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Global Robotic Process Automation
Market to Reach $6,247.1 Million by 2023


Global Robotic Process Automation Market

According to a new research report Glo al Robotic Process Automation Market Size,
Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by
Process (Automated Solution, Decision Support & Management, and Interaction
Solution), by Operation (Rule Based and Knowledge Based), by Service (Professional
and Training), by Enterprise Size (Small and Medium Enterprise, and Large Enterprise),
and by Industry (BFSI, Telecom & IT, Retail and Consumer Goods, Manufacturing,
Healthcare and Pharmaceuticals, and Others) published by P&S Market Research, the
global robotic process automation market is projected to reach $6,247.1 million by
2023, growing at a CAGR of 33.8% during 2017 - 2023.
Browse Report Description at: https://www.psmarketresearch.com/market-


Global Robotic Process Automation Market

Global Robotic Process Automation market to
reach $6,247.1 million by 2023
Due to significant growth in technologies
such as artificial intelligence and cognitive
learning, adoption of business automation
technologies by enterprises has also
increased. This has led to rapid increase in
demand for 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

Insights on market segments
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. Further, among various processes, automation
solutions segment is expected to continue its highest revenue contribution to the
market, during the forecast period. Among various industries, retail and consumer
goods witnessed the highest growth in demand of robotic process automation,
during 2014 - 2016. However, banking, financial services and insurance (BFSI) is
expected to hold the largest market during the forecast period.

Global Robotic Process Automation Market

The market to witness fastest growth in AsiaPacific during the forecast period
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 automation software industry, and increasing adoption of
business process automation solutions by small and medium scale enterprises in
the region. Further, due to increasing demand for automation in major industry
tasks such as business process outsourcing (BPO), outbound sales, and other back
office work, industries in the region have high tendency to adopt robotic process
automation solutions at a rapid scale in the next few years.

Global Robotic Process Automation Market

Rule based operations to lead robotic process
automation market globally
Rule based robotic process automation operations has been the largest contributor
to the global robotic process automation market. This operation uses sophisticated
computer software that automate rule-based processes, which are statements predefined in a software system, without the need for constant supervision of human
workforce. 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. The market for rule based operations is expected to continue its
dominance during the forecast period, as it can be easily integrated within a
business ecosystem without disrupting the traditional or legacy business

Global Robotic Process Automation Market

Increase in demand for virtual workforce escalates
the global market growth
Factors driving the growth of the global robotic process automation market include
significant increase in ease of doing business through installation of robotic process
automation, 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 transformations. While businesses
across the globe need advanced solutions to investigate and solve critical short term
business issues, such as changing market trends and consumer preferences, robotic
process automation helps them in improving service desk operations and
monitoring various business tasks such as production and product development
effectively. This further helps businesses in handling short term demand of their
customers without extra human involvement and need for new recruitments for
handling such immediate business tasks.

Global Robotic Process Automation Market

With increasing demand for virtual work force globally, particularly in technology
and business process outsourcing services, robotic process automation with the
help of voice recognition software or automated online assistance can retrieve
information and structure basic content that is required to answer customer queries
or complaints in natural language. Advanced robotic process automation
technologies are capable of conserving on large human resources for large call
centers and o pa y’s customer interaction centers, which require constant human
involvement for monotonous task such as product help.
Apart from this, increasing adoption of automation software by enterprises is also
driving the growth of global robotic process automation market. Rapid
advancement in automated business process technologies has led to low cost and
easy availability of automation software in the market. Such software has gained
significant attraction from small and medium enterprises, with limited budget for
business automation transformation.

Global Robotic Process Automation Market

Moderate competition among key players
The research states that the global robotic process automation market is
moderately 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.

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