The National University of Malaysia (UKM) via its Faculty of Global Business & Digital Economics Faculty of Economics and Management signed a Memorandum of Understanding (MoU) with a Malaysian company, specialising in Robotic Process Automation (RPA), Artificial Intelligence (AI) and Machine Learning (ML) to provide a platform for learning about robotic technologies, in particular, Robotic Process Automation (RPA).
The Deputy Vice-Chancellor of Academic and International Affairs at UKM stated that the collaboration provides training and professional development sessions to SME students and academics through Cognitive Consulting in the RPA technology, especially to accounting students in SMEs.
The partnership also intends to develop modules or micro-credential courses for students who have completed the RPA software course. In addition to training, students will also gain experience working while studying or practical training within the company.
It was noted that the timely and appropriate to help the University’s goal of expanding and strengthening partnerships between academic and industry researchers, especially in building talent and enhancing the marketability of graduates nationally and internationally.
The same council also saw the launch Journal of Strategic Digital Transformation in Society and the BuDi platform, a dedicated website provided by the Faculty of Technology and Information Science (FTSM) to help entrepreneurs in Small and Medium Enterprises market their products.
The University was represented by the Deputy Vice-Chancellor of Academic and International Affairs as well as the Dean of the FEP. Meanwhile, the company was represented by its Chief Executive Officer as well as the Head of Corporate Communications at the firm’s parent company.
Recent research has found that, in 2021, the global robotics technology market size was valued at US$79.5 billion in and is expected to reach roughly US$225.6 billion by 2030 with a registered CAGR of 12.29% during the forecast period 2022 to 2030.
A driving factor in the growth of the global robotics technology market is the increasing number of investments and funding in the field of technology. The growing use of service robots across the globe is also leading to growth in the market.
While the market for robotic technology is incredibly fragmented, the robotic technology industry has significant potential because of regional Industry 4.0 and digitalisation initiatives. Given the number of robotic trade exhibitions that occur across different areas on a regular basis, the level of transparency is considerable. Overall, there is fierce competition between existing players. It is expected that large organisations will collaborate and expand their businesses with fresh players focused on modernisation.
Another report the intersection of technology, engineering, and science has resulted in the production of robots. The main aim of robotic technologies is to enhance the performance of an organisation as well as produce better outcomes. Robotic technologies have a wide variety of applications across many industry verticals including healthcare, domestic, agriculture, and manufacturing.
The COVID-19 pandemic saw the demand for robotic technologies increase among several industries including the supply chain, manufacturing, and healthcare, as a result of robots being rolled out in place of humans. This was aimed at reducing the impact of the virus and led to their market share increasing.
The growth in the need for automation and safety as well as the availability of affordable, energy-efficient robots is driving growth in the market.
While the high initial cost of robots and lack of awareness among SMEs is likely to hinder market growth, the surge in the adoption of robotics technology in emerging economies and the increase in use in diverse applications will likely provide lucrative opportunities for the growth of the market.
