According to MRFR, 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.
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.
Robotic process automation 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 robotic process automation.
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.
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The global RPA market can be segmented by process, operations, type, and industry.
Process-based analysis includes automated solution, decision support and management solution, and interaction solution.
Based on operations, the market comprises spend analysis, e-sourcing, e-procurement, contract management, and supplier management.
Type-wise the market consists tools, services, and travel & logistics.
On the basis of industry, the market is segmented into BFSI, Healthcare & pharmaceuticals, manufacturing & logistics, IT & Telecommunications, Retail, Travel, Hospitality, Transportation, and others.
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.
The market is experiencing mergers and acquisitions that are proving to be healthy for the business. Market collaborations are also significantly impacting portfolios of concerned companies. For instance, Automation Anywhere started its collaboration with EdCast Incorporated, a leading artificial intelligence (AI) company, to enhance the product efficacy. Softvision LLC. On the other hand, acquired Arrow Digital to strengthen its RPA capabilities.
The prominent players in the robotic process automation market are Automation Anywhere (U.S.), Blue Prism (U.K.), Celaton Ltd (U.K.), Ipsoft (U.S.), Nice Systems Ltd. (Israel), Pegasystems (U.S.), Redwood Software (U.S.), Uipath (Romania), Verint (U.S.), Xerox Corporation (U.S.), and others.
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