NEW YORK, Oct. 03, 2018 (GLOBE NEWSWIRE) -- The global robotic process automation market is expected to grow at a CAGR of 33.3% during 2017 – 2023 to reach 2,821.0 USD by 2023. Factors propelling the growth of robotic process automation market include increasing adoption of RPA technology for enterprise scale deployments, implementation at broader scale enabling easy implementation and high return on investment. The report segments the robotic process automation market by solution (interaction solution, automated solution (business process, industry specific, infrastructure automation, others), decision support and management solution) by Process (rule based and knowledge based), by Type (software tools and services), by Application Services (BFSI, healthcare and life sciences, IT & telecom, transaction intelligence, consumer services, others), and by region (North America, Europe, Asia-Pacific, Rest of the world (ROW). The report studies the global robotic process automation market over the forecast period (2017-2023).
Robotic process automation technology involves application of smart software to perform high-volume, repeatable tasks such as data processing, entry and integration by reducing humans intervention offering quality, reduced time thus, increasing profit margin. Unlike traditional application processing software, robotic automation offers a platform easing the business processes.
Key findings from global robotic process automation market
- The automated solution is accounted to hold for largest share of robotic process automation market in 2016. Further, the infrastructure automation is expected to register high growth rate on account of increasing implementation of RPA technology in shared service organizations such as BPOs
- Banking financial services and insurance (BFSI) application services is expected to grow at highest rate. The BFSI sector is in continuous effort to reduce the operation cost and increasing profit margins increasing the adoption rate of RPA technology
- Geographically, North America is the largest market adopting RPA technology in the small and large scale businesses. The growth in the region is primarily due to presence of large players and continuous development of the RPA technology over the past few years
- The adoption of RPA technology in Asia-Pacific region is set to register high CAGR over the forecast period. The increasing adoption and spending in healthcare, automotive and retail services drives the demand for the implementation of RPA in the region
- Key players in robotic process automation Market are Peg systems Inc., Blue Prism PLC, Verint System Inc., Xerox Corporation, IBM, Arago Us, Inc., Accenture, Thoughtonomy Ltd., Ipsoft, Inc., Soft motive Ltd. among others.
Robotic Process automation- Alternate to outsourcing
RPA being an emerging technology is being adopted across various business processes across the globe. The technology is playing important role in . Robotics process automation (RPA) is a further step to the evolution of business process outsourcing. The technology enables to reduce the cost of operations by reducing requirement of employees to perform high volume rule based task. RPA technology offers companies an alternative to outsourcing and has high impact on reduced cost, making organizations to adopt the technology at high rate and broader scale across the globe.
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Robotic Process automation Market- Regional Insight
North America region held the major market share in robotics process automation market. The growth in the region is attributed to adoption of RPA technology at broader scale. Further, the presence of major players in the region propels the growth for the robotics process automation implementation. The implementation of RPA software by small and medium enterprises at higher rate led to an increasing market share in the region. The implementation of RPA software and tools in BFSI sector is increasing rapidly in U.S. increasing the market size in the region. The greater adoption by financial, healthcare, human resource and banking sector drives the growth of RPA market in Asia-Pacific region. Further, Robotic Process Automation (RPA) software continues to grow significantly in the Asia-Pacific region, driven by trend opted by enterprises to create more of digital workforce in order to reduce the cost.
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