Global Robotic Process Automation Market to Witness Massive Growth by 2018-2024 | Industry Trends, New Innovation and Key Manufacturers | Nice Systems Ltd., Pegasystems Inc., Automation Anywhere, Blue Prism PLC, Ipsoft, Inc. and Many Others

According to a new market report published by BlueWeave Consulting, The Global Robotic Process Automation Market was valued at US$ 1132.7 Mn in 2017 and is expected to expand at a CAGR of 27.1% from 2018 to 2024, reaching US$ 7324.9 Mn by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to the robotic process automation market in 2017.

Operational Excellence in the Middle-East is driving The Global Robotic Process Automation Market
One of the foremost driver due to which the Global Robotic Process Automation Market is gaining traction is considered to be its success in increasing operational excellence in the rapidly developing Middle-East and North Africa (MENA). The regions in line with the global trend have rapidly opened up to embark on the RPA transformation wave. Although in its nascent stage, Robotics process automation has already created significant traction in the GCC region, due to high interest shown by the Middle-East CXOs.

Also, the companies in these regions, allowing software bots handle mundane and low value tasks, employers are finding it easier to upgrade the skill levels of employees there by retaining more local workforce, At present, corporates in the Financial services and Telecom space have started their RPA journey as early adopters. However, entities in other sectors as Oil & Gas, Healthcare, Retail, Real estate, manufacturing and Government sector are expected to join the bandwagon very soon

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Scope of the Report
The global Robotic Process Automation market is segmented on the basis of process, Operation, Service, User Size, and Industry. On the basis of process, the market is segmented into Automated Solution, Decision Support & Management, and Interaction Solution. Automated Solution was the largest segment in the global robotic process automation market in 2017, and is estimated to witness the highest growth during 2018-2024. On the Operation basis, the market is segmented into Rule-based and Knowledge based. Rule based segment accounted for the largest segment in the global robotic process automation market in 2017. On the basis of Service, the market is segmented into Professional and Training Support. On the basis of User size, the market is segmented into Large Enterprise and SMEs. On the basis of Industry, the market is segmented into BFSI, Telecom & IT, Retail and Consumer Goods, Manufacturing, Healthcare and Pharmaceuticals, and Others. BFSI was the largest segment in the global robotic process automation market in 2017.

On the basis of region, the market is segmented into five parts namely North America, Europe, Asia Pacific, Middle-East, Africa and Latin America. North America was the largest region in the global robotic process automation market in 2017 and it is estimated to grow over a CAGR of 25% during 2018-2024.

Research Methodology
According to BlueWeave Consulting, the key findings of the report “Global Robotic Process Automation Market Size, Share, Development, Growth and Demand Forecast to 2024” are:

• As per the findings of the research, ‘Rule based operations’ have been the largest revenue generators in the global robotic process automation market, as compared to ‘Knowledge based operations’. The rule based operation has gained significant interest from all sized enterprises as it enables organizations to configure software robots that effectively automate various annual and highly repetitive tasks. It also helps the organization, saving their time by completing an actual human task within a fraction of second. The market for rule based operations is expected to continue its dominance, during the forecast period, as it can easily be integrated within a business ecosystem without disrupting the traditional or legacy business framework.
• Geographically, North America has been the largest market for robotic process automation, whereas Asia-Pacific is expected to witness the fastest growth among all regions, during the forecast period. The anticipated growth in the 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.
• Further, due to increase in demand for automation in major industry tasks such as business process outsourcing (BPO), outbound sales and other back office work will adopt robotic process automation solutions in the next few years.

Market Dynamics
Global robotic process automation market is anticipated to show double digit growth during forecast period. The market is expected to trend incline towards RPA owing to the reduction in workforce cost coupled with rise in adoption process. The major factor that will drive robotic process automation market further includes surge in demand for virtual workforces along with ease of doing business. However, constant change in automation technology and unavailability of technical workforce may hinder the growth of global RPA market in coming years. Some of the major trends observed in this market are evolution of robust software platforms, overall cost reduction related to workforce and continuous advancement in fields of AI and cognitive computing.

Competitive Dynamics
The research states that the global robotic process automation market is highly competitive, with players developing new robotic process automation applications. Some of the key players operating in the robotic process automation ecosystem 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. Most of the major vendors in the global robotic process automation market are actively focused on enhancing their offerings to meet the ongoing demand for advanced business automation solutions. This includes software integrated with artificial intelligence, and cognitive learning.

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