| Published | Report Code | Available Format | Pages |
|---|---|---|---|
| June 2018 | IM10931 | 169 |
The global robotic process automation (RPA) market was valued at $1,195.9 million in 2017, and is expected to generate $8,692.7 million revenues by 2023, exhibiting a CAGR of 36.2% during 2018–2023. Greater ease of doing business, decreasing cost of automation software and services, and surge in demand for virtual workforce are the key factors supporting the growth of the market across the globe. Among all regions, Asia-Pacific (APAC) is expected to witness fastest growth during the forecast period. Rising economic growth, increasing business outsourcing and investment in IT infrastructure, and adoption of new technologies in China and India are key factors supporting the growth of the market in the region.
Factors Governing Robotic Process Automation Market
With advancements in technologies, the adoption of artificial intelligence (AI) and cognitive computing in robotic process automation has increased significantly. When implemented together, AI and RPA technologies are able to process huge volume of data and facilitate better decision making in organizations. Cognitive computing, which includes adaptive learning, speech recognition, and pattern identification algorithm, is integrated in RPA to transform business processes and achieve organizational goals.
Reduction in workforce cost is a key factor supporting the growth of the robotic process automation market globally. RPA enables enterprises to form virtual workforce capable of performing tasks with high efficiency, thus eliminating the need for human intervention. It helps to reduce operational cost by as much as 25–50%, as virtual workforce has the capability to work round the clock.
Increasing adoption of automation in the healthcare industry is offering immense growth opportunity for the growth of the robotic process automation market. The healthcare industry generates a huge volume of data that can be documented and analyzed with precision through robotic process automation systems. The adoption of RPA in healthcare and pharma companies would significantly cut the time spent on payroll, admin, and HR functions, resulting in increased efficiency of the system and streamlined business operations.
Robotic Process Automation Market Segmentation Analysis
The rule-based operation category held the larger share in the robotic process automation market in 2017. This is due to the applicability of rule-based processes in a wide range of applications, such as office tasks, customer service, and IT support.
The service offering category is expected to witness faster growth in the robotic process automation market during the forecast period. This can be attributed to the increasing demand for integration and implementation, and consulting services.
The small and medium category in terms of enterprise size is expected to witness faster growth in the robotic process automation market during the forecast period. This can be due to significant interest shown by small and medium companies across the globe to enhance their operational efficiencies by automating their business applications.
The telecom & IT vertical category held the largest share in the market in 2017. Telecom providers have large volume of operational processes, such as cost control cost and business efficiency, data management, business agility, talent management and acquisition, and new services development. RPA enables telecom companies to manage their back-office tasks easily and deal with huge volume of repetitive and rules-based operational processes.
Geographical Analysis of Robotic Process Automation Market
North America held the largest share in the global robotic process automation market in 2017. This is primarily attributed to the technological advancement, strong digitalization, surging IT spending across all verticals, and rising adoption of artificial intelligence and machine learning. On the other hand, APAC is expected to witness fastest growth in the market during the forecast period.
Competitive Landscape of Robotic Process Automation Market
The RPA market is highly competitive with the presence of NICE Ltd., Pegasystems Inc., Automation Anywhere Inc., Blue Prism Ltd., Celaton Ltd., Redwood Software Inc., IPsoft Inc., UiPath Inc., Xerox Corporation, International Business Machines (IBM) Corporation, and several other players.
Recent Strategic Developments of Major Robotic Process Automation Market Players
In recent years, major players in the robotic process automation market have taken several strategic measures such as mergers & acquisitions, product launches, and geographical expansions to gain a competitive edge in the industry. For instance, in March 2018, Blue Prism Ltd. launched a single digital workforce operating system, which is a combination of Amazon Web Services (AWS) Cloud, Google Cloud, IBM Watson, and Microsoft Cognitive Services through which the users would be able to access AI-powered software robots, which automate and complete increasingly complex tasks.
Robotic Process Automation Market Size Breakdown by Segment
The Robotic Process Automation Market report offers comprehensive market segmentation analysis along with market estimation for the period 2013–2023.
Based on Process
Based on Operation
Based on Offering
Based on Enterprise Size
Based on Vertical
Geographical Analysis
Key Questions Addressed/Answered in the Report
Prescient & Strategic (P&S) Intelligence Private Limited (formerly known as P&S Market Research Private Limited) was born out of the idea of helping businesses achieve breakthroughs through intelligent decision making, underpinned by a thorough understanding of industry dynamics
