Robotic Process Automation Market And its Growth prospect in the Near Future

The surging requirement for virtual workforce is a key factor contributing to the growth of the robotic process automation market. The growing digitization has been encouraging enterprises to adopt best practices which provide service in a timely manner and are cost-effective. Virtual workforce aims to automate business processes in order to save both cost and time and thus is a big part of digital transformation. By automating mundane and repetitive tasks, virtual workforce allows employees to focus on tasks that need human intervention for better decision making, which is why its demand is increasing.

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Another primary factor driving the growth of the robotic process automation market is the reduction in workforce due to the deployment of RPA. Routine and mundane tasks are performed with high efficiency with the utilization of virtual workforce, thereby eliminating the need for human intervention. In addition to this, as virtual workforce has the capability to work around the clock, it offers scalability and reduces operational cost by 25–50%. RPA systems can work continuously as opposed to human, who have the capability to work for limited hours.

Market Dynamics

1.1 Trends

1.1.1 Process-based business approach in organizations

1.1.2 Advancements in artificial intelligence and cognitive computing

1.2 Drivers

1.2.1 Greater ease of doing business

1.2.2 Surge in the demand for virtual workforce

1.2.3 Decreasing cost of automation software and services

1.2.4 Reduction in workforce cost

1.2.5 Impact analysis of drivers on market forecast

1.3 Restraints

1.3.1 Constant change in automation technology landscape

1.3.2 High risk of business failure

1.3.3 Lack of technical workforce

1.3.4 Impact analysis of restraints on market forecast

1.4 Opportunities

1.1.1 Adoption of robotic process automation in the healthcare industry 

1.1.2 Integration of artificial intelligence in robotic process automation

The integration of artificial intelligence (AI) in RPA is creating wide opportunities for the players operating in the robotic process automation market. AI allows systems to process unstructured information into structured output, which is then analyzed by RPA in order to deduce information for the decision-making process. With the integration of AI, RPA can mimic human activities through pattern detection and speech recognition capabilities, and can handled unstructured and structured data. This can further help robots to learn how to process and improve with time.

Hence, the market is growing due to the reduction in workforce and rise in demand for virtual workforce. 

The research offers historical market size of the global robotic process automation market for the period 2013–2017 and market forecast for the period 2018–2023.

Market Segmentation by Process

• Automated Solution
• Decision Support & Management Solution
• Interaction Solution

Market Segmentation by Operation

• Rule Based
• Knowledge Based

Market Segmentation by Offering

• Software
• Service
  • Professional
  • Training
  • Implementation

Market Segmentation by Enterprise Size

• Large Enterprise
• Small and Medium Enterprise

Market Segmentation by Vertical

• Banking
  • Software
  • Professional Services
  • Training Services
  • Implementation Services
• Financial Services
  • Software
  • Professional Services
  • Training Services
  • Implementation Services
• Insurance
  • Software
  • Professional Services
  • Training Services
  • Implementation Services
• Telecom & IT
  • Software
  • Professional Services
  • Training Services
  • Implementation Services
• Retail & Consumer Goods
  • Software
  • Professional Services
  • Training Services
  • Implementation Services
• Manufacturing
  • Software
  • Professional Services
  • Training Services
  • Implementation Services
• Healthcare & Pharmaceuticals
  • Software
  • Professional Services
  • Training Services
  • Implementation Services
• Others (Travel & Tourism, Hospitality, Transport & Logistics)
  • Software
  • Professional Services
  • Training Services
  • Implementation Services

 

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How is Booming Automobile Sector Propelling Surge in Global Automotive Electronics Market?

The global automotive electronics market is expected to register a CAGR of 9.3% during the forecast period (2020–2030) and record a significant increase in its valuation, from $235.7 billion in 2019, to $615.3 billion by 2030.

The major factors boosting the growth of the market are the increasing demand for vehicles and the soaring number of government measures and regulations being enacted for making the vehicles fuel-efficient and safer. Automotive electronics refer to the electronic systems integrated in vehicles for enhancing or even enabling their performance.

One of the key factors pushing the growth of automotive electronics market is the rapidly increasing sale of vehicles around the world. In this day and age, automotive electronics contribute nearly 35% of the total cost of an average automobile, a considerable increase from the 5% contributed by these components in 1970.

This number is projected to significantly increase in the future, thereby driving the industry revenue. According to Organisation Internationale des Constructeurs d'Automobiles (OICA), the total automotive sales during 2014–2018 stood at around 95.1 million.

The rise in government regulations and measures aimed at improving the safety and efficiency of vehicles is another major factor driving prosperity in the automotive electronics market.

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In various countries, such as the U.S., Japan, and China, the governments are initiating the mandatory installation of various emission-controlling systems, such as positive crankcase ventilation (PCV) valve, catalytic converter, evaporative controls, and exhaust gas recirculation (EGR) valve, in vehicles. Furthermore, the governments are also making the use of certain autonomous driving systems mandatory, in order to improve road and passenger safety.

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India E-Rickshaw Battery Market Size, Industry Demand and Future Prospects

The number of electric rickshaws on Indian roads is increasing rapidly, and the electric rickshaw market witnessed significant growth during 2014–2018, registering a CAGR of 59.1% in terms of sales volume. This is ascribed to the rising demand for these rickshaws due to their low operating cost and government support, which is being provided in the form of incentives. For example, under the second phase of Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles scheme, the Indian government will provide an incentive of up to $735 (INR 50,000) each to 5 lakh electric rickshaws which have the ex-factory price of up to $7,351 (INR 5 lakh).

This surging proliferation of electric rickshaws in the country is further creating increasing demand for electric rickshaw batteries. As per P&S Intelligence, in 2019, the Indian electric rickshaw battery market generated a revenue of $385.0 million, with a total of 4,290.9 thousand units being sold. The market is further predicted to grow at a 13.2% CAGR, in terms of value, during the forecast period (2020–2024) and is expected to reach a value of $722.3 million in 2024. The two major end users in the domain are original equipment manufacturers and replacement, between which, the larger demand during the forecast period for batteries is projected to be created by the replacement division.

A key trend being witnessed in the Indian electric rickshaw battery market is the utilization of lithium ion (Li-ion) batteries. Before lead acid batteries were used more in electric rickshaws, and their demand is predicted to be higher in the coming years as well; however, new variants of electric rickshaws have started using Li-ion traction batteries for improved operational efficiency. Some other advantages of Li-ion batteries include longer range, lighter weight, and quicker charging time, which is why key electric rickshaw manufacturers such as Kinetic Green Energy & Power Solutions Ltd. and Goenka Electric Motor Vehicles Pvt. Ltd. are launching electric rickshaws equipped with these batteries.

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When geography is taken into consideration, the largest demand for electric rickshaw batteries was created by Delhi during 2014–2017, owing to the rise in demand for eco-friendly transportation options and strong consumer base. However, in the coming years, Uttar Pradesh is projected to create the largest demand for electric rickshaw batteries, which is attributed to increasing requirement for electric rickshaws from rural-urban fringes and Tier-2 and Tier-1 cities in the state. 

Some of the other key players operating in the Indian electric rickshaw battery market are Amara Raja Batteries Ltd., Eastman Auto & Power Ltd., Okaya Power Pvt. Ltd., Sparco Batteries Pvt. Ltd., Grand Batteries Pvt. Ltd., and Gem Batteries Pvt. Ltd.

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Animal Vaccines Market Size is Expected to Grow Substantially in the Coming Years

Vaccines have proven to be a boon for animal health in veterinary medicine. With increase in the number of adoption cases of companion animals globally, vaccination has become important for these animals as they suffer from various diseases. Strong focus on the development of needle-free DNA animal vaccines and ongoing research on plant-based animal vaccines have added to the growth of the market.

Other than this, growth in livestock population and repeated outbreaks of life-stock diseases; rising incidence of zootonic diseases; introduction of new vaccines; and government initiatives by various agencies, animal associations, and major market players are also boosting the growth of the global animal vaccines market.

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Based on technology, the animal vaccines market has been bifurcated into live attenuated, toxoid, inactivated, DNA, recombinant, and subunit/conjugate vaccines. As live attenuated vaccines have a rare chance of reverting to a pathogenic form, these vaccines held the largest share in the market in the historical period and are expected to continue with the trend in the forecast period. DNA vaccines is the fastest growing category in this market, owing to thermo-stability, cost effectiveness, easy production, and rapid vaccine development against emerging diseases in animals.

Geographically, North America is expected to lead the global animal vaccines market in the coming years, owing to the stringent regulations for vaccines production, increasing awareness against the use of antimicrobials, and rising number of innovations in developing vaccines for animals in the region.

Various factors, including, rising technological innovations and introduction of innovative vaccines; such as DNA, and recombinant vaccines; improved healthcare facilities; and growing investment by government bodies are positively impacting the growth of this market. Recombinant vaccines represent an innovative option to overcome the limitations of conventional vaccines, since these can be produced efficiently in large amounts and usually present low reactogenicity and toxicity.

Emerging economies offer immense opportunities to the market players in terms of rapidly growing healthcare infrastructure and increasing expenditure, due to which the manufacturers in the animal vaccines industry can easily invest in these economies and generate higher revenue.

Moreover, PHARMAQ, a business of Zoetis Inc., signed a partnership agreement with Vin Hoan Corporation, during a VIETFISH exhibition, in August 2018, to involve large scale vaccination of pangasius with ALPHA JECT Panga 2, a PHARMAQ vaccine that protects against disease caused by the bacteria Edwardsiella ictaluri and Aeromonas hydrophila. Under the terms of the agreement, PHARMAQ has also agreed to provide Vinh Hoan Corporation with fish health services, diagnostic testing, and the introduction of new technologies and R&D activities.

Other than Zoetis Inc, the animal vaccines industry is marked by the presence of market players, such as Merck & Co. Inc., C.H. Boehringer Sohn AG & Ko. KG, Eli Lilly and Company, Ceva Santé Animale S.A., Virbac Group, Bayer AG, Vetoquinol S.A., Phibro Animal Health Corporation, and Hester Biosciences Limited.

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Speech Analytics Market Dynamics Trends, Segmentation, Key Players, Application And Forecast

The speech analytics market is witnessing growth across the globe due to the rising focus on customer satisfaction. Currently, the common notion is that customers are not loyal to brands as they have numerous options to get the product of choice. It has been observed that customers prefer paying a higher price to competitors if they offer better services. As a result, companies are investing more on improving customer services that may result in high customer retention rate and new customer acquisition. 

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The global speech analytics market share is predicted to garner $2,910.1 million by 2024, advancing at a 19.9% CAGR during the forecast period (2019–2024), growing from $1,010.4 million in 2018. Some of the key factors of the market growth are the rising number of contact centers, increasing significance of real-time speech, growing focus on customer satisfaction, and compliance to regulations. The speech analytics software reviews and analyzes live customer calls and voice recordings to present an analysis of overall customer experience, and assist organizations in constructing operational strategies aimed at enhancing customer experience. 

The players operating in the speech analytics market have huge potential for growth as the demand for speech analytics is increasing by the day from small and medium enterprises (SMEs) for expanding their product portfolios and shares. In order to offer their customers an enhanced service and also retain them, SMEs are integrating speech analytics software in their workflow. In addition to this, the deployment of speech analytics software on the cloud has improved its accessibility for SMES, as it no more requires any hardware investment. 

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Therefore, the market for speech analytics is predicted to flourish in the forecast period due to the rising need for businesses to retain customers in long run. 

The research offers market size of the global speech analytics market for the period 2014-2024.

Market Segmentation by Offering

• Solution
• Service
• Professional
• Managed

Market Segmentation by Deployment Type

• On-Premises
• Cloud

Market Segmentation by Enterprise Size

• Large Enterprise
• Small & Medium Enterprise (SME)

Market Segmentation by Application

• Customer Experience Management
• Call Monitoring
• Agent Performance Monitoring
• Risk & Compliance Management
• Others (including Quality Management and Competitive Intelligence)

Market Segmentation by Industry

• Banking, Financial Services, and Insurance (BFSI)
• Hospitality
• Information Technology (IT) & Telecom
• Healthcare
• Media & Entertainment
• Manufacturing
• Government
• Retail
• Others (including Automotive, Oil & Gas, Energy & Utilities, and Logistics)

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Automotive Telematics Market Valued $27.7 Bn, finds Report

In 2019, the global automotive telematics market generated a revenue of $27.7 billion and is expected to attain a value of $149.9 billion by 2030, advancing at a 16.6% CAGR during the forecast period (2020–2030). In terms of vehicle type, the passenger car category held the largest share of the market during the historical period, which is attributed to the rising adoption and integration of telematics systems by manufacturers of passenger cars, around the world.

On the basis of system type, the integrated systems category is expected to grow at the fastest pace in the automotive telematics market during the forecast period. The reasons for this are the rising sales of electric vehicles and increasing requirement for internet connected infotainment units in premium and mid-range passenger vehicles. In terms of communication technology, the vehicle-to-vehicle category accounted for the major share of the market in 2019.

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Geographically, North America and Europe, accounted for a cumulative share of more than 65.0% in 2019, in terms of value, in the automotive telematics market. North America contributed the largest revenue share to the market in 2019. The reason for this is the high adoption of in-vehicle connected technology. Latin America is expected to register the highest CAGR during the forecast period, which is ascribed to the fact that the market in emerging countries of the region, including Mexico and Brazil, is still in its nascent stage.

A major trend being witnessed in the automotive telematics market is the rising number of collaborations and partnerships. These collaborations and partnerships are aimed at aiding organizations for gaining access to the technological knowledge of the companies which are acquired and enhancing their portfolio with the addition of an attractive suite of services and products. For example, in October 2019, TomTom Inc. partnered with Verizon Communications Inc. for introducing an innovative 5G project to create a safer intersection for emergency vehicles.

Company Profiles: Teletrac Navman US Ltd., Inseego Corp., MiX Telematics Ltd., Visteon Corp., Verizon Communications Inc., Robert Bosch GmbH, DENSO CORP., General Motors Co., Valeo SA, HARMAN International Industries Inc.

Market Segmentation by Vehicle Type

• Passenger Car
• Commercial Vehicle

Market Segmentation by System Type

• Embedded
• Tethered
• Integrated

Market Segmentation by Services

• Safety and Security
• Infotainment and Navigation
• Remote Diagnostics

Market Segmentation by Communication Technology

• Vehicle-to-Vehicle (V2V)
• Vehicle-to-Infrastructure (V2I)
• Others

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LiDAR Tech Demand in Auto Sector - An Emerging Market

The global automotive light detection and ranging (LiDAR) market generated revenue of $289.3 million in 2019, from where it is expected to grow at a CAGR of 26.1% during 2020–2030, to $14,754.7 million by 2030. On the basis of vehicle autonomy, the market was dominated by the semi-autonomous vehicle bifurcation during 2014–2019. The fully-autonomous vehicle category is set to witness faster growth during the forecast period, due to the greater estimated rollout of such automobiles in public shared mobility services.

The automotive LiDAR market is witnessing an increased inflow of investments from major firms, especially over the last years, wherein more than 70 startups, globally, in the market received more than $1 billion. For instance, Volkswagen AG’s subsidiary, Porsche Automobil Holding SE, invested a hefty undisclosed amount in a LiDAR startup company, called Aeva Inc., in 2019. Furthermore, in March 2019, several major Chinese financial institutions invested a combined $132 million in Innoviz Technologies Ltd., an Israeli startup.

Company Profile:
Velodyne Lidar, Innoviz Technologies, Quanergy, ZF Group, Valeo, LeddarTech

Asia-Pacific (APAC) is expected to be the fastest growing region in the automotive LiDAR market, during the forecast period, owing to the rapid advancements in the autonomous technologies in the region. The growing adoption of the autonomous technology in the transportation sector, as already reflected in the deployment of self-driving vehicles on APAC’s streets, is driving the growth in the market. China is frequently rolling out testing and pilot projects, which will further lead the regional market to prosperity. For instance, Beijing Xiaoju Technology Co. Ltd. (DiDi Chuxing) launched a pilot project in August 2019, to test robotaxis in Shanghai.

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Some of the biggest players operating in the global automotive LiDAR market are Innoviz Technologies Ltd., Velodyne Lidar Inc., ZF Friedrichshafen AG, Infineon Technologies AG, Quanergy Systems Inc., Luminar Technologies Inc., LeddarTech Inc., Texas Instruments Inc., and Valeo SA.

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