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Global Robotic Process Automation Market to Reach $6,247.1 Million by 2023
According to a new research report “Global Robotic Process Automation Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Process (Automated Solution, Decision Support & Management, and Interaction Solution), by Operation (Rule Based and Knowledge Based), by Service (Professional and Training), by Enterprise Size (Small and Medium Enterprise, and Large Enterprise), and by Industry (BFSI, Telecom & IT, Retail and Consumer Goods, Manufacturing, Healthcare and Pharmaceuticals, and Others)” published by P&S Market Research, the global robotic process automation market is projected to reach $6,247.1 million by 2023, growing at a CAGR of 33.8% during 2017 - 2023.
Explore Report Description at: https://www.psmarketresearch.com/market-analysis/robotic-process-automation-market
Global Robotic Process Automation market to reach $6,247.1 million by 2023
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.
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. It also helps organizations in saving a lot of time by completing an actual human task within a fraction of seconds. The market for rule based operations is expected to continue its dominance during the forecast period, as it can be easily integrated within a business ecosystem without disrupting the traditional or legacy business framework.
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. While businesses across the globe need advanced solutions to investigate and solve critical short term business issues, such as changing market trends and consumer preferences, robotic process automation helps them in improving service desk operations and monitoring various business tasks such as production and product development effectively. This further helps businesses in handling short term demand of their customers without extra human involvement and need for new recruitments for handling such immediate business tasks.
With increasing demand for virtual work force globally, particularly in technology and business process outsourcing services, robotic process automation with the help of voice recognition software or automated online assistance can retrieve information and structure basic content that is required to answer customer queries or complaints in natural language. Advanced robotic process automation technologies are capable of conserving on large human resources for large call centers and company’s customer interaction centers, which require constant human involvement for monotonous task such as product help.
Apart from this, increasing adoption of automation software by enterprises is also driving the growth of global robotic process automation market. Rapid advancement in automated business process technologies has led to low cost and easy availability of automation software in the market. Such software has gained significant attraction from small and medium enterprises, with limited budget for business automation transformation.
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.
Most of the major vendors in the global robotic process automation market are actively focused on enhancing their offerings to meet the ongoing demand for advanced business automation solutions. This includes software integrated with artificial intelligence, and cognitive learning.
GLOBAL ROBOTIC PROCESS AUTOMATION MARKET SEGMENTATION
By Enterprise Size