Increase in Demand for Virtual Workforce to Push the Market Growth of Robotic Process Automation Market
Due to significant growth in
technologies such as artificial intelligence and cognitive learning, the
adoption of business automation technologies by enterprises has increased. This
has led to rapid increase in demand for virtual workforce to eliminate
repetitive human efforts, driving the market, globally.
Insights into market segments
On the basis of operation, the robotic process automation
market is categorized into rule based and knowledge based; of the two, the rule
based category held a larger revenue share in the market, valued at more than
59% in 2017. 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.
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Although, North America has been the largest robotic
process automation market till now; however, during the forecast period, the
market of this process is expected to witness the fastest growth in
Asia-Pacific. The expected growth in the regional-level 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.
Factors driving the growth of the global robotic process
automation market include significant increase in ease of doing business
through this process, 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
transformation.
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The intensity of rivalry in the global robotic process
automation market is moderate. Some of the key players operating in the
industry 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.
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