Global Robotic Process Automation Market: Overview
Continuous advancement in AI and cognitive computing escalates market growth. With growing advancement in Artificial intelligence & cognitive computing, which include machine learning techniques and greater computational power, Robotic process automation is also gaining traction and is anticipated to show robust growth in the years to come. Earlier AI & RPA were considered as two different technologies, but now they are complimenting each other to process huge volumes of data and providing better decision making for organizations. Cognitive-based computing which includes adaptive learning, speech recognition, and pattern identification algorithm is inherited in robotic process automation to transform business and taking the organization to the next level. The study reveals that the global RPA market is expected to cross USD7, 000 Million by 2024, with a CAGR over 27% during the forecast period. Due to significant growth in technologies such as artificial intelligence (AI) and cognitive learning, the adoption of business automation technologies by enterprises has also increased. This has led to a rapid increase in demand for a virtual workforce to eliminate repetitive human efforts, on the back of which, the global robotic process automation market is gaining traction.
Global Robotic Process Automation Market: Research Summary
According to BlueWeave Consulting, the key findings of the report “Global Robotic Process Automation Market Size, Share, Development, Growth and Demand Forecast to 2024” are:
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’. The
rule-basedoperation 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 the
organization, saving their time by completing an actual human task within a
fraction of second. The market for rule based operations is expected to
continue its dominance, during the forecast period, as it can easily be
integrated within a business ecosystem without disrupting the traditional or
legacy business framework.
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 the
automation software industry, and increasing adoption of business process
automation solutions by small and medium scale enterprises in the region.
Further, due to increase in demand for
automation in major industry tasks such as business process outsourcing (BPO),
outbound sales and other back-office work will adopt robotic process automation
solutions in the next few years.
Global Robotic Process Automation Market: Market Dynamics
Global robotic process automation market is anticipated to show double-digit growth during the forecast period. The market is expected to trend incline towards RPA owing to the reduction in workforce cost coupled with rise in adoption process. The major factor that will drive the robotic process automation market further includes surge in demand for virtual workforces along with ease of doing business. However, constant change in automation technology and unavailability of the technical workforce may hinder the growth of the global RPA market in the coming years. Some of the major trends observed in this market are the evolution of robust software platforms, overall cost reduction related to workforce and continuous advancement in fields of AI and cognitive computing.
Global Robotic Process Automation Market, Revenue Forecast, USD (Million), 2014-2024
Global Robotic Process Automation Market: Research Methodology
Extensive secondary research was conducted using paid data sources including Bloomberg, Factiva, Capital IQ, OneSource, and Hoovers. Additionally, several publicly-available data sources were used including journals, statistics articles, and industry associations. These data sources were used to gather relevant information to develop an understanding on the global robotic process automation market. The research was conducted covering the desk research and primary research. Data sources used for primary research included online forums and blogs, CATI/CAWI, CAPI interviews, and video conferences. Additionally, interviews were conducted through connecting with various industry respondents including C-level executives, directors, divisional heads, regional heads, expert consultants, and independent consultants. The primary research was conducted to gain market insights from industry respondents and validate the gathered information through desk research.
Global Robotic Process Automation Market: Competitive Dynamics
The research states that the global robotic process automation market is highly 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. Most of the major vendors 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.