Robotic Process Automation Market : Size, Share, Applications, Technology Trends, Challenges and Forecast to 2023

Robotics-Process-3The 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.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.

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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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. These 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.

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.


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