Press release
IT Robotic Automation Market - Holding a Share of over 52% of the Global Market by 2024
IT robots (automation software) are programmed to be used with data-driven and rule-based processes, which work towards aspects such as improving productivity and compliance accuracy, and can be applied irrespective of industry and application.
IT robotic automation has modernized the way various business processes, IT management and support processes, workflow processes, and back-office processes are managed in a cost effective manner.
The technology holds strong promise in transforming workplaces and is expected to see adoption at an exponential rate the next few years.
Transparency Market Research estimates that the IT robotic automation market will expand at a CAGR of 47.1% over the period between 2016 and 2024. If the number holds true, the market will rise to a valuation of US$16,884.0 mn by 2024.
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The IT robotic automation market is segmented in the report on the basis of two crucial types of solutions offered by the market: tools and services. The market for IT robotic automation tools is anticipated to expand at a faster CAGR of 51.8% as compared to the segment of services.
The IT robotic automation services’ segment, however, presently dominates, accounting for a share of over 68% in the global market in 2015.
The services’ segment is expected to continue to comprise the bulk of revenue gained by the global market in the next few years as well.
The tools’ segment is further categorized into model-based and process-based application tools, where the model-based tools segment is anticipated to lead the market, holding a share of over 52% of the global market by 2024.
Of the two key types of services offered by companies in the IT robotic automation market, the segment of training services is expected to expand at a faster growth rate as compared to professional services over the forecast period.
About TMR
TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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