Robotic Process Automation Global Market – Overview
Market Research Future published a cooked research report on “Global Robotic Process Automation Market Research Report – Forecast to 2022” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
RPA or Robotic Process Automation is an application technology where software with capabilities of artificial intelligence and machine learning are used for handling high volume, repeatable tasks. RPA allows employees to configure and program computer software or a robot to interpret exiting application in the organization for manipulating data, processing transactions and communicating with digital systems. The RPA is similar to traditional IT automation but the major difference between these technologies is, RPA is capable of learning itself and adapt to changing circumstances which a traditional IT automation system lacks.
According to a recent study report published by the Market Research Future, the global market for RPA or Robotic Process Automation is estimated to worth ~7 Billion USD by 2022 growing with 57% of CAGR during 2016 – 2022.
Robotic Process Automation market will witness tremendous opportunities in the future, as once the RPA software has been trained, companies will be able to reap the benefits of this software since it has proven to be very effective in back-office tasks and middle-office tasks in various industries. The industries where RPA can be a boon are BFSI, Supply Chain, accounting, CRM and HRM among others. High efficiency at low cost is one of the major driving factors for the market of RPA. The factors that have provided impetus to the RPA market growth are ease in business processes offered by robotic process automation, and convergence of robotic process automation with traditional business process industries. whereas factors that may challenge the market growth of RPA include – complex pricing model while implementation and dealing with clients, risk of data security that obstructs the implementation of robotic process automation in the financial domain, and the reduced potential of robotic process automation for knowledge-based business processes.
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Robotic Process Automation Global Market – Key Players
Robotic Process Automation is adorned by numerous major players having geographical presence with a Lion’s share in the market. Key Vendors operating in the RPA market compete based on pricing, innovation, service, reputation. However, the significant growth in the market and immense revenue generation opportunities are attracting several new players to enter the global beauty devices. The cooperation strategy within the ecosystem is enabling business process management service providers and technology integrators to enter into a licensing agreement with the RPA technology providers.
The prominent players in the Robotic Process Automation Market are – Automation Anywhere (France), Blue Prism (U.K.), OpenSpan (U.S.), Celaton (U.K.), Exilant (India), OpenConnect Systems Incorporated (U.S.), Verint Systems (U.S.), Cognizant (U.S.), Infosys Limited (India), Atos Corporation (France) among others.
Robotic Process Automation Global Market – Synopsis
The global RPA market is expected to grow at USD ~7 billion by the end of year 2022 with ~57% of CAGR.
The key difference between other automation methods and RPA is the approach used for completing the tasks carried by employees. RPA utilizes applications through a standard interface along with the deployment of software without modification to the applications or systems being automated.
The BFSI domain held the largest share of the robotic process automation market among all the industries in 2016.In the BFSI space, multiple systems are linked to each other by interfaces to enable the flow of transaction-related data. Robotic process automation controls and monitors these interfaces to ensure seamless execution of transactions and fill data gaps. Robotic process automation improves the accuracy and efficiency of different processes in the BFSI industry. These solutions also help in regulatory reporting and balance sheet reconciliation by collating data from multiple systems and conducting a host of validation checks to prepare information for a detailed analysis.
The banking, financial services, and insurance domain have been leveraging robotics process automation to improve competence and speed up business processes. Due to the high degree of flexibility and scalability of the solution, and greater requirement for data processing and workflow management, it has witnessed widespread deployment. Increased operational efficiency and lower costs, with reduction in full-time employee, are the other benefits associated with robotic process automation.
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