The global robotic process automation market is expected to grow at a CAGR of 33.8% during the forecast period, to reach $6,247.1 million by 2023. Robotic process automation is the application of technology for configuring computer software or a robot to capture and interpret existing applications for processing a transaction, triggering various responses, manipulating data, along with effective communication with other digital systems.
Over the years, enterprises of all sizes have globally shown their interest in robotic process automation, as it deals with application of smart software for carrying out repetitive tasks that are highly monotonous to perform, and require vast amount of human efforts and time to accomplish. Further, with growing popularity of enterprise resource planning, there is a huge demand for robotic process automation from businesses for staying competitive in the global market, through effective process automation for business continuity.Robotic process automation market is also gaining interest as large and small enterprises can reap various benefits of robotic process automation by using their assistance effectively in back office and middle office tasks. Such tasks would majorly include repetitive customer handling or product queries in a wide range of industrial activities such as insurance, finance, procurement, supply chain management (SCM), customer relationship management (CRM), and human resource management (HRM).
A significant growth in demand for robotic process automation is anticipated due to rapid increase in adoption of advanced business automation solutions, and surging demand for virtual workforce to eliminate repetitive human tasks in business, across the world. In addition, development of low cost and easily available automation software is further fueling growth in robotic process automation market, globally.
Robotic Process Automation Market
Rapid advancement in automation software technologies, development in intelligent automation (IA), improved accuracy and business scalability, and increased demand for advance business process automation systems from enterprises are some of the key trends observed in the global robotic process automation market. Intelligent automation has great potential of automating various non-routine tasks such as business process intuition, better judgment, unique business process creativity, persuasion, and effective problem solving. The declining cost of data storage and data processing are some of the major factors driving developments in the field of intelligent automation.
Advancements in automation software technologies is further creating a new breed of cognitive learning technologies with human-like capabilities such as handwriting recognition, natural language processing and identifying unknown images. Further, when combined with robotic process automation and powerful analytics, these cognitive technologies are capable of forming solutions that either directly assist people in the performance of nonroutine tasks or automate those tasks entirely.
Global robotic process automation market is driven by factors such 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, globally.
With increasing demand for virtual work force, particularly in technology and business process outsourcing services, robotic process automation in conjugation with voice recognition software or automated online assistance, can retrieve information such as customer behavior, and structure the basic content required to answer any customer query or complaint in complete natural language. Advanced robotic process automation technologies are capable of conserving human resources for big call centers, and company’s customer interaction centers, which require constant human involvement for monotonous task such as product help.
Another factor driving the global robotic process automation market is rapid advancement in automation technologies. Businesses across the globe demand advanced automation solutions to investigate and solve critical short term business problems. This includes the changing market trends and consumer preferences. Implementation of robotic process automation improves service desk operations and assists in monitoring business tasks such as production and product development effectively, which further helps businesses in handling short term demand of their customers without any extra human involvement and addressing the immediate need for new recruitments that arises for handling such business tasks.
Adoption of robotic process automation in BPO sector generates huge opportunities for the global robotic process automation market to grow potentially in near future. Robotic process automation technology in BPO provides unmatched efficiency and manages business process effectively by enabling touch less value added business functions.
This include zero involvement of human efforts and efficient business value amplification. Further, by blending robotic process and automation at a greater scale in enterprises with large customer base, there is immense opportunity for the growth of global market. This blend would deliver innovative business process service stacks, which would include efficient learning, effective testing and rapid innovations in overall business ecosystem. Apart from this, funding and investments in the advancement of business automation technologies is further expected to boost the growth of the global robotic process automation market.
The intensity of rivalry in the global robotic process automation market is comparatively moderate. Most of the vendors operating in the global robotic process automation market are actively focused on enhancing their offerings to meet the ongoing demand for advanced business automation solutions. This includes software integrated with artificial intelligence, and cognitive learning.
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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