Robotic Process Automation Market 2020 by Future Growth, Regional and Forecast To 2024 | Automation Anywhere Inc., Blue Prism Ltd., Celaton Ltd., Epiance Software, IBM Corporation, Ipsoft, Inc., KryonSystems, Nice System Ltd., Pegasystem Inc., Redwood Sof

The robotic process automation market has been witnessing a vast number of strategic M&As in recent years. These proactive initiatives have profitably leveraged the robotic process automation industry growth, as per experts. Citing an instance, Accenture PLC, an IT service provider, has acquired Genfour Limited, an information management service company and a global leader in the RPA & AI delivery sector, with an aim to consolidate its position in the overall robotic process automation market. Through this deal, Accenture aims to develop and apply machine learning across complicated IT processes to automate them and improve the overall operational effectiveness. The need to automate the IT services through machine learning, big data analytics, and artificial intelligence will thus impel the overall RPA market share in the ensuing years.

Robotic process automation market has been experiencing robust changes since the past decade, given that RPA software is extensively used for business process outsourcing and business process management. In addition, RPA tools have the strong capability to increase business process efficiency without having to implement any fundamental process change. The ability of the RPA software to effectuate smarter processes as compared to conventional IT applications is certain to augment robotics process automation industry size, slated to cross USD 5 billion by 2024.

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Some of the exceptional benefits that RPA tools boast of include, improved accuracy & throughput, process scalability, risk mitigation, multitasking & flexibility, auditing & security, operational & technical efficiency, capturing detailed information, time and cost efficiency, and reduction in delivery risks. Subject to a plethora of lucrative advantages, these tools find applications in the finance, information technology, and supply chain management sectors, which would undeniably emerge as profitable growth avenues for robotic process automation market.

In addition, integrating RPA with other automation technologies such as artificial intelligence and machine learning will lead to improvements in the speed, quality, accuracy, and efficiency of the business process operations, thereby leading to innovative inventions in the field of automated processes. The subsequent rise in the introduction and deployment of new automated technologies such as intelligent process automation will thus suitably impact robotic process automation market share over the years ahead.

The industrial space in Latin America has of late been experiencing a dynamic transformation owing to the deployment of robotic process automation, subject to which several top-notch enterprises and service centers are expanding their business space across the region. Recently, Symphony ventures, a well-known company specializing in robotic process automation and intelligent automation, decided to expand its service centers across Latin America to fulfil the growing demand for its products in the region. If reports are to be believed, Symphony Ventures has witnessed a huge requirement for its automation services across Latin America, owing to the increasing utilization of the technology across Brazil, Argentina, Chile, Mexico, Columbia, Peru, and Guatemala, which will considerably stimulate LATAM robotic process automation market size over the coming seven years.

Another major factor that may generate lucrative opportunities for companies in robotic process automation market is that numerous clients from the telecom, banking, chemical, food processing, agriculture, and manufacturing sectors have been earnestly seeking RPA services. The deployment of RPA technology helps to improve operational functionality by enhancing the accuracy of work quality, and speed, which may spur RPA industry ahead. Speaking of companies, the competitive spectrum of RPA market includes biggies such as Automation Anywhere, Nice Systems Ltd., Blue Prism, Xerox Corporation, Ipsoft, Uipath, Celaton Ltd, Verint Systems, Pegasystems, and Redwood Software, that have been adopting growth strategies such as M&As to increase their customer base across the globe.

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The wave of automation is likely to transform the service sector over the years ahead. Autonomous machines make work much easier as they have the capability to carry out remote operations that do not take friendly to human intervention - laying underwater cables, monitoring wear and tear of aircraft engines and drill tips, etc. In the future, it is expected that airports will be planning to undergo extensive refurbishment with the help of RPA technology. The growing automation implementation across airports for face scanning, check-in, robot baggage collection, apart from myriad other application arenas, is slated to influence robotic process automation market share positively over the forthcoming years.

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