Press Release / Technology / Robotic Process Automation (RPA) Market Expected Witness Rapid Expansion by the End of 2023

Robotic Process Automation (RPA) Market Expected Witness Rapid Expansion by the End of 2023

Market Overview:

Industries worldwide, are opting for efficient workflow to ensure profit in the competitive market and a slide towards automation can be considered a possible solution. Robotic process automation (RPA) is one such application of technology that by using computer software to capture and analyze data to simplify transactions, control data, and communicate with associated digital media. It also performs, with great dexterity, repetitive jobs that consume a lot of human time normally. Several industries are all set to reap the benefits of this advanced technology in order to grow further and confirm a staggering rise for the RPA market with a CAGR of 29% during the forecast period (2017-2023), asserts Market Research Future (MRFR) in a well-documented report that covers all the possible angles to deliver the best possible prediction for the coming years. RPA is way ahead of the traditional IT automation as it has the potential to adapt quickly to changing circumstance and learn accordingly which gives it an edge over its traditional counterpart and assures wider market penetration. Its ability to deliver results with high precision has made it popular among small & medium enterprises (SME) and large organizations.

However, its vulnerability to cyber attacks poses a serious threat to the organizations as their confidential documents can get leaked. Also, hackers getting hold of private information can adversely affect the market.

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Major Key Players

Blue Prism (U.K.),

Open Span (U.S.),

Celaton (U.S.),

Open Connect Systems Incorporated (U.S.),

Verint Systems (U.S.),

Cognizant (U.S.),

Automation Anywhere (France), Exilant (India), Infosys Limited (India), Atos Corporation (France), among others, are profiled in Market Research Future analysis and are at the forefront of competition in the Robotic Process Automation market.

Industry News:

PeopleDoc has recently launched their RPA that uses PeopleBots and listen for suitable events to automate. The system has its eyes set on human resourcing where the company believe a hybrid procedure, a blend of RPA and human abilities, can simplify the process of recruiting and basic fault findings.

Blue Prism’s RPA software assists enterprises with a sourcing option that supports humans in increasing their productivity and enhances the experience and in the process achieve optimum results.

According to MRFR, 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.

The market is experiencing mergers and acquisitions that are proving to be healthy for the business. Market collaborations are also significantly impacting portfolios of concerned companies. For instance, Automation Anywhere started its collaboration with EdCast Incorporated, a leading artificial intelligence (AI) company, to enhance the product efficacy. Softvision LLC. On the other hand, acquired Arrow Digital to strengthen its RPA capabilities.

Segmentation:

Robotic Process Automation Market has been segmented on the basis of process, operations, type and industry.

By Process: Automated Solution, Decision Support and Management Solution, Interaction Solution

By Operations: Spend Analysis, E-Sourcing, E-Procurement, Contract Management, and Supplier Management

By Type: Tools, Services and Travel & Logistics

By Industry: BFSI, Healthcare & Pharmaceuticals, Manufacturing & Logistics, IT & Telecommunication, Retail, Travel, Hospitality, Transportation and others.

Regional Analysis

Globally, North America leads the market for robotic process automation with the largest market share. Substantial investments transpired into the field of technologies development, the presence of the fervent market players that can offer cutting-edge technologies and increasing adoption these tools in some of the burgeoning sectors such as BFSI, Healthcare, Media & Entertainment, and IT & Telecommunication are some of the factors driving the market growth in the region.

Availability of a well-established infrastructure, provides impetus to the market growth, allowing faster implementation of advanced technologies. The U.S. and Canada are dominating the North America market owing to the increasing technological advancements and the uptake of robotic process automation solutions in these countries. Continuing with the same growth trends, the region is expected to retain its dominance in the global market.

The Europe market accounts for the second-largest market for the Robotic Process Automation owing to the demand from the various sectors. The resurging economy in the region is too contributing to the market growth significantly. Moreover, the augmented uptake of these solutions fuels the increase in the regional market.

On the other hand, Asia Pacific region is expected to witness a healthy growth, emerging as the fastest growing market for the robotic process automation. Factors such as increasing urbanization & growing healthcare and entertainment sector coupled with the improving economy in the region foster the market growth, increasing consumers’ purchasing power.

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Intended Audience

Investors and consultants
System Integrators
Government Organizations
Research/Consultancy firms
Technology solution providers
IT Solution Providers
Supply Chain & Logistics Organizations
Original Equipment Manufacturers
Healthcare & Pharmaceutical Industry
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