Robotic Automation uses software robots to copy humans performing repetitive acts with business applications. Robotic Process Automation first originated in the year 2000. It uses artificial intelligence and machine learning capabilities to execute repetitive tasks that require human intervention.
The main point of distinction between RPA and traditional IT automation is the ability of the RPA softwares to understand and suitably adapt to changing conditions, exceptions to the situation or novel situations. After the software has been trained to interpret and capture actions of specific processes in existing software applications it can start to manipulate the data or trigger responses on its own. RPA can vastly benefit businesses by helping them to scale back or eliminate back end work for example and can be applied to many industries such as finance, supply chain management and human resource management to name a few. In order to increase the rate of adoption of the process, organizations are increasingly strategizing to integrate RPA with their traditional business processes. RPA is experiencing an increasing rate of adoption, since many of the businesses are trying to reduce or cut out time consuming processes to ease and streamline their business flow.
A report published by Market Research Future states that the robotic process automation market is expected to grow by USD 2,700 Million approximately by 2023 at 29% CAGR between 2017 and 2023.The factors that are driving growth of this market are high levels of cost saving for businesses. Since robots are utilized for the processes it helps reduce operational costs and also costs arising from human error. Thus a onetime investment on RPA ensures high returns to businesses who are more than eager to integrate these processes in their workflows.
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Major Key Players
- 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.),
are profiled in Market Research Future analysis and are at the forefront of competition in the Robotic Process Automation market.
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.
PeopleDoc has recently launched their RPA that uses PeopleBots and listen for suitable events to automate. The system has its eyes set on human resourcing where the company believe a hybrid procedure, a blend of RPA and human abilities, can simplify the process of recruiting and basic fault findings.
Blue Prism’s RPA software assists enterprises with a sourcing option that supports humans in increasing their productivity and enhances the experience and in the process achieve optimum results.
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.
With the entry of new industry players in the robotic process automation segment, a trend of solid, volume-driven growth has been observed in the market with the addition of new and advanced product types in the segment. Companies are aiming to capture & solidify their share of the market segment, by competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies. Effective planning is essential in terms of business development so as to gain maximum returns on investment.
The regional analysis of robotic process automation market is being studied for region such as Asia Pacific, North America, Europe and Rest of the World. North America region accounts for largest share in robotic process automation market owing to high development in field of technology and presence of developed countries. Europe is one of the prominent player in the market of robotic process automation. Countries such as U.K., Germany and Italy are the major contributors in the market growth due to the rich manufacturing and automotive industry. Asia-Pacific is expected to emerge as fastest growing market during the forecast period. Development of Asian countries and demand for consumer electronic products is forcing the manufacturers to adopt a cost effective technology in the manufacturing process.
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.
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- Investors and consultants
- System Integrators
- Government Organizations
- Research/Consultancy firms
- Technology solution providers
- IT Solution Providers
- Supply Chain & Logistics Organizations
- Original Equipment Manufacturers
- Healthcare & Pharmaceutical Industry
LIST OF TABLES
TABLE 1 ROBOTIC PROCESS AUTOMATION MARKET, BY PROCESS
TABLE 2 ROBOTIC PROCESS AUTOMATION MARKET, BY OPERATIONS
TABLE 3 ROBOTIC PROCESS AUTOMATION MARKET, BY TYPE
TABLE 4 ROBOTIC PROCESS AUTOMATION MARKET, BY INDUSTRY
TABLE 5 ROBOTIC PROCESS AUTOMATION MARKET, BY REGION
TABLE 6 NORTH AMERICA ROBOTIC PROCESS AUTOMATION MARKET, BY PROCESS
TABLE 7 NORTH AMERICA ROBOTIC PROCESS AUTOMATION MARKET, BY OPERATIONS
TABLE 8 NORTH AMERICA ROBOTIC PROCESS AUTOMATION MARKET, BY TYPE
TABLE 9 NORTH AMERICA ROBOTIC PROCESS AUTOMATION MARKET, BY INDUSTRY
TABLE 10 U.S. ROBOTIC PROCESS AUTOMATION MARKET, BY PROCESS
TABLE 11 U.S. ROBOTIC PROCESS AUTOMATION MARKET, BY OPERATIONS
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