Robotic process automation is similar to traditional IT automation with respect to operations. However, this process is capable of learning and adapting to changing circumstances. This, in turn, is anticipated to drive the proliferation of the robotic process automation market in the forthcoming years. Some of the advantages offered by RPA and expected to influence the market favorably are low cost, higher efficiency, etc.
Robotic process automation (RPA) is the process of handling repeatable tasks of huge volume. This process makes use of technologies such as machine learning and artificial intelligence. The global robotic process automation market, as per this analysis by Market Research Future (MRFR), is anticipated to strike 29% CAGR across the forecast period 2017 to 2023. The market has been assessed to exceed USD 2700 Mn mark in terms of value by the end of the review period.
The process is already used extensively in major industry domains such as BFSI, healthcare, travel, retail, etc. The growth of the end-user industries is projected to contribute considerable revenues to the robotic process automation market across the assessment period. Also, the BFSI industry is poised to exhibit large-scale adoption of the technology over the next couple of years.
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.
Also Read: http://www.marketwatch.com/story/robotic-process-automation-market-size-share-competitive-landscape-challenges-growth-forecast-and-regional-analysis-covid-19-impact-on-robotic-process-automation-market-2020-05-14
Automation Anywhere (U.S.), Celaton Ltd (U.K.), Blue Prism (U.K.), Ipsoft (U.S.), Pegasystems (U.S.), Redwood Software (U.S.), Nice Systems Ltd. (Israel), Uipath (Romania), Xerox Corporation (U.S.), and Verint (U.S.) are few of the prominent vendors of the global robotic process automation market. These players are investing in technological innovations for capturing market share and staying ahead of the curve. Growth strategies that are anticipated to be witnessed in the global marketplace are mergers & acquisitions, product developments, product innovations, alliances, partnerships, agreements, etc.
The region-specific analysis reveals that the RPA market dominates regions namely Asia Pacific (APAC), North America, Europe and Rest-of-the-World (RoW).
North America is spearheading the market as the region incorporates advanced technology faster than any other region to attain the best possible result. At the same time, their infrastructural superiority has assisted them with a favorable market condition using which they can easily steer the global market towards market supremacy.
Europe comes next with their significant acceptance of the technology to provide better customer service. Countries such as Germany, the U.K., and Italy are the major contributors. Rich manufacturing units and burgeoning automotive industries of these countries are essential pillars for the regional market.
The APAC is expecting the fastest growth during the forecast period as it is recording an upheaval in the industrial sector where RPA is playing a pivotal role. This cost-effective technology is a boon for such a market that is yet to evolve fully.
On the basis of process, the global RPA technologies market has been segmented into automated solution, decision support and management solution, and interaction solution.
Based on operations, the robotic process automation market has been segmented into spend analysis, e-sourcing, e-procurement, contract management, and supplier management.
On the basis of type, the robotic process automation market has been segmented into tools, travel & logistics, and services.
The industry-based segments of the robotic process automation market identified in this report are BFSI, transportation, healthcare & pharmaceuticals, IT & telecommunication, retail, travel, manufacturing & logistics, hospitality, and others.
In October 2019, a global manufacturer of collaborative robots, Doosan Robotics, has announced its plan of establishing the first office in the U.S. The new office will be in Buford, Georgia, and will be completed by the end of 2019.
In September 2019, the All India Council for Robotics and Automation (AICRA) has announced the launch of its new initiative AICRA Tech Startup program, which will be providing an incubation environment for startups.