Pune, India, July, 2018 /MRFR Press Release/- Market Research Future published a cooked research report on “Global Robotic Process Automation Market Research Report - Forecast to 2023” - Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Robotic process automation (RPA) is an application technology where software with capabilities of artificial intelligence and machine learning are used for handling high volume, repeatable tasks. RPA allows employees to configure and program computer software or a robot to interpret existing application in the organization for manipulating data, processing transactions and communicating with digital systems. The RPA is similar to traditional IT automation, but the major difference between these technologies is, RPA is capable of learning itself and adapt to changing circumstances which a conventional IT automation system lacks.
Acknowledging the impressive growth records, the market perceives, Market Research Future (MRFR) in its recently published study report asserts that the global Robotic Process Automation market will register a whopping CAGR of 29% from 2017 to 2023, witnessing accruals of approx. USD 2,700 Mn. by 2023
Once the RPA software has been implemented, companies can reap the benefits of this software which is been proven to be effective in back-office and middle-office tasks across the industries.
RPA has been proven to be boon in the industries such as BFSI, supply chain, accounting, CRM, and human resource management (HRM) among others. High efficiency at low cost is one of the major driving factors for the market of RPA.
The factors that have provided impetus to the RPA market growth are ease in business processes offered by robotic process automation, and convergence of robotic process automation with traditional business process industries.
Whereas factors that may challenge the market growth of RPA include - complex pricing model while implementation and dealing with clients, the risk of data security that obstructs the implementation of robotic process automation in the financial domain, and the reduced potential of robotic process automation for knowledge-based business processes.
In the BFSI sector, multiple systems are interlinked by interfaces, enabling the flow of transaction-related data. RPA controls and monitors these interfaces to ensure seamless execution of transactions and fill data gaps, simultaneously, improving the accuracy and efficiency of different processes in the Sector. These solutions can also help in regulatory reporting and balance sheet reconciliation by collating data from multiple systems and conducting a host of validation checks to prepare information for a detailed analysis.
The BFSI domain have been leveraging RPA to improve competence and speed up business processes. Due to the high degree of flexibility and scalability of the solution, and greater requirement for data processing and workflow management, it has witnessed widespread deployment. Increased operational efficiency and lower costs, with the reduction in the full-time employee, are the other benefits associated with robotic process automation.
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Global Robotic Process Automation Market – Segmentation
The MRFR analysis is segmented into five key dynamics for the convenience of the report and enhanced understanding;
By Process : Automated Solution, Decision Support & Management Solution and Interaction Solution among others.
By Operations : Spend Analysis, E-Sourcing, E-Procurement, Contract Management and Supplier Management among others.
By Types : Tools, Services and Travel & Logistics
By Industries : BFSI, Healthcare & Pharmaceuticals, Manufacturing & Logistics, IT & Telecommunication, Retail, Travel, Hospitality, and Transportation among others.
By Regions : North America, Europe, APAC and Rest-of-the-World.
The BFSI segment by industries held the largest share of the robotic process automation market, in 2016.
Robotic Process Automation Market – Geographical Analysis
Globally, North America leads the market for robotic process automation with the largest market share. Substantial investments transpired into the field of technologies development, the presence of the fervent market players that can offer cutting-edge technologies and increasing adoption these tools in some of the burgeoning sectors such as BFSI, Healthcare, Media & Entertainment, and IT & Telecommunication are some of the factors driving the market growth in the region.
Availability of a well-established infrastructure, provides impetus to the market growth, allowing faster implementation of advanced technologies. The U.S. and Canada are dominating the North America market owing to the increasing technological advancements and the uptake of robotic process automation solutions in these countries. Continuing with the same growth trends, the region is expected to retain its dominance in the global market.
The Europe market accounts for the second-largest market for the Robotic Process Automation owing to the demand from the various sectors. The resurging economy in the region is too contributing to the market growth significantly. Moreover, the augmented uptake of these solutions fuels the increase in the regional market.
On the other hand, Asia Pacific region is expected to witness a healthy growth, emerging as the fastest growing market for the robotic process automation. Factors such as increasing urbanization & growing healthcare and entertainment sector coupled with the improving economy in the region foster the market growth, increasing consumers’ purchasing power.
Global Robotic Process Automation Market – Competitive Analysis
The RPA market is adorned by numerous major players having the geographical presence with the lion's share in the market. Well-established vendors operating in the RPA market compete based on pricing, innovation, service, reputation. However, the significant growth in the market and immense revenue generation opportunities are attracting several new players to enter the global beauty devices. The cooperation strategy within the ecosystem is enabling business process management service providers and technology integrators to enter into a licensing agreement with the RPA technology providers.
Key Players:
The leaders operating in the market include – Blue Prism (UK), Automation Anywhere (US), Celaton Ltd (UK), Nice Systems Ltd. (Israel), Ipsoft (US), Pegasystems (US), Uipath (Romania), Redwood Software (US), Verint (US), and Xerox Corporation (US). Profiling them in its analysis, MRFR finds out their strategies keeping them ahead in the market competition.
Industry/ Innovation /Related News:
July 23, 2018 – Automation Anywhere (US), a leading global developer of RPA software announced its partnership with EdCast Incorporated (US), a leading global AI-powered Knowledge Cloud for Unified Discovery, Personalized Learning and Sales Enablement to provide up skilling programmes under NASSCOM’s ‘Future Skills’ initiative.
According to the deed, subscribers on the Future Skills portal will have exclusive access to Automation Anywhere University (AAU) training programmes that encompass RPA technology overviews, theoretical concepts, typical business cases and hands-on practice exercises.
July 24, 2018 - Softvision LLC. (US), a leading global provider for enhancing the digital consumer experience for top brands announced the acquisition of Arrow Digital (US), a digital consulting firm. The acquisition is expected to strengthen Softvision's RPA expertise and capabilities for the Financial Services industry.
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Report details
| Base Year | 2018 |
| Companies Covered | 15 |
| Pages | 100 |
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