The Robotic Process Automation (RPA) Market will touch USD 2,700 million at a 29% CAGR in the forecast period 2017- 2023, as per the new Market Research Future (MRFR) analysis. Robotic process automation, simply put, is an application technology where software with capabilities of machine learning and artificial intelligence are used to handle high volume repeatable tasks. This technology allows employees in configuring and programming a robot or computer software to interpret existing applications in the organization to manipulate data, communicating with digital systems, and processing transactions.
Various factors are fuelling the global RPA market size. As per the recent MRFR market estimates, such factors include the improved operation cost for businesses, increasing use of smartphones, emergence of ML and AI technology, demand for enterprise resource planning, growing need for automating redundant tasks in business processes with AI and ML, and increasing use during COVID-19 pandemic for remote work scenario.
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High installation cost of robotic process automation software, lack of technical expertise, lack of awareness regarding RTA, and use of traditional methodologies for business processes in emerging economies may limit the global robotic process automation market growth over the forecast period.
The notable players profiled in the global robotic process automation market report include KUKA Robotics (Germany), Denso Wave Incorporation (U.S.), Yaskawa Electric Corporation (Japan), Redwood Software (U.S.), Pegasystems (U.S.), Nice Systems Ltd. (Israel), Nachi Robotic System Inc. (U.S.), Seiko Epson Corporation (Japan), ABB Ltd. (U.S.), Fanuc Corporation (Japan), Foxconn Technology Group (Taiwan), LG Corporation (South Korea), Huawei Technologies Co. Ltd. (China), Samsung Electronics Co. Ltd. (South Korea), and Broadcom Limited (U.S.).
The MRFR report throws light on an inclusive segmental analysis of the global robotic process automation market based on process, operations, type, and industry.
By process, the global robotic process automation market is segmented into interaction solution, decision support and management solution, and automated solution.
By operations, the global robotic process automation market is segmented into knowledge based and rule based. Of these, the knowledge based segment will lead the market over the forecast period.
By type, the global robotic process automation market is segmented into travel and logistics, services, and tools. Of these, tools will dominate the market over the forecast period.
By industry, the global robotic process automation market is segmented into transportation, hospitality, travel, retail, IT and telecommunication, manufacturing and logistics, healthcare and pharmaceuticals, and BFSI. Of these, BFSI will spearhead the market over the forecast period.
By region, the global robotic process automation market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America and Rest of the World (RoW). Of these, North America will rule the market over the forecast period. High development in technology, presence of developed countries, increased penetration of process management solutions and automation, strong inclination of small and medium-sized enterprises to adopt RPA within their business functions like procurement, human resource-related processes, and accounting/finance, awareness of the benefits of RPA tool by the US government are adding to the global robotic process automation market growth in the region.
The global robotic process automation market in Europe is predicted to have the second-largest share over the forecast period. Presence of a rich automotive and manufacturing industry in Italy, Germany, and the UK, development of Asian countries, the burgeoning demand for consumer electronic products are forcing manufacturers in adopting a cost-effective technology in the manufacturing process are adding to the global robotic process automation market growth in the region.
The robotic process automation market in the APAC region is predicted to have notable growth over the forecast period. AI, robots, and machine learning being the frontiers for market growth, growing awareness about automation, increasing need for business process automation solutions in the BPO sector in India and China, and enhanced awareness are adding to the global robotic process automation market growth in the region.
The robotic process automation market in RoW is predicted to have sound growth over the forecast period.
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March 2021- Kyron has been recognized as a leader by Independent Research Firm in RPA (robotic process automation).
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