Global Robotic Automation Process Market Expected Grow at a CAGR of 30.08% during 2019 – 2027 | Industry Leading Key Players- Nice Systems Ltd., Automation Anywhere, Inc., Blue Prism Group Plc., Ipsoft, Pegasystems, Redwood Software, Uipath, Xerox Corpo
The global robotic automation process market is segmented by type of process, operation, industry and regions. Based on type of process, the market is segmented into automated solution, decision support, and management solution. On the basis of operation, the market is segmented into rule based and knowledge based. The market is further segmented by industry into IT, telecommunication and manufacturing & logistics. Organizations across industries are increasingly challenged by the growing competition owing to technology advancements and consumer preferences. Moreover, these technologies emphasizes on enhancing the employee experience rather than replacing them. One such technologies gaining rapid traction is RPA (Robotic Process Automation), which handles repetitive and rule-based tasks without human intervention. RPA allows enterprises to automate repetitive functions and eliminate the possibility of human error.
The global robotic automation process market is anticipated to expand at a CAGR of around 30.08% during the forecast period i.e. 2019-2027. Rising demand for Business Process Automation (BPA) through the use of Artificial Intelligence (AI) and software robots is anticipated to be the key growth driver. RPA has an edge over conventional IT automation as it has the potential to adapt quickly to changing situations and learn accordingly and assures broader market penetration. Its ability to deliver accurate results with valuable insights has made it popular to leverage growth in business processes.
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By region, the global robotic automation process market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa, out of which, North America contributed maximum share in the revenue of robotic process automation market. In North America region, U.S. captured more than 60% of the market. Extensive investments in technological development, presence of the giant players that offer cutting-edge technologies coupled with well-established infrastructure and increasing adoption of robotic automation process in the sectors which includes BFSI, Healthcare, Media & Entertainment, and IT & Telecommunication providing boost to the market growth. Apart from North America, Europe stood at second position in the RPA owing to evolving virtual workforce industry. Asia Pacific is expected to witness significant growth, emerging as a fastest growing economy with countries including China and India.
Increase In Demand For Virtual Workforce
Drivers spurring the growth of the global RPA market include significant rise in ease of doing business through this process, inclination in demand for virtual workforce to minimize repetitive human tasks, declining costs of automation software and services, and increased adoption of new automation technologies. Rising demand for virtual workforce globally, particularly in technology and business process outsourcing services, RPA by means of voice recognition software or automated online assistance, can extract information and structure basic content.
However, its vulnerability to cyber-attack poses a serious threat to the organizations as their confidential documents can get leaked. Additionally, rising incidents of cyber security can adversely impact the growth of the market.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model. This report also provides the existing competitive scenario of some of the key players of the global robotic automation process market which includes company profiling of key companies such as Nice Systems Ltd., Automation Anywhere, Inc., Blue Prism Group Plc., Ipsoft, Pegasystems, Redwood Software, Uipath, Xerox Corporation, Datamatics Global Services Ltd., Celation Ltd., Open Connect Systems Inc., Verint Systems and Cognizant. The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global robotic automation process market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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