Robotic Process Automation (RPA) Market: Technological Revolution Fueling Market Growth |Automation Anywhere Inc., Epiance Software, IBM Corporation, Ipsoft, Inc., Nice System Ltd., Redwood Software Inc., Uipath, Xerox Corporation

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 RPA 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.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Automation Anywhere Inc.
2. Epiance Software
3. IBM Corporation
4. Ipsoft, Inc.
5. Nice System Ltd.
6. Redwood Software Inc.
7. Uipath
8. Xerox Corporation

Robotic process automation market has been gaining remarkable popularity lately, subject to the fact that automation has become important component in various enterprises across the globe. It has been observed that many companies have been adopting RPA technology with an aim to reduce the capital cost of the products and modernize business operations. The rapidly increasing use of this technology in various sectors is a vital factor that is expected to stimulate robotic process automation industry share. More importantly, this technology is increasingly being deployed in the medical and oil & gas sectors, which are touted to be two of the most dynamic markets of today. Companies have lately been following practices such as centralized business plan, training, and periodic product developments, that depicts their apparent urgency to deploy consistent automation in their business methodologies. This change of tactics is likely to have a positive impetus on RPA market, which, as per reports, collected a revenue of USD 600 million in 2016.

Reputed firms such as Xerox Corporation and IBM have implemented the RPA technology for a while now, to reduce costs and improve productivity. Apart from industrial applications, RPA is being favored by hospitals to quite an extent, to handle medication distribution, which will favorably propel RPA industry. An instance proving the aforementioned statement to be true is that of the RAH implementing the largest automated pharmacy distribution system. The Royal Adelaide Hospital, based in South Australia, has recently implemented one of the largest automated pharmacy distribution systems, that boasts of the incorporation of RPA technology. Considering the benefits of this technology, many other hospitals across the Australian southern hemisphere have also been deploying this technology on large scale, which is likely to have a favorable impact on the regional robotic process automation market.

The emergence of digital technologies such as artificial intelligence (AI), natural language processing (NLP), and machine learning have also apparently been adding significant value to robotic process automation market. Recently, HCL Technologies, one of the big names in the software space, launched two AI powered services, namely, DRYiCE TAO and DRYiCE COPA to provide strategic consulting services and a process transformation platform to enterprises. Through the DRYiCE COPA, HCL has paved the way for delivering next-generation products to consumers by envisaging a difference in the conventional role of robotic process automation. Many such enterprises have been looking out for AI-based products to rebuild their systems, which is slated to boost 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 over the coming seven years.

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Major firms such as Blue Prism, Automation Anywhere, Verint Systems, Pegasystems, and UiPath are likely to make vital contributions towards robotic process automation market in the forthcoming years. With technology slated to occupy the center space of the future, robotic process automation industry will grow at a rate of more than 20% over the coming seven years.

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