Robotic Process Automation Market by Process (Automated, Decision Support & Management, Interaction), by Operation (Rule based, Knowledge based), by Offering (Software, Service [Professional, Training, Implementation]), by Enterprise Size (Large Enterprises, Small and Medium Enterprises), by Vertical (BFSI, Telecom & IT, Retail & Consumer Goods, Manufacturing, Healthcare & Pharmaceuticals, Others), by Geography (U.S., Canada, U.K., Germany, France, China, Japan, India, UAE, Brazil) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013–2023

Robotic Process Automation Market Overview

Global robotic process automation market was valued at $1,195.9 million in 2017 and is expected to witness a CAGR of 36.2% during 2018–2023.Robotic process automation is the application of technology for configuring computer software or a robot to capture and interpret existing applications for processing a transaction, triggering various responses, manipulating data, along with effective communication with other digital systems.Significant increase in ease of doing business, surge in demand for virtual workforce, and declining cost of automation software and services are the key factors driving growth of this market.

 

GLOBAL ROBOTIC PROCESS AUTOMATION MARKET, BY OPERATION, $M (2013 - 2023)

Based on process, the robotic process automation market has been categorized into automated solution, decision support and management, and interaction solution. Of these, automated solution held the largest revenue share in the market, valued at more than 47% in 2017. This can be attributed to the increasing demand for full service systems integrator, offering a wide variety of automation solutions and services, across industries.

On the basis of operation, the robotic process automation market has been segmented into rule based and knowledge based; of which, the rule based category contributed larger revenue, accounting for more than 59% contribution in 2017. Going forward, rule based operations are expected to continue their firm market hold as they effectively automate a business task by mimicking the actions of a human force.

In terms of offering, the robotic process automation market has been categorized into software and service, of which the service category is further divided into professional and training. The service category held a larger revenue share in 2017, accounting for more than 74% share in the market.

Based on enterprise size, the robotic process automation market has been categorized into large enterprise, and small and medium enterprise (SME). Of these, SMEs are expected to witness faster growth during the forecast period, with a CAGR of 37%. The high growth is expected due to significant interest shown by SMEs across the globe to enhance their operational efficiencies by automating their business applications.

Over the years, enterprises of all sizes have shown interest in robotic process automation, as it deals with the application of software to carry out repetitive tasks that are highly monotonous to perform and require vast amount of human efforts and time to accomplish, such as manufacturing and assembling operations. Further, with the growing popularity of enterprise resource planning, there is a huge demand for this from businesses for staying competitive in the global market, through effective process automation for business continuity.

The robotic process automation market in developed regions of North America and Europe has witnessed higher penetration of the automation technology across industries, as compared to developing regions, such as Asia-Pacific. The U.S., the U.K. and China are expected to be the three largest markets, during the forecast period. Additionally, India is expected to be the fastest growing market, during the forecast period.

Robotic Process Automation Market Dynamics

Trends

Rapid advancement in automation software technologies, development in intelligent automation (IA), improved accuracy and business scalability, and increased demand for advanced business process automation systems from enterprises are some of the key trends observed in the robotic process automation market. Advancements in automation software technologies is further creating a new breed of cognitive learning technologies with human-like capabilities, such as handwriting recognition, natural language processing, and identifying unknown images. Further, when combined with robotic process automation and powerful analytics, these cognitive technologies are capable of forming solutions that either directly assist people in the performance of non-routine tasks or automate those tasks entirely.

Drivers

The robotic process automation market is driven by factors such as significant increase in ease of doing business through this process, 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, globally.

One key factor driving the robotic process automation market is rapid advancement in automation technologies. Businesses across the globe demand advanced automation solutions to investigate and solve critical short-term business problems. This includes the changing market trends and consumer preferences. Implementation of this process automation improves service desk operations and assists in monitoring business tasks such as manufacturing and assembling, which further helps businesses in handling short term demand of their customers without any extra human involvement and addressing the immediate need for new recruitments for handling such business tasks.

Restraints

With growing advancement in technology, robotic process automation is showing prominent growth. However, the implementation of a new technology might be stressful for an employee as its brings additional responsibility on them. The robotic process automation industry is observing gradual changes on regular basis which may obstruct the demand.

Opportunities

Some of the major growth opportunities in robotics process automation market includes its adoption in BPO sector and integration of advanced artificial intelligence in process automation. Also, the healthcare industry generates huge volumes of data which can be documented and analyzed with precision through this process. With rising number of health concerns across the globe, health insurers are looking for ways to automate most of their business processes, which includes cash flow, claims management, and book keeping and reporting in order to perform at optimum efficiency.

Robotic Process Automation Market - Competitive Landscape

The intensity of rivalry in the global robotic process automation market is moderate. Most of the vendors operating in the market are actively focused on enhancing their offerings to meet the ongoing demand for advanced business automation solutions.

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.