|Status : Upcoming||Report Code : VRICT5091||Industry : ICT & Media||Available Format :|
The global robotic process automation market is growing at a significant rate due to the ease in business processes with the installation of robotic process automation, robotic process automation convergence with conventional business processes, high demand from the logistics industry. The use of robotic process automation helps the organizations to gain shorter sales cycle times and increased quality of product that helps the companies in improving the overall experience. Robotic process automation market uses artificial intelligence technology to handle complex back-office tasks and is observing explosive growth in this market.
This technology helps the companies to reach markets faster, helps in implementing effective business strategies, faster integration of applications and testing of functionality. The robotic solutions can be implemented in the organization with less involvement of the IT department. Moreover, the technical skills of the IT department are required by the organization to operate the robotics technology. The process that is outsourced to robots is easier to manage than one performed by the manual workforce. The organizations can increase or decrease the number of robots working or handling a given task without hiring and training and can deploy another robot and allocate the work accordingly.
Insight by Type
On the basis of type, the market is subdivided into tool based and service based. Tool based process automation is further categorized into model-based and process-based; and service-based process automation in segmented into consulting, training, and integration and development. Of both the categories, the services category hold a larger share in the market.
Insight by Process
Based on the process, the market is subdivided into automated solution, interaction solution, and decision support and management solution. Of all the categories, the automated solution holds a larger share in the market.
Insight by Operation
On the basis of operation, the market is segmented into knowledge-based and rule-based robotic process automation. Of both, rule based robotic process automation account for the larger share in the market, globally.
Insight by Industry
Based on industry, the market is segmented into BFSI, IT and telecom, travel hospitality and transportation, retail and consumer goods, healthcare and pharmaceuticals, manufacturing and logistics, and others. The healthcare and pharmaceutical segment is anticipated to witness significant growth in demand in the coming years due to the increasing need for process automation of the complex manufacturing processes and other operations in the industry.
The ease in business processes with the installation of robotic process automation is driving this market globally. The robotic process automation impacts the operations and competitive positioning of the company by affecting its economic value, quality and control measures, flexible execution and workforce advantages. This technology also helps the companies in providing ease of deployment and helps in improving the speed and agility of the organization. The technology also facilitates the organizations to automate and maximize their productivity. With the help of this technology, the companies can shift from labour centric operating model to a technology enabled operating model.
Robotic process automation helps in digitizing complex and expensive error prone manual processes by reducing errors, improving quality of the products and enhancing the satisfaction of the customers. The implementation of robotic process automation the companies are able to reduce their operational costs and improve the return on investment objectives at a much faster pace as compared to the implementation of traditional enterprise resource planning (ERP) deployment.
The implementation of this technology is increasing in the companies and is still in the early adoption stages. Moreover, by redefining the work processes, reducing cost and human errors, reassigning employees to higher value activities and by increasing efficiency can help the companies to increase the productivity of their company significantly and helps in enhancing the demand for robotic process automation globally.
The increasing demand of robotic process automation in healthcare industry is creating opportunities for this market globally. The healthcare and pharmaceuticals industry is highly information-dependent, as it involves medical records of patients, credentials of patients, information on claims processing and revenue cycle management. Additionally, the robotic process automation helps the organizations to reduce operational costs and enhance efficiency of the organization.
The data insecurity risk hindering the implementation of robotic process automation in the financial sector is the major is the major challenge faced by the industry players.
Geographically, North America is the largest market for robotic process automation. In U.S., BFSI industry is increasingly using RPA to improve their business processes. The BFSI industry is implementing RPA due to high degree of flexibility and scalability, greater data processing and workflow management capabilities provided by this system in the organizations. The manufacturing industries in Mexico are increasingly using robotic process automation technology that is contributing towards the growth of this market in North America.
Asia-Pacific is expected to be the fastest growing region for robotic process automation market. The growth of robotic process automation market in the region is expected to take place due to increasing demand for the technology in healthcare, tourism and logistics sector. Also, the rapid development in the banking sector of the major economies such as China, India and Japan are leading to the growth of the Asia-Pacific robotic automation industry.
Some of the key players providing the robotic process automation solutions include Nice Systems Ltd., Pegasystems Inc., Automation Anywhere, Blue Prism PLC, Ipsoft, Inc., Celaton Ltd., Redwood Software, Uipath SRL, Verint System Inc. and Xerox Corporation.