Robotic Process Automation (RPA) is a nascent technology which is expected to gain quick mileage over the next few years. As per the assessment circulated by Market Research Future (MRFR), the global robotic process automation market is projected to register an exponential CAGR of 29% across the evaluation period 2017 to 2023. The market is estimated to value at over USD 2700 Mn by 2023.
RPA is an advancement of IT automation. Unlike IT automation, RPA is capable of learning by itself and adapting to changing circumstances. Higher efficiency is likely to lead the growth of the robotic process automation market over the next couple of years. In addition, the large-scale penetration of IT automation has also paved the way for the adoption of RPA in the upcoming years.
Increasing applications is likely to be witnessed in the market in the foreseeable future. This, in turn, is anticipated to boost revenue generation of the robotic process automation market in the years to come. However, the complexities in pricing models are likely to check market expansion in the forthcoming years.
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The segments of the global robotic process automation market, on the basis of process, include decision support and management solution, automated solution, and interaction solution.
On the basis of operations, the robotic process automation market has been segmented into spend analysis, e-sourcing, e-procurement, contract management, and supplier management.
The global robotic process automation market, based on type, has been segmented into tools, services, and travel & logistics. The tools segment is anticipated to account for the largest share of the market over the next couple of years. Factors such as low cost and high efficiency are anticipated to catapult the segment at the pole position in the nearby future.
The industry segments of the robotic process automation market are BFSI, healthcare & pharmaceuticals, manufacturing & logistics, IT & telecommunication, retail, travel, hospitality, transportation, and others. Among these, the BFSI segment is expected to witness huge demand for the technology. On the other hand, the healthcare & pharmaceuticals segment is expected to register the highest CAGR over the forecast period.
The regional assessment of the global robotic process automation market spans across four regional segments – North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). North America is leading the growth of the global market. The presence of a developed technological infrastructure is anticipated to propel market expansion in the region in the upcoming years. The robotic process automation market in Europe is also poised to exhibit remarkable growth rate in the years to come. Asia Pacific is expected to strike a comparatively higher CAGR over the assessment period. The development of Asian countries is projected to benefit market growth over the next few years.
Automation Anywhere (U.S.), Celaton Ltd (U.K.), Blue Prism (U.K.), Ipsoft (U.S.), Pegasystems (U.S.), Nice Systems Ltd. (Israel), Redwood Software (U.S.), Verint (U.S.), Uipath (Romania), and Xerox Corporation (U.S.), among others are the key players of the global robotic process automation market. These players are anticipated to play a crucial role in the expansion of the market over the next couple of years. Investments in research & development are likely to increase, which is expected to intensify competition among the major participants of the market. Pricing policies and product development are poised to be leveraged by the players in the robotic process automation market to gain an edge over competitors. Other growth strategies anticipated to be opted by these players over the next few years to intensify competition in the market are technological innovations, collaborations, mergers & acquisitions, partnerships, etc.
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List of Tables
FIGURE 1 RESEARCH TYPE
FIGURE 2 ROBOTIC PROCESS AUTOMATION MARKET: BY PROCESS (%)
FIGURE 3 ROBOTIC PROCESS AUTOMATION MARKET: BY OPERATIONS (%)
FIGURE 4 ROBOTIC PROCESS AUTOMATION MARKET: BY TYPE (%)
FIGURE 5 ROBOTIC PROCESS AUTOMATION MARKET: BY INDUSTRY (%)
FIGURE 6 ROBOTIC PROCESS AUTOMATION MARKET: BY REGION (%)
FIGURE 7 NORTH AMERICA ROBOTIC PROCESS AUTOMATION MARKET, BY PROCESS (%)
FIGURE 8 NORTH AMERICA ROBOTIC PROCESS AUTOMATION MARKET, BY OPERATIONS (%)
FIGURE 9 NORTH AMERICA ROBOTIC PROCESS AUTOMATION MARKET, BY TYPE (%)
FIGURE 10 NORTH AMERICA ROBOTIC PROCESS AUTOMATION MARKET, BY INDUSTRY (%)
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