Robotic Process Automation (RPA) Market worth approx. 2,700 Mn. USD By 2023 | Automation Anywhere, Ipsoft, Nice Systems, Pegasystems, Redwood Software

Market Overview:

Robotic Automation uses software robots to copy humans performing repetitive acts with business applications. Robotic Process Automation first originated in the year 2000. It uses artificial intelligence and machine learning capabilities to execute repetitive tasks that require human intervention.
The main point of distinction between RPA and traditional IT automation is the ability of the RPA softwares to understand and suitably adapt to changing conditions, exceptions to the situation or novel situations. After the software has been trained to interpret and capture actions of specific processes in existing software applications it can start to manipulate the data or trigger responses on its own. RPA can vastly benefit businesses by helping them to scale back or eliminate back end work for example and can be applied to many industries such as finance, supply chain management and human resource management to name a few. In order to increase the rate of adoption of the process, organizations are increasingly strategizing to integrate RPA with their traditional business processes. RPA is experiencing an increasing rate of adoption, since many of the businesses are trying to reduce or cut out time consuming processes to ease and streamline their business flow.

A report published by Market Research Future states that the robotic process automation market is expected to grow by USD 2,700 Million approximately by 2023 at 29% CAGR between 2017 and 2023.The factors that are driving growth of this market are high levels of cost saving for businesses. Since robots are utilized for the processes it helps reduce operational costs and also costs arising from human error. Thus a onetime investment on RPA ensures high returns to businesses who are more than eager to integrate these processes in their workflows.

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Major Key Players

The prominent players in the Robotic Process Automation market are Automation Anywhere (France), Blue Prism (U.K.), Open Span (U.S.), Celaton (U.S.), Exilant (India), Open Connect Systems Incorporated (U.S.), Verint Systems (U.S.), Cognizant (U.S.), Infosys Limited (India), Atos Corporation (France), among others, are profiled in Market Research Future analysis and are at the forefront of competition in the Robotic Process Automation market.

Industry/ Innovation /Related News:

July 23, 2018 – Automation Anywhere (US), a leading global developer of RPA software announced its partnership with EdCast Incorporated (US), a leading global AI-powered Knowledge Cloud for Unified Discovery, Personalized Learning and Sales Enablement to provide up skilling programmes under NASSCOM’s ‘Future Skills’ initiative.
According to the deed, subscribers on the Future Skills portal will have exclusive access to Automation Anywhere University (AAU) training programmes that encompass RPA technology overviews, theoretical concepts, typical business cases and hands-on practice exercises.
July 24, 2018 - Softvision LLC. (US), a leading global provider for enhancing the digital consumer experience for top brands announced the acquisition of Arrow Digital (US), a digital consulting firm. The acquisition is expected to strengthen Softvision's RPA expertise and capabilities for the Financial Services industry.

According to MRFR, The Robotic Process Automation Market is expected to grow at approximately USD 2,700 Million by 2023, at 29% of CAGR between 2017 and 2023.

Segmentation:

Robotic Process Automation Market has been segmented on the basis of process, operations, type and industry.
By Process: Automated Solution, Decision Support and Management Solution, Interaction Solution
By Operations: Spend Analysis, E-Sourcing, E-Procurement, Contract Management, and Supplier Management
By Type: Tools, Services and Travel & Logistics
By Industry: BFSI, Healthcare & Pharmaceuticals, Manufacturing & Logistics, IT & Telecommunication, Retail, Travel, Hospitality, Transportation and others.

Regional Analysis

Globally, North America leads the market for robotic process automation with the largest market share. Substantial investments transpired into the field of technologies development, the presence of the fervent market players that can offer cutting-edge technologies and increasing adoption these tools in some of the burgeoning sectors such as BFSI, Healthcare, Media & Entertainment, and IT & Telecommunication are some of the factors driving the market growth in the region.
Availability of a well-established infrastructure, provides impetus to the market growth, allowing faster implementation of advanced technologies. The U.S. and Canada are dominating the North America market owing to the increasing technological advancements and the uptake of robotic process automation solutions in these countries. Continuing with the same growth trends, the region is expected to retain its dominance in the global market.

The Europe market accounts for the second-largest market for the Robotic Process Automation owing to the demand from the various sectors. The resurging economy in the region is too contributing to the market growth significantly. Moreover, the augmented uptake of these solutions fuels the increase in the regional market.

On the other hand, Asia Pacific region is expected to witness a healthy growth, emerging as the fastest growing market for the robotic process automation. Factors such as increasing urbanization & growing healthcare and entertainment sector coupled with the improving economy in the region foster the market growth, increasing consumers’ purchasing power.

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Intended Audience

• Investors and consultants
• System Integrators
• Government Organizations
• Research/Consultancy firms
• Technology solution providers
• IT Solution Providers
• Supply Chain & Logistics Organizations
• Original Equipment Manufacturers
• Healthcare & Pharmaceutical Industry

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