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.
Pune, India -- (SBWIRE) -- 02/14/2018 -- Market Overview:
Robotic Automation uses software robots to copy humans performing repetitive acts with business applications. Robotic Process Automation first originated in the year 2000. It uses artificial intelligence and machine learning capabilities to execute repetitive tasks that require human intervention.
The main point of distinction between RPA and traditional IT automation is the ability of the RPA softwares to understand and suitably adapt to changing conditions, exceptions to the situation or novel situations. After the software has been trained to interpret and capture actions of specific processes in existing software applications it can start to manipulate the data or trigger responses on its own. RPA can vastly benefit businesses by helping them to scale back or eliminate back end work for example and can be applied to many industries such as finance, supply chain management and human resource management to name a few. In order to increase the rate of adoption of the process, organizations are increasingly strategizing to integrate RPA with their traditional business processes. RPA is experiencing an increasing rate of adoption, since many of the businesses are trying to reduce or cut out time consuming processes to ease and streamline their business flow.
A report published by Market Research Future states that the robotic process automation market is expected to grow by USD 2,700 Million approximately by 2023 at 29% CAGR between 2017 and 2023.The factors that are driving growth of this market are high levels of cost saving for businesses. Since robots are utilized for the processes it helps reduce operational costs and also costs arising from human error. Thus a onetime investment on RPA ensures high returns to businesses who are more than eager to integrate these processes in their workflows.
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The prominent players in the robotic process automation market are – Automation Anywhere (U.S.), Blue Prism (U.K.), Celaton Ltd (U.K.), Ipsoft (U.S.), Nice Systems Ltd. (Israel), Pegasystems (U.S.), Redwood Software (U.S.), Uipath (Romania), Verint (U.S.), Xerox Corporation (U.S.), among others.
The Robotic Process Automation Market is expected to grow at approximately USD 2,700 Million by 2023, at 29% of CAGR between 2017 and 2023.
Robotic Process Automation is adorned by numerous major players having geographical presence with a Lion's share in the market. Key Vendors operating in the RPA market compete based on pricing, innovation, service, reputation. However, the significant growth in the market and immense revenue generation opportunities are attracting several new players to enter the global beauty devices. The cooperation strategy within the ecosystem is enabling business process management service providers and technology integrators to enter into a licensing agreement with the RPA technology providers.
Robotic Process Automation Global Market – Segments:
The RPA market can be segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Organization Size : Comprises SMEs and large enterprises.
Segmentation By Industries : Comprises BFSI, Manufacturing, IT and Retail among others
Segmentation By Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
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With the entry of new industry players in the robotic process automation segment, a trend of solid, volume-driven growth has been observed in the market with the addition of new and advanced product types in the segment. Companies are aiming to capture & solidify their share of the market segment, by competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies. Effective planning is essential in terms of business development so as to gain maximum returns on investment.
The Market of Robotic Process Automation appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms. Prominent vendors of Robotic Process Automation targeting to invest more in technology and research and development activities to innovate their already existing products. The rising government funding is also expected to motivate key companies to invent new Robotic Process Automation modules that match the changing trends and needs across the globe. These players possess state of art R&D labs and strong sales and distribution network which have helped them to gain leadership position in the market. An ever-increasing emphasis has been observed among Robotic Process Equipment industry marketers on inbound lead generation over branding-oriented efforts.
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