Robotic Process Automation Market Will Reach $8.69 Billion by 2023

The global robotic process automation market is growing at a CAGR of 36.2% during 2018 – 2023 and will reach $8.69 billion by 2023. Due to significant growth in technologies such as artificial intelligence and cognitive learning, the adoption of business automation technologies by enterprises has increased. This has led to rapid increase in demand for virtual workforce to eliminate repetitive human efforts, driving the market, globally.

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Based on enterprise size, the robotic process automation market is segmented into large enterprise, and small and medium enterprise (SME). Small and medium enterprises are expected to witness faster growth, with a CAGR of 37% during the forecast period, and surpass large enterprises by 2022 in terms of revenue. The high growth is expected due to significant interest shown by SMEs in process automation across the globe to enhance their operational efficiencies by automating their business applications.

Although, North America has been the largest robotic process automation market till now; however, during the forecast period, the market of this process is expected to witness the fastest growth in Asia-Pacific. The expected growth in the regional-level market can be attributed to factors such as advancement in new technologies, growing digitalization, growth in automation software industry, and increasing adoption of business process automation solutions by small and medium scale enterprises in the region.

Factors driving the growth of the global robotic process automation market include significant increase in ease of doing business through this process, surge in demand for virtual workforce to eliminate repetitive human tasks, decreasing cost of automation software and services, and increased adoption of new automation technologies for business transformation. With increasing demand for virtual workforce globally, particularly in technology and business process outsourcing services, robotic process automation with the help of voice recognition software or automated online assistance, can retrieve information and structure basic content that is required to answer customer queries or complaints in natural language.

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Some of the key players operating in the industry are Nice Systems Ltd., Pegasystems Inc., Automation Anywhere, Blue Prism PLC, Ipsoft, Inc., Celaton Ltd., Redwood Software, UiPath SRL, Verint System Inc., Xerox Corporation and IBM Corporation.

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