Global robotic process automation market is expected to reach $8.69 billion by 2023, according to P&S Market Research.
Due to significant growth in technologies such as artificial intelligence and cognitive learning, the adoption of business automation technologies by enterprises has increased. This has led to rapid increase in demand for virtual workforce to eliminate repetitive human efforts, driving the market, globally.
Insights into market segments
On the basis of operation, the robotic process automation market is categorized into rule based and knowledge based; of the two, the rule based category held a larger revenue share in the market, valued at more than 59% in 2017. 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.
Based on enterprise size, the robotic process automation market is segmented into large enterprise, and small and medium enterprise (SME). Small and medium enterprises are expected to witness faster growth, with a CAGR of 37% during the forecast period, and surpass large enterprises by 2022 in terms of revenue. The high growth is expected due to significant interest shown by SMEs in process automation across the globe to enhance their operational efficiencies by automating their business applications.
Browse report overview with detailed TOC on "Robotic Process Automation Market by Process (Automated Solution, Decision Support & Management, Interaction Solution), by Operation (Rule Based, and Knowledge Based), by Offering (Software, Service [Professional, Training]), by Enterprise Size (Large Enterprise, Small & Medium Enterprise), by Industry (BFSI, Telecom & IT, Retail & Consumer Goods, Manufacturing, Healthcare & Pharmaceutical), by Geography (U.S., Canada U.K., Germany, France, China, Japan, India, U.A.E., Brazil) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/robotic-process-automation-market
Asia-Pacific to be the fastest growing market during the forecast period
Although, North America has been the largest robotic process automation market till now; however, during the forecast period, the market of this process is expected to witness the fastest growth in Asia-Pacific. The expected growth in the regional-level 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.
Increase in demand for virtual workforce to push the market growth
Factors driving the growth of the global robotic process automation market include 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 transformation. With increasing demand for virtual workforce 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.
Apart from this, increasing adoption of automation software by enterprises is also driving the growth of the 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 attracted the attention of small and medium enterprises, with limited budget for business automation transformation.
Robotic process automation market competitiveness
The intensity of rivalry in the global robotic process automation market is moderate. Some of the key players operating in the industry 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 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.
Robotic Process Automation Market Segmentation
By Enterprise Size