“It is the determination and focus of EY people that enabled us to support EY clients around the world during this unprecedented time. In a matter of weeks, we had nearly 300,000 EY people working remotely and supporting EY clients’ business continuity and resilience needs. EY people also created a wide range of pandemic-related solutions for clients and provided pro-bono support to communities and governments. These efforts illustrate the strength of our culture, founded on our purpose to build a better working world.
“While the last few months have been challenging for everyone, we have remained focused on our NextWave strategy, which we initiated last October and affirms our ambition to build long-term value for all stakeholders. Now more than ever, we need to be absolutely focused on investing in EY people and services to help EY clients transform, innovate and address their most pressing issues for the long-term.”
The EY NextWave strategy and ambition: building long-term value for all stakeholders
Launched in FY20, the NextWave strategy expands on the EY purpose of building a better working world and has a clear ambition to create long-term value for all stakeholders. The elements of the NextWave strategy will be measured using the EY long-term value framework, which is built on four value dimensions: human/people value; consumer/client value; social value; and financial value.
EY continues to play an active role in supporting the wider move to long-term value creation. In FY20, it contributed to a collaborative effort convened by The World Economic Forum’s International Business Council (IBC), which brought together 120 CEOs of the world’s largest companies, to agree on a core set of metrics to help standardize disclosures around Environmental, Social and Governance factors and long-term value creation. The proposed disclosures consider a company’s impact along four pillars aligned with the UN’s Sustainable Development Goals (UN SDGs): planet, people, prosperity and principles of governance. Those core metrics are available in the Global Review 2020, published today.
As part of the NextWave strategy and to meet increasing C-suite strategy, transformation and technology needs, EY has introduced two redefined service lines on 1 July.
- Strategy and Transactions (formerly Transaction Advisory Services) has an expanded strategy consulting offering, integrating EY-Parthenon with the former Transaction Advisory Services business and strategy capabilities moved from elsewhere in EY. Upon relaunch, EY-Parthenon immediately became the world’s fifth largest strategy organization by revenue, and the new service line will focus on helping EY clients transform and execute their strategy to optimize the value of their organization and realize their potential.
- Consulting (formerly Advisory) helps EY clients transform and thrive in a market of accelerating, complex change based on three value drivers: humans at the center, technology at speed and innovation at scale. It counts on a unique ecosystem of solutions, technologies and alliances to help companies realize their transformational needs. As part of this new redefined service line, EY is significantly accelerating the expansion of Technology Consulting services through organic hiring and acquisitions.
To accelerate the digital transformation of the global organization, for FY21 there are plans to invest US$1.5b in audit quality, technology solutions, people and the wider EY ecosystem of strategic alliances. The investments will see further build out of the client technology platform which underpins EY services and enables the global organization to drive client service innovation and deliver projects across EY at scale and speed. This proprietary platform has 1m client users in addition to nearly 300,000 EY people in over 150 countries, with upwards of 500m business transactions processed per day. EY is already a top global user of cloud technology, with 80% of EY business-critical platforms hosted on cloud technology across 160 countries. The investments will prioritize four key areas:
- High-quality audits: Serving the public interest through the delivery of high-quality audits globally is a key EY priority. EY continues to build on investments of US$700m made in audit innovation and quality since 2015 through its global Sustainable Audit Quality (SAQ) program. SAQ is focused on initiatives including tone at the top, exceptional teams, accountability, technology, innovation and quality support. Priorities include EY Canvas, the global cloud-based audit technology platform which today supports 145,000 EY audit engagements in 134 countries using a single global methodology. Innovations include the auditing of crypto transactions with the EY Blockchain Analyzer and the use of AI and natural language processing to analyze business documents and contracts more efficiently via EY Document Intelligence.
- New and emerging technology: As EY has continued to use global cloud-based platforms to drive quality delivery and business solutions, EY is now a top 10 user of Azure Cloud in the world. During the COVID-19 pandemic, EY saw high demand for managed services as EY clients sought alternative ways to manage new risks, reduce costs and maintain business continuity. EY will continue to focus on AI, machine learning, predictive analytics and other disruptive technologies. Its use of these technologies is improving the quality and speed of services in assurance, tax and transactions.
- People: EY has an internal ecosystem of more than 44,000 technologists and 22,000 data scientists which it will continue to develop, advancing the digital skills of EY people and continuing recruitment in areas such as data science and digital architecture. As COVID-19 took hold, demand for virtual learning at EY increased by 40%. Today, it operates one of the largest globally integrated learning platforms on SAP’s SuccessFactors, where in FY20 EY people invested 16m hours in learning, of which more than half was virtual. It has also announced the EY Tech MBA by Hult International Business School, becoming the first organization to offer an entirely virtual MBA for free to all people irrespective of rank, location or prior qualifications. This builds on the success of the digital credentials program known as EY Badges, which has exceeded 70,000 since the launch in 2017.
- Ecosystems: Investments will help EY extend the range of digital offerings and client services through a diversified, connected and intelligent ecosystem of strategic alliances and a global innovation network. For instance, EY introduced 38 COVID-19 related solutions with 11 alliance parties to rapidly meet needs brought on by the pandemic in areas like crisis management, telehealth, case reporting and more. In FY20, EY continued to build on its alliance relationships, including expanded alliances with IBM and Procter & Gamble, to cover a range of services for start-ups through to large, complex projects. In total there were seven new alliances in FY20, including new agreements with PROS, Splunk and LeaseAccelerator, expanding the organization’s access to professional skills and capabilities in digital, cybersecurity and digital and lease accounting. FY20 also saw 18 acquisitions in areas like cyber security, strategy, change management, design and technology, including SAP digital transformation.
Andy Baldwin, EY Global Managing Partner – Client Service, says:
“At a time when businesses are being challenged to evolve, we are focused on providing innovative, high-quality services and solutions to help EY clients reframe their future. The large-scale investments we will make in FY21 will ultimately help EY clients succeed in this complex environment and bring further trust and confidence to the capital markets through high-quality audits.”
Growth across all services lines, geographies, key industries and markets in FY20
In FY20, all EY service lines delivered growth: Assurance grew 3.1%; Advisory 4.9%; Tax 5.1% and Transaction Advisory Services 2.8%, all in local currency. Revenue also increased across all three EY geographic areas: the Americas 3.4%; Europe, Middle East, India and Africa (EMEIA) 3.4%; and Asia-Pacific 8.2%.
Among the top five markets, Japan led with double-digit growth of 10.8% and Greater China delivered another strong year. Elsewhere, Australia, Brazil, Korea and Norway delivered strong growth. Emerging markets also continued their strong growth trend and are up by 6%. EY also recorded strong growth across the Technology, Consumer, Private Equity and Wealth & Asset Management sectors, driven largely by demand for digital and tech-enabled services.
As the COVID-19 pandemic’s effects impacted governments and businesses, EY teams reacted quickly to provide vital business continuity and resilience services, including:
- Assisting the Government of Chile with the setting up of digital triage tools to screen patients prior to entry in emergency rooms.
- Helping Australian Government agencies transition employees to remote working quickly during the pandemic while enabling new service delivery.
- Supporting the Canadian Government’s supply of personal protective equipment (PPE) for frontline services at a time when more than 60 countries halted exports of PPE.
- Developing a Paycheck Protection Program Loan Forgiveness Platform so banks can efficiently meet the unique requirements under the US CARES Act.
- Assisting numerous banking clients with loan origination and underwriting surge resources during a period of unprecedented demand.
Service-line investments and growth
- Assurance: Through continued investments in digital technology and global methodologies, the cornerstone of the EY organization achieved growth of 3.1% in FY20. The EY Sustainable Audit Quality program and the implementation of digital audit technologies continue to drive the delivery of high-quality audits that enhance trust in business and support long-term value creation. New audit engagements include Daiwa House Industry, Farmers Insurance Group, Jyske Bank, Kone, Nestlé and Eastman Kodak. To date the EY Digital Audit has analyzed 582b lines of client data, which brings the total to over a trillion in the past three years.
- Advisory: Through the EY solutions, technologies and ecosystem of alliances, in FY20 the service line focused on helping companies realize their digital transformation needs. Its newly created Technology Consulting service, which offers technology transformation, data and analytics, digital and emerging technology and cybersecurity services and solutions, was able to support EY client transformation and resilience needs. In FY20, it received several prestigious awards from Gartner, Forrester, IDC, ALM Intelligence and HFS Research.
- Tax: In FY20, business demand for co-sourcing and managed tax services, delivered by the EY Tax and Finance Operate solution and a growing number of other EY Tax managed services offerings, including Legal Managed Services, powered revenue growth. Additionally, it also saw demand for financial tax planning, global compliance and reporting, indirect tax and global trade. In FY20, EY launched TaxChat™, the first direct-to-consumer tax service to tackle complex individual tax filings associated with self-employment and investment portfolio changes. It also introduced a Physical Return and Work Reimagined framework to support businesses during COVID-19 and it also expanded the alliances with Microsoft, SAP, Thomson Reuters and WorldAware.
- Transaction Advisory Services: Despite a challenging geopolitical and business climate in FY20, EY advised on six of the top ten deals globally and supported numerous governments, hospitals, life sciences and financial institutions responding to the COVID-19 pandemic. The stellar growth of EY-Parthenon has helped it become the world’s fifth-largest strategy organization by combined revenue and headcount in more than 120 countries. The acquisition of Port Jackson Partners in Australia in FY20 further expands this leading-class strategy consulting offering.
An outstanding people culture
Overall, headcount increased by 5.3% to 298,965 people globally. Despite the disruption from COVID-19, EY continued its long-standing commitment to internships in FY20, with half of the 15,000 internships taking place on a remote basis.
In FY20, 600 people were promoted to partner and reflected key priorities: with 39% of the promoted partners within Assurance, 37% from emerging markets and women representing 33%. Further senior investments in priorities areas were made through an additional 462 new partners who were directly admitted into EY member firms. The EY Global Executive, the most senior body in EY, is one-third women and the 18 leaders are from nine countries, including four based in emerging markets. Demonstrating the ongoing commitment to diversity and inclusion, the EY Global Executive signed the EY Global Executive Diversity & Inclusion Statement and established a Global Social Equity Task Force.
EY continues to be recognized on prestigious lists for its outstanding people culture. It remains the world’s most attractive professional services employer in Universum’s annual “World’s Most Attractive Employer” ranking, and second overall behind Google. In the US, EY was recognized in Fortune’s “100 Best Companies to Work For®” annual list for a record 21-consecutive years.
Building a better working world
In FY20, EY set the ambitious goal of positively affecting 1b lives by 2030 through its EY Ripples corporate responsibility program. More than 1m people will be mobilized globally to drive long-term change by working with impact entrepreneurs, supporting the next generation and accelerating environmental sustainability. In FY20 more than 15.5m lives were positively affected, bringing the total to more than 34m to date.
In FY20, there were investments of a total of US$126m in projects dedicated to strengthening its communities and its people contributed 790k hours of time to a variety of initiatives and value-in-kind projects. EY people have also used their skills and knowledge to help combat COVID-19 challenges via a range of pro bono and voluntary work, including:
- EY teams helped the South African Government design and implement the Solidarity Fund to raise more than US$180m in funds from businesses to support the national health response to COVID-19.
- A crowdfunding campaign using blockchain helped to raise €100,000 in donations for Italian hospitals and a fundraising platform for EY people fund PPE for front-line healthcare professionals in Greater China.
- Grants and collaboration with NGOs in India to help provide India’s migrant and casual workers and their families with food and educational support.
At Davos, EY pledged to become carbon-neutral by the end of calendar year 2020 and appointed Steve Varley to the new position of EY Global Vice Chair — Sustainability, with a focus on helping EY and its clients achieve their sustainability goals. EY is on track to meet its carbon commitment and will continue to take action to create sustainable, inclusive growth for future generations.
In the Global Review 2020, EY today reports for the first time on its progress integrating the United Nations Global Compact (UNGC) Ten Principles and the UN SDGs into EY strategy, culture and operations. As part of its commitment to long-term value creation, EY continues to report on a broad range of financial and non-financial metrics in its Global Review.
Artificial Intelligence
Free Your Hands, QIDI Vida Smart AR Glasses Lead the Way in New Sports Experience.
NEW YORK, April 19, 2024 /PRNewswire/ — Outdoor smart AR glasses, QIDI Vida, will officially launch on 23rd April on the Kickstarter platform. QIDI Vida integrates the many functions of smart watches, sports headphones, cycling computers, heart rate monitors, and walkie-talkies using AR+AI technology, allowing users to bid farewell to cumbersome device management and enjoy outdoor sports anytime, anywhere with just one pair of glasses.
Function:
QIDI Vida uses high-tech HUD (Head-Up Display) which is similar to the technology used for aircrafts and premium cars and introduces it to the sports industry. Users can activate the HUD function at any time using voice control, enabling them to focus on the route ahead whilst simultaneously having access to information such as navigation, speed, heart rate, power and cadence, among other metrics. Another great function of the QIDI Vida is that users can also enjoy audiovisual entertainment through the optically perceived 100-inch AR HUD screen, when having some down time.
As cyclists and hikers often travel in groups, QIDI Vida supports eSIM and team functionality, allowing real-time voice communication without releasing handlebars, and users can monitor their groups’ real-time locations. The glasses also have comprehensive sensing and monitoring capabilities including temperature, humidity, UV, air pressure, geomagnetism and acceleration. In addition to obtaining environmental and health information, it also features health warnings such as altitude sickness symptoms and high heart rate, as well as fall and collision detection functions. And, in the event of danger, it can send distress signals to teammates.
Perks:
QIDI Vida has a global voice recognition and interaction feature that allows you to control all functions within the device by voice. To better provide users with an immersive sports experience, QIDI Vida’s intelligent system will have the capability to instantly gather personalised sports data, enabling it to deliver timely voice alerts and broadcasts, including the duration of exercise, distance, the environment and the weather – all tailored to the user’s preferences.
QIDI Vida enables voice-controlled photos and video recordings, allowing users to capture moments whilst cycling or hiking without the need to stop. QIDI Vida supports connections with common cycling smart hardware such as Garmin, Wahoo, Apple, and Samsung, supports GPX route files, and is compatible with professional sports apps such as Strava, Keep, Zwift, Apple Health, and All Trails.
QIDI Vida stands out for its lightweight and comfortable design with a dual lens for a full-colour data display, unlike competing AR glasses that typically have a single lens and limited colour. This innovation significantly enhances and augments the user’s sports and reality experience.
QIDI Vida will launch on the Kickstarter platform: https://www.kickstarter.com/projects/109560964/qidi-vida-smart-ar-glasses-for-sports
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Artificial Intelligence
Risk Analytics Market worth $180.9 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, April 19, 2024 /PRNewswire/ — The growing use of real-time monitoring and advanced analytics, integration with cutting-edge technologies like blockchain and IoT, and an emphasis on cybersecurity, cross-industry applications, and regulatory compliance are the key factors that will shape the risk analytics market in the future. The market’s development will also be influenced by collaborative risk management, improved user experience, and an increasing focus on ESG factors and risk culture.
The Risk Analytics Market is estimated to grow from USD 59.7 billion in 2024 to USD 180.9 billion in 2029, at a CAGR of 24.8% during the forecast period, according to a new report by MarketsandMarkets™. Several trends fuel the global spread of Risk Analytics. Increasingly Increasing Data Complexity, Rising Cybersecurity Threats and Rising Adoption of Cloud-Based Solutions A growing talent pool of data scientists and engineers is building the necessary tools and infrastructure. Governments are recognizing the potential of risk analytics for economic growth and are investing in research and development. These trends make DI more accessible and valuable, leading to its global adoption.
Browse in-depth TOC on “Risk Analytics Market”260 – Tables 60 – Figures350 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2023
Base year considered
2023
Forecast period
2024–2029
Forecast units
USD Billion
Segments Covered
Offering,Risk Type, Risk stages, Vertical, and Region.
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US)
By offering the services segment to account for higher CAGR during the forecast period
In the Risk Analytics Market, the highest CAGR of services is fueled by Increasing Complexity of Risks, AI and machine learning advancements, big data analytics integration, business process optimization, cloud-based solutions adoption, data-driven culture, and diverse industry adoption. These trends reflect a global shift towards leveraging data for competitive advantage, driving a continuous need for sophisticated risk analytics services across sectors. As businesses prioritize agility, the growth of services in the Risk Analytics Market is driven by the need for effective risk management strategies in an increasingly complex and uncertain business environment.
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By Type, GRC software is expected to hold the largest market size for the year 2024
GRC software typically offers comprehensive solutions that cover a wide range of risk management needs, including compliance management, policy management, audit management, and risk assessment. They also provide organizations with enhanced visibility into their risk landscape. Through features such as risk assessment, risk monitoring, and reporting, organizations can identify and prioritize risks more effectively, enabling proactive risk management strategies. GRC software streamlines risk management processes through automation, reducing manual effort and increasing efficiency. Tasks such as risk assessments, control testing, and incident management can be automated, freeing up resources to focus on strategic risk mitigation efforts. the combination of comprehensive functionality, regulatory compliance support, efficiency gains, scalability, integration capabilities, and culture enhancement makes GRC software a preferred choice for many organizations seeking to manage risk effectively.
By Vertical, Healthcare & Life Sciences is projected to grow at the highest CAGR during the forecast period
The Healthcare and Lifesciences is experiencing a surge in the adoption of risk analytics due to a confluence of factors. Healthcare providers and life sciences companies wants to ensure the safety and well-being of patients. Risk analytics helps in identifying potential risks to patient safety, such as medication errors, adverse events, and medical device failures. The healthcare and life sciences industries are heavily regulated, with strict guidelines for patient care, data privacy, drug development, and clinical trials. Risk analytics helps organizations ensure compliance with these regulations by identifying and mitigating risks of non-compliance. Healthcare organizations and life sciences companies also face financial risks associated with fraud, billing errors, revenue cycle management, and reimbursement challenges. Risk analytics helps in detecting anomalies and optimizing financial processes to mitigate these risks.
Asia Pacific is expected to grow at the highest CAGR during the forecast period
The Asia-Pacific (APAC) region is experiencing rapid growth in the Risk Analytics Market, boasting the highest Compound Annual Growth Rate (CAGR). This surge is primarily attributed to rising demand for data-driven decision-making solutions, expanding digital transformation initiatives across industries.. Moreover, the region’s favorable regulatory environment, growing investments in big data analytics, and the integration of advanced technologies like the Internet of Things (IoT) further propel APAC’s dominance in Risk Analytics Market growth.
Top Key Companies in Risk Analytics Market:
The major risk analytics software and service providers include IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the Risk Analytics Market.
Recent Developments:
In March 2024, Orcale announced Oracle Risk Management Cloud in Release 24B. It offers comprehensive solution designed to help organizations identify, assess, and mitigate risks across their business operations. It offers advanced analytics, automation, and collaboration tools to streamline risk management.In March 2024, FIS Global announces card fraud detection capabilities leveraging artificial intelligence (AI) with aim to bolster FIS’s ability to identify and prevent fraudulent transactions, providing greater security for cardholders and financial institutions alike.In March 2024, Aon acquired an AI-powered platform to assist fleet and mobility clients in making data-driven decisions, enhancing operational efficiency and risk management. The platform utilizes artificial intelligence to analyze data and provide insights, enabling clients to optimize their fleet operations and improve decision-making processes.In March 2024, Crisp joined Resolver, with the aim to enhance Resolver’s risk intelligence capabilities by integrating Crisp’s expertise and technology into its platform, offering clients improved risk assessment and mitigation tools.In February 2024, SAS partnered with Carahsoft to bring analytics, AI, and data management solutions to the public sector. The aim is to leverage SAS’s expertise in advanced analytics and Carahsoft’s extensive government market reach to offer tailored solutions that enable public sector organizations to harness the power of data for informed decision-making and improved outcomes.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=210662258
Risk Analytics Market Advantages:
By offering insights into potential risks, opportunities, and trends, risk analytics helps organisations make data-driven decisions that improve strategic planning and resource allocation.In order to improve risk management procedures and lessen exposure to possible threats, risk analytics solutions assist businesses in identifying, evaluating, and mitigating risks across a range of business activities, including finance, operations, and compliance.Through real-time monitoring and anomaly detection made possible by risk analytics, organisations may proactively address shifting market situations, legal requirements, and cybersecurity threats.Risk analytics solutions assist organisations lower operating costs, increase productivity, and streamline compliance activities, which results in cost savings and resource optimisation. They do this by streamlining risk management procedures and automating routine work.Accurate risk assessments, audit trails, and reporting capabilities are just a few of the ways that risk analytics solutions help organisations comply with regulations and stay out of trouble.Organisations can enhance their resilience and competitiveness by anticipating and mitigating potential hazards before they materialise through the use of predictive modelling and advanced analytics approaches in risk analytics.Report Objectives
To define, describe, and predict the Risk Analytics Market by offering, risk type, risk stages, vertical, and regionTo provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the market growthTo analyze the opportunities in the market and provide details of the competitive landscape for stakeholders and market leadersTo forecast the market size of segments with respect to five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin AmericaTo profile the key players and comprehensively analyze their market rankings and core competenciesTo analyze the competitive developments, such as partnerships, product launches, and mergers & acquisitions, in the Risk Analytics MarketBrowse Adjacent Markets: Analytics Market Research Reports & Consulting
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Artificial Intelligence
Robotic Palletizer Market worth $1.9 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, April 19, 2024 /PRNewswire/ — The robotic palletizer market is projected to grow from USD 1.4 billion in 2024 and is expected to reach USD 1.9 billion by 2029, growing at a CAGR of 5.9% from 2024 to 2029 according to a new report by MarketsandMarkets™. Rising awareness towards workplace safety and reducing the risk of work-related injuries to drive the market. Robotic palletizers significantly enhance workplace safety and reduce the risk of work-related injuries and associated costs. By automating repetitive tasks like palletizing, businesses can redeploy their human workforce to higher-value activities that require human skills like problem-solving, critical thinking, and customer interaction. This allows them to optimize their workforce and leverage human capabilities more effectively.
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Browse in-depth TOC on “Robotic Palletizer Market” 100 – Tables60 – Figures200 – Pages
Robotic Palletizer Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 1.4 billion
Estimated Value by 2029
$ 1.9 billion
Growth Rate
Poised to grow at a CAGR of 5.9%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Component, Robot Type, Application, End-use Industry and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
High initial investment cost
Key Market Opportunities
Increasing application in small and medium-sized enterprises
Key Market Drivers
Growing labor shortage and need for workforce optimization
Collaborative robots in the robot type segment are expected to witness higher growth rate during the forecast period.
Collaborative robots are expected to witness a higher CAGR during the forecast period. Unlike traditional industrial robots that often require physical barriers or cages to protect human workers, cobots are equipped with advanced safety features, such as force and torque sensors, collision detection, and speed monitoring. These features enable cobots to operate safely in proximity to humans without posing significant risks of injury.
The Pharmaceutical segment in the robotic palletizer market is expected to witness highest growth rate during the forecast period.
Pharmaceutical products are subject to strict regulations regarding storage, handling, and quality control. Robotic palletizers play a crucial role in providing greater precision and consistency in palletizing tasks and minimizing the risk of contamination within pharmaceutical manufacturing facilities. It also reduces human intervention in the handling and stacking of products and helps mitigate the potential for cross-contamination and ensures adherence to strict hygiene standards.
End-of-Arm- Tooling (EOAT) component is expected to witness the highest CAGR in the robotic palletizer market during the forecast period.
End-of-arm tooling (EOAT) is a crucial element of a robotic arm system, especially in applications like robotic palletizing, where the robot needs to interact with various objects or products. EOAT essentially acts as the hand of the robotic arm, designed to securely grasp, lift, and place boxes or cases onto pallets. Overall, EOAT plays a vital role in the effectiveness of robotic palletizers as it ensures secure handling of products, efficient palletizing patterns, and smooth operation of the entire system.
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North America is expected to hold the largest share of the robotic palletizer industry during the forecast period.
North America is home to major automobile and retail companies, which has accelerated the demand for robotic palletizers in this region. Additionally, the rise in manufacturing activity, fueled by plans for reshoring and technological improvements, has further driven the need for robotic palletizers. In North America, certain government funds are available to increase workplace safety. In 2023, the Occupational Safety and Health Administration announced a grant of approximately USD 12.7 million to 100 non-profit organizations across the nation to provide education and training for workers and employers about recognizing workplace hazards, injury prevention, and understanding workers’ rights and employers’ responsibilities under federal law. Businesses that use robotic palletizers may be eligible for funding as they lower the risk of worker injuries from manual lifting.
Key Players
Leading players in the robotic palletizer companies include FANUC CORPORATION (Japan), KION GROUP AG (Germany), KUKA AG (Germany), ABB (Switzerland), and Krones AG (Germany). Schneider Packaging Equipment Company, Inc. (US), Honeywell International Inc. (US), Kaufman Engineered Systems (US), Concetti S.p.A. (Italy), Sidel (France), Brenton, LLC. (US), A-B-C Packaging Machine Corporation (US), Antenna Group (Italy), BEUMER GROUP (Germany), Brillopak (UK), BW Integrated Systems (US), Columbia Machine, Inc. (US), Euroimpianti S.p.A. (Italy), Fuji Yusoki Kogyo Co., Ltd. (Japan), HAVER & BOECKER OHG (Germany), KHS Group (Germany), MMCI (US), Okura Yusoki Co., Ltd. (Japan), Rothe Packtech Pvt. Ltd. (India), and S&R Robot Systems, LLC. (US) are few other key companies operating in the robotic palletizer market.
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