IT Robotic Automation Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 01/25/2017 -- IT robotic automation is a go-to solution for organizations to benefit from process automation and advanced analytics in operations and processes at economical prices, which was not possible with earlier automation approaches. IT robots (automation software) are programmed to be used with data-driven and rule-based processes, which work towards aspects such as improving productivity and compliance accuracy, and can be applied irrespective of industry and application. IT robotic automation has modernized the way various business processes, IT management and support processes, workflow processes, and back-office processes are managed in a cost effective manner.
The technology holds strong promise in transforming workplaces and is expected to see adoption at an exponential rate the next few years. Transparency Market Research estimates that the IT robotic automation market will expand at a CAGR of 47.1% over the period between 2016 and 2024. If the number holds true, the market will rise to a valuation of US$16,884.0 mn by 2024.
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The IT robotic automation market is segmented in the report on the basis of two crucial types of solutions offered by the market: tools and services. The market for IT robotic automation tools is anticipated to expand at a faster CAGR of 51.8% as compared to the segment of services. The IT robotic automation services' segment, however, presently dominates, accounting for a share of over 68% in the global market in 2015. The services' segment is expected to continue to comprise the bulk of revenue gained by the global market in the next few years as well.
The tools' segment is further categorized into model-based and process-based application tools, where the model-based tools segment is anticipated to lead the market, holding a share of over 52% of the global market by 2024. Of the two key types of services offered by companies in the IT robotic automation market, the segment of training services is expected to expand at a faster growth rate as compared to professional services over the forecast period.
Early Adoption to Help North America Retain Market Dominance
IT robotic automation has been predominantly adopted in various industries in North America, making the region the dominant shareholder in the global IT robotic automation market in terms of revenue contribution. Rapid developments in computing technologies in the region indicate that the region will continue to observe significant growth in the field of IT robotic automation in the coming years as well. In addition, the rising IT and IT-related services are likely to bring surge in the implementation of automation services in the region in the next few years.
Europe is likely to witness healthy growth in terms of the demand for IT robotic automation over the period between 2016 and 2024, considering the increasing preference to robotics in transforming workplaces. Owing to the vast pool of services and tools offered by service providers in the region, the utilization of robotic software across a large number of small-, medium-, and large-scale businesses is expected to expand at a healthy pace in the next few years.
Asia Pacific is anticipated to be a high potential market for the IT robotic process automation during the forecast period. Technologically advanced countries such as Japan and China are the major contributors in terms of adoption of process automation in the region. Furthermore, rising investments in corporate sector and instantaneous developments of IT infrastructure in the developing countries such as India and Philippines are anticipated to favor the IT robotic automation market in Asia Pacific in the near future.