Propelled by Greater Ease of Doing Business, Decreasing Cost of Automation Software and Services, and Surge in Demand for Virtual Workforce, Robotic Process Automation (RPA) Market to Surpass $8,692.7 Million by 2023

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 in revenue by 2023, exhibiting a CAGR of 36.2% during 2018–2023. The automated solution market for RPA held the largest share in terms of revenue in 2017. This is attributed to the growth of the banking, financial services, and insurance industry, which is increasingly adopting RPA to improve process efficiency and reduce cost.

Process-Based Business Approach in Organizations

Process-based business approach in organizations is one of the key trends observed in the robotic process automation market. Organizations are increasingly adopting RPA as it can perform complex tasks with utmost simplicity. It enables organizations to gain strategic and operational advantages through cost benefits, which further helps them to achieve their short-term and long-term goals. Financial institutes and business process outsourcing (BPO) organizations are keen on adoption of RPA for their systems to perform repetitive tasks with improved efficiency.

Decreasing Cost of Automation Software and Services Is Driving the Market

With the decline in cost of automation software and services, demand for RPA is expected to witness robust growth in the coming years. This decline is due to the widespread adoption of RPA in financial service, manufacturing, and retail businesses, which is anticipated to further bolster the demand for RPA. RPA offers an edge over traditional labor in organizations, as it requires a fraction of workforce cost and performs tasks with higher efficiency. Hence, decreasing cost of automation drives the growth of the robotic process automation market.

Segmentation Analysis of Robotic Process Automation Market

• The service offering category held the larger share in the robotic process automation market, and is expected to witness faster growth during the forecast period. This can be attributed to the increasing demand for integration and implementation, and consulting services.
• The financial services category in the vertical segment is projected to record the fastest growth in the robotic process automation market during the forecast period. This can be attributed to the complex financial operations that require high accuracy, speed, and cost efficiency to transform businesses. Financial institutes are increasingly adopting RPA-driven cognitive automation to drive accuracy and cost efficiency in their business processes.

Geographical Analysis of Robotic Process Automation Market

Together, North America and Europe are expected to account for over 60% share in the global robotic process automation market by 2023. This can be due to 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 the fastest growth in the market during the forecast period. This can be attributed to the rising economic growth, increasing investment in IT infrastructure, adoption of new technologies in developing countries, like China and India, and increasing business outsourcing.

Competitive Landscape of Robotic Process Automation Market

The market is highly competitive with the presence of a large number of key players, including NICE Ltd., Pegasystems Inc., Automation Anywhere Inc., Blue Prism Ltd., Celaton Ltd., Redwood Software Inc., IPsoft Inc., UiPath Inc., Xerox Corporation, and International Business Machines (IBM) Corporation.

In recent years, major players in the robotic process automation market have taken several strategic measures, such as mergers & acquisitions, partnerships, and product and service launches, and geographical expansion, to strengthen their positions. For instance, in January 2017, NICE Ltd. launched Nexidia Analytics, which offers interaction analytics via omnichannel “listening” to understand what customers and prospects are saying and then analyze those conversations to tailor experiences to their stated needs.

Browse report overview with detailed TOC on "Robotic Process Automation Market Research Report -  Process (Automated, Decision Support & Management, Interaction), Operation (Rule based, Knowledge based), Offering (Software, Service), Enterprise Size (Large Enterprises, Small and Medium Enterprises), Vertical (BFSI, Telecom & IT, Retail & Consumer Goods, Manufacturing, Healthcare & Pharmaceuticals, Others)- Global Market Size, Share, Development, Growth and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/robotic-process-automation-market

Moreover, in January 2017, Blue Prism Ltd. announced its expansion in the APAC region by opening a new office in Sydney to meet the demand for its RPA software platform in this region.