Robotic Process Automation Market Size, Share, Development, Growth and Demand

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Global Robotic Process Automation Market to Reach
6,247.1 Million by 2023
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Global Robotic Process Automation Market
According to a new research report Global
Robotic Process Automation Market Size, Share,
Development, Growth and Demand Forecast to 2023 -
Industry Insights by Process (Automated Solution,
Decision Support Management, and Interaction
Solution), by Operation (Rule Based and Knowledge
Based), by Service (Professional and Training),
by Enterprise Size (Small and Medium Enterprise,
and Large Enterprise), and by Industry (BFSI,
Telecom IT, Retail and Consumer Goods,
Manufacturing, Healthcare and Pharmaceuticals,
and Others) published by PS Market Research,
the global robotic process automation market is
projected to reach 6,247.1 million by 2023,
growing at a CAGR of 33.8 during 2017 -
2023. Browse Report Description at
https//www.psmarketresearch.com/market-analysis/r
obotic-process-automation-market
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Global Robotic Process Automation Market
Global Robotic Process Automation market to reach
6,247.1 million by 2023
Due to significant growth in technologies such as
artificial intelligence and cognitive learning,
adoption of business automation technologies by
enterprises has also increased. This has led to
rapid increase in demand for virtual workforce to
eliminate repetitive human efforts, on the back
of which, the global robotic process automation
market is gaining traction.
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Global Robotic Process Automation Market
Insights on market segments
As per the findings of the research, rule based
operations have been the largest revenue
generators in the global robotic process
automation market, as compared to knowledge based
operations. Further, among various processes,
automation solutions segment is expected to
continue its highest revenue contribution to the
market, during the forecast period. Among various
industries, retail and consumer goods witnessed
the highest growth in demand of robotic process
automation, during 2014 - 2016. However, banking,
financial services and insurance (BFSI) is
expected to hold the largest market during the
forecast period.
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Global Robotic Process Automation Market
The market to witness fastest growth in
Asia-Pacific during the forecast period
Geographically, North America has been the
largest market for robotic process automation,
whereas Asia-Pacific is expected to witness the
fastest growth among all regions, during the
forecast period. The anticipated growth in the
market can be attributed to factors such as
advancement in new technologies, growing
digitalization, growth in automation software
industry, and increasing adoption of business
process automation solutions by small and medium
scale enterprises in the region. Further, due to
increasing demand for automation in major
industry tasks such as business process
outsourcing (BPO), outbound sales, and other back
office work, industries in the region have high
tendency to adopt robotic process automation
solutions at a rapid scale in the next few years.
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Global Robotic Process Automation Market
Rule based operations to lead robotic process
automation market globally
Rule based robotic process automation operations
has been the largest contributor to the global
robotic process automation market. This operation
uses sophisticated computer software that
automate rule-based processes, which are
statements pre-defined in a software system,
without the need for constant supervision of
human workforce. The rule based operation has
gained significant interest from all sized
enterprises as it enables organizations to
configure software robots that effectively
automate various annual and highly repetitive
tasks. It also helps organizations in saving a
lot of time by completing an actual human task
within a fraction of seconds. The market for rule
based operations is expected to continue its
dominance during the forecast period, as it can
be easily integrated within a business ecosystem
without disrupting the traditional or legacy
business framework.
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Global Robotic Process Automation Market
Increase in demand for virtual workforce
escalates the global market growth
Factors driving the growth of the global robotic
process automation market include significant
increase in ease of doing business through
installation of robotic process automation, surge
in demand for virtual workforce to eliminate
repetitive human tasks, decreasing cost of
automation software and services, and increased
adoption of new automation technologies for
business transformations. While businesses across
the globe need advanced solutions to investigate
and solve critical short term business issues,
such as changing market trends and consumer
preferences, robotic process automation helps
them in improving service desk operations and
monitoring various business tasks such as
production and product development effectively.
This further helps businesses in handling short
term demand of their customers without extra
human involvement and need for new recruitments
for handling such immediate business tasks.
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Global Robotic Process Automation Market
With increasing demand for virtual work force
globally, particularly in technology and business
process outsourcing services, robotic process
automation with the help of voice recognition
software or automated online assistance can
retrieve information and structure basic content
that is required to answer customer queries or
complaints in natural language. Advanced robotic
process automation technologies are capable of
conserving on large human resources for large
call centers and companys customer interaction
centers, which require constant human involvement
for monotonous task such as product help. Apart
from this, increasing adoption of automation
software by enterprises is also driving the
growth of global robotic process automation
market. Rapid advancement in automated business
process technologies has led to low cost and easy
availability of automation software in the
market. Such software has gained significant
attraction from small and medium enterprises,
with limited budget for business automation
transformation.
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Global Robotic Process Automation Market
Moderate competition among key players
The research states that the global robotic
process automation market is moderately
competitive, with players developing new robotic
process automation applications. Some of the key
players operating in the robotic process
automation ecosystem are Nice Systems Ltd.,
Pegasystems Inc., Automation Anywhere, Blue Prism
PLC, Ipsoft, Inc., Celaton Ltd., Redwood
Software, Uipath SRL, Verint System Inc., Xerox
Corporation, and IBM Corporation. Most of the
major vendors in the global robotic process
automation market are actively focused on
enhancing their offerings to meet the ongoing
demand for advanced business automation
solutions. This includes software integrated with
artificial intelligence, and cognitive learning.
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Global Robotic Process Automation Market
Download report sample at
https//www.psmarketresearch.com/market-analysis/r
obotic-process-automation-market/report-sample
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