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IT Robotic Automation Market - Demand for Unleashing Potential of Big Data Analytics to Bolster Uptake

03-14-2018 08:28 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Transparency Market Research

/ PR Agency: Transparency Market Research
IT Robotic Automation Market - Demand for Unleashing Potential

The drive for software robots or IT robotic automation stems from the ever-increasing need for better automating a variety of high-volume industrial and business processes. The motivation for deploying IT robots as with all other automation is shaped by objectives to bring process improvements and boost the overall profitability, with higher accuracy. Presented with the promises of considerable cost reduction and vast production scalability, robotic process automation is increasingly being adopted by manufacturing and service sectors world over. Equipped with artificial intelligence and cloud computing capabilities, IT robots are playing a bigger role in streamlining and transforming every stage of workflow.

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Organizations from a wide spectrum of industries are leveraging the potential of robotic process automation to bring vast improvements in production and operations, finance, supply chain management, and human resources, and customer service. Sitting on the top of IT infrastructures of enterprises, robotic automation accelerate the pace for a scalable process automation for a wide variety of transactional processes.

With ample lucrative opportunities across the globe, the global IT robotic automation market is projected to touch a worth of US$16,884.0 million by 2024 end. According to estimates by Transparency Market Research (TMR), this represents an astounding CAGR of 47.1% during 2016 - 2024.

Will the leading revenue share of services segment in IT robotic automation also account for higher growth rate?

The key types of IT robotic automation solutions comprise tools and services. Of the two, the services segment contributed the major chunk of revenue in 2015, estimated at a share of over 68%, in the global market. The segment is expected to maintain its status quo in the coming years as well. The potential attractiveness of the segment is attributable to a variety of factors. The profound impact made by robotic automation in the services sector, significantly in bolstering scalability, has propelled the deployment of robotic automation services. In particular, the financial services sector is presenting attractive demand for IT robots for automating invoicing, task allocation, payment processing, query handling, and data integration. The surge in IT-related services in emerging and developed economies is another notable factor helping in pushing the services segment to the forefront.

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That being said, the IT robotic automation tools segment, consisting of model-based and process-based application tools, is no less lucrative as it is likely to surge ahead of the services segment, with respect to growth rate. According to TMR, the market for IT robotic automation tools is estimated to expand at a faster CAGR of 51.8% during 2016–2024. The staggering rise in applications of these tools in BPO and infrastructure management in numerous enterprises is a noteworthy trend driving the growth of the segment over the assessment period.

Which regions are potentially lucrative markets for IT robotic automations and what factors stoke their growth?

On a geographical front, currently North America holds the sway accounting for the dominant share in the global market. The stupendous growth may is driven by widespread adoption of IT robotic tools and services across a range of industries. In addition, rapid strides made by computing technologies, including cloud computing, is a key factor sustaining the vast demand for robotic automation.

Asia Pacific is a lucrative market expected to emerging at a prominent pace over the forecast period. The proliferation of products and services related to process automation in enterprises in economies such as Japan and China is a significant factor catalyzing the growth of the regional market. The prominent growth of the regional market is also supported by the rapid and substantial advances made by IT infrastructure in countries such as India and Philippines.

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Companies offering robotic process automation solutions is witnessing rise in massive funds from investors. UiPath, a Romania-based startup, announced in March 2018 that it has secured raised US$153 million in a Series B funding round. Its AI-driven services can be used by enterprise customers world over to adopt robotic process automation, especially in automating repetitive, mundane tasks in back-office systems. The software robots will be instrumental in freeing a large chunk of IT infrastructure and resources for analytical and value tasks.

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

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