Albany, NY, June 03, 2016 (GLOBE NEWSWIRE) -- According to the report, the global IT robotic automation market, valued at US$ 183.1 Mn in 2013, is expected to see strong growth at a CAGR of 60.5% during 2014 to 2020.
The notion that robotic software can eliminate the need to offshore and at the same time lead to highly automated efficiency has captured the attention of a large number of IT players, globally. Business process outsourcing (BPO) is one of the key segments in the IT industry where high adoption of robotic process automation is anticipated in the coming two to three years.
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The global IT robotic automation market is segmented by types and by geographic regions. The IT robotic automation market encompasses robotic process automation tools and robotic process automation services. In 2013, the robotic process automaton services segment dominated the market, largely supported by the partnership agreements between RPA tool providers and IT service companies. The RPA tools providers and service providers have close association with each other and the development of services market largely depends upon the developments in RPA technology. Moreover, high adoption of RPA in the BPO is anticipated to support the market growth in coming five years.
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Key factors driving the global IT robotic automation market include cost benefits and improved efficiency over manual process handling, ability to leverage other application software without integration, increasing adoption in finance and accounting (F&A) sector and potential alternative to offshore outsourcing among others. The robotic process automation reduces the need for human intervention in routine repetitive tasks and thus creates a virtual workforce capable of handling large number of repetitive tasks. Further, the automation occurs at the GUI layer thereby eliminating the need of integration with other systems. Moreover, robots can work 24x7x365 eradicating the constraints of human labor to work for limited hours. Thus, significant reductions in cost, time and labor can be achieved by implementing robotic process automation.
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Based on revenues generated from different geographies, North America and Europe were the major contributors to the global IT robotic automation market in 2013. Key companies offering RPA tools see the U.S. as a potential area for the development of RPA technology. The organizations in this region consider robotic software as a valuable technology for automating processes and achieving goals faster. Further, Europe is expected to grow as new countries in “near shore” locations in Europe such as Eastern Europe create new service models based on robots with a support staff of specialist FTEs (Full Time Equivalent). Further, the IT robotic automation market has shown strong growth potential in Asia Pacific led by the developments in India. One of the key players in the market, IPSoft, Inc. has signed partnership agreements with IT service companies in India including Cognizant Technology Solutions and Infosys, Ltd. to implement its RPA technology.
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