Robotic Process Automation (RPA) Market – Overview
As artificial intelligence is being increasingly integrated into day to day life and also in various technology forms. Market Research Future which concentrates on market reports linked to the semiconductors and electronics sector amongst others recently made available a report on this sector. The industry for robotic process automation is estimated to develop to revenues worth USD 2,700 Million by the year 2023, while expanding at 29 per cent CAGR between 2017 and 2023.
Adoption of RPA is considered to be one of the biggest trends that is shaping various sectors tremendously in the forecast period. The RPA industry is gaining high levels of growth due to the high levels of efficiency that can be achieved from these systems. The cost effectiveness benefit is also making the sector extremely lucrative to new and existing manufacturers in the sector. Reduced cost benefits is one the main benefits that is attracting investments into this market at a high rate.
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Mar 2018 UiPath has recently completed a fresh round of Series B funding successfully following which the Robotics Process Automation company is planning to additionally hire 100 engineers.The fresh endowment of $153 million in funding will allow the company’s product roadmap to get fast-tracked. Additionally, UiPath will also carry on the expansion of its worldwide operations with the setting up of new offices in cities like Houston, Amsterdam, Munich, Seoul, Paris and Washington in this year, along with their India centre. The company, UiPath is regarded to be one of the unique companies in this space and has an estimated value of $1.1 billion.
Global Competitive Analysis
The businesses in this trade area are combining their resources to attain their vision for achieving a substantial portion of the business as early as possible. This has raised the possibilities for the approaching growth period significantly. The merchandise that are being provided presently differ greatly because of the rationale of the robust pace of technological discoveries. This consequence is productive for companies so they can aim to uphold their commercial enterprise’s liquidity to take the most effective decisions in terms of strategy execution and designing. The profitable situations accessible in this market are being utilized by candidates who are trying to increase their market coverage by focused development which can encourage the expansion of this business sector.
The major players in the robotic process automation market are Pegasystems (U.S.), Blue Prism (U.K.), Celaton Ltd (U.K.), Ipsoft (U.S.), Automation Anywhere (U.S.), Nice Systems Ltd. (Israel) and Redwood Software (U.S.).
The Robotic Process Automation Market is expected to grow at approximately USD 2,700 Million by 2023, at 29% of CAGR between 2017 and 2023.
Detailed Regional Analysis
The regional analysis of the market for robotic process automation comprises of region such as Asia Pacific, Europe, North America, and Rest of the World. The North American region controls the main share in the robotic process automation sector due to increased growth in the field of technology and existence of developed countries in the region. The Europe region is one of the noteworthy players in the industry for robotic process automation. The countries like Germany, U.K. and Italy are the main suppliers in the market’s development owing to the rich automotive and manufacturing industry. The Asia-Pacific region is estimated to grow as the most rapidly growing sector through the forecast period. The development of the Asian nations and need for consumer electronic products is driving the makers to accept a cost effective skill in the manufacturing procedure.
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The Robotic Process Automation industry is segmented on the basis of operations, process, type and industry.
By Operations: Contract Management, E-Sourcing, E-Procurement, Spend Analysis, and Supplier Management
By Process: Interaction Solution, Automated Solution, Decision Support and Management Solution
By Industry: Healthcare & Pharmaceuticals, BFSI, IT & Telecommunication, Manufacturing & Logistics, Retail, Hospitality, Travel, Transportation and Others
By Type: Tools, Travel, Logistics and Services
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