Global robotic process automation market is expected to reach $8.69 billion by 2023.
Due to significant growth in technologies such as artificial intelligence and cognitive learning, the adoption of business automation technologies by enterprises has increased. This has led to rapid increase in demand for virtual workforce to eliminate repetitive human efforts, driving the market, globally.
Insights into market segments
On the basis of operation, the robotic process automation market is categorized into rule based and knowledge based; of the two, the rule based category held a larger revenue share in the market, valued at more than 59% in 2017. The rule based operation has gained significant interest from all sized enterprises, as it enables organizations to configure software robots that effectively automate various annual and highly repetitive tasks. It also helps organizations in saving a lot of time by completing an actual human task within a fraction of seconds.
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Although, North America has been the largest robotic process automation market till now; however, during the forecast period, the market of this process is expected to witness the fastest growth in Asia-Pacific. The expected growth in the regional-level 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.
Factors driving the growth of the global robotic process automation market include significant increase in ease of doing business through this process, 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 transformation.
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The intensity of rivalry in the global robotic process automation market is moderate. Some of the key players operating in the industry 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.