Press release
Global Robotic Process Automation Market to Reach $6,247.1 Million by 2023 By P&S Market Research
Due to significant growth in technologies such as artificial intelligence and cognitive learning, adoption of business automation technologies by enterprises has also increased. This has led to rapid increase in demand for virtual workforce to eliminate repetitive human efforts, on the back of which, the global robotic process automation market is gaining traction.
Insights on market segments
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. Further, among various processes, automation solutions segment is expected to continue its highest revenue contribution to the market, during the forecast period. Among various industries, retail and consumer goods witnessed the highest growth in demand of robotic process automation, during 2014 - 2016. However, banking, financial services and insurance (BFSI) is expected to hold the largest market during the forecast period.
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The market to witness fastest growth in Asia-Pacific during the forecast period
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 increasing demand for automation in major industry tasks such as business process outsourcing (BPO), outbound sales, and other back office work, industries in the region have high tendency to adopt robotic process automation solutions at a rapid scale in the next few years.
Rule based operations to lead robotic process automation market globally
Rule based robotic process automation operations has been the largest contributor to the global robotic process automation market. This operation uses sophisticated computer software that automate rule-based processes, which are statements pre-defined in a software system, without the need for constant supervision of human workforce. 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.
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Increase in demand for virtual workforce escalates the global market growth
Factors driving the growth of the global robotic process automation market include significant increase in ease of doing business through installation of robotic process automation, 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 transformations.
Moderate competition among key players
The research states that the global robotic process automation market is moderately 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.
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