Robotic Process Automation (RPA) Market Research Report- Forecast 2023
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.
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.
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.
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On the basis of process, the global robotic process automation 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.
The geographical assessment of the global robotic process automation market is covered for Asia Pacific (APAC), North America, Europe, and the Rest of the World (RoW). These regions are then narrowed down to the basis of key countries. North America is projected to hold the most substantial share of the global market owing to the presence of advanced technological infrastructure in the region. In addition, the growth strategies executed by key players based out of the region are poised to catalyze the expansion of the robotic process automation market during the forecast period. Europe is an important growth pocket, and the consolidation of developed economies here is likely to affect the growth of the robotic process automation market positively. The U.K., Germany, and Italy are anticipated to exhibit robust growth in the region. Asia Pacific, meanwhile, is projected to strike the highest CAGR during the evaluation period.
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.
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.
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Robotic Process Automation Market, By Process (Automated Solution, Decision Support and Management Solution), By Operations (Rule Based), By Type (Tools), By Industry (IT & Telecommunication, Manufacturing & Logistics) – Global Forecast 2023
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