Robotics process automation (RPA) is increasingly emerging as an explosive technology that has helped in decreasing costs, improving control and accuracy, and increasing the speed for high-volume and repetitive processes that were usually handled by humans, resulting in more time consumption. It is an unassisted approach that typically uses artificial intelligence (AI), offering relatively lower risk of errors. Looking at these benefits, there has been an increase in the adoption of robotic process automation solutions in various industries.
The robotic process automation market is estimated to be worth USD 2,467.0 Million by 2022, at a CAGR of 30.14% between 2017 and 2022.
Based on process, the automated solution segment held the largest market share, mainly due to the growth of the BFSI industry that has been making use of robotic process automation to speed up the business processes and enhance competence. Among industries, the RPA market for healthcare and pharmaceutical industry is expected to witness the highest growth over the forecast period. This growth can be contributed to its ability to reduce operational costs and enhance accuracy. On the basis of type, the tools segment took up the largest market share in 2016, and is also expected to continue its dominance over the market in the coming years as well. This growth is mainly due to its ability to remove repeatable and predictable human interactions with business applications by mimicking the way of interaction of people with applications through a user interface.
How is the market progressing, globally?
In 2016, the market in North America dominated the global market for robotic process automation, and is expected to continue showing this trend over the forecast period as well. This market is mainly driven because of the presence of key players in this region. In the U.S., the BFSI industry has been making use of robotic process automation in order to improve business processes since 2010. The BFSI industry in Canada is also witnessing winds of change, thereby driving the RPA market towards growth. The booming manufacturing industry in Mexico is also leading to the growth of robotic process automation market in this region.
What is driving and restraining the market growth?
The growth of the worldwide market for robotic process automation is being mainly driven by the following factors:
- Ease of business processes offered by robotic process automation
- Convergence of RPA with traditional business process industries
- Integration of robotic process automation with new technologies
Apart from these, huge demand for robotic process automation in the logistics sector and anticipated adoption of RPA in the BPO sector are expected to further create an array of opportunities for the growth of this market in the coming years.
However, risk of data security and less potential for RPA in knowledge-based business process are the two main factors that may hinder the market growth to a certain extent. Moreover, lack of knowledge regarding robotic process automation is the key challenge for the players involved in this market.
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Market players and strategies adopted by them
The global market for robotic process automation comprises players such as Automation Anywhere (U.S.), Blue Prism (U.K.), Celaton Ltd (U.K.), IPSoft (U.S.), Nice Systems Ltd. (Israel), Pegasystems (U.S.), Redwood Software (U.S.), UiPath (U.K.), Verint (U.S.), and Xerox Corporation (U.S.). These players are increasingly adopting various growth strategies such as new product launches, research & development, mergers & acquisitions, and collaborations in order to enhance their service offerings as well as expand their global presence.
