Robotic Process Automation (RPA) Market By Huge Growth in Industry, Demand, Composition, Market Foresight By 2025
Rising popularity and attractiveness of enterprise resource planning (ERP) driving the need for businesses to move toward automation. Robotic process automation technology enables an organization to stay in the competition and helps to effectively automate of a business. Robotic process automation, also called RPA, is a branch of technology which allows people in an organization to configure a robot or a software to capture and interpret existing applications in an enterprise. It enables a company to manipulate a data, process a transaction, trigger a feedback, and communicate with other digital systems. Robotic process automation software allows a company to boost its capabilities and save time and money. A RPA software is used by companies with considerably large employee strength and perform high-volume data, transaction process or functions. Robotic process automation is the usage of software which has machine learning and artificial intelligence capabilities to handle high-volume repetitive tasks that were previously performed by humans.
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RPA has revolutionized and improved ways in which businesses or organizations cater to remote infrastructure, IT support, administer business, workflow processes, and back-office work. RPA provides good accuracy, improved cycle time, and increased productivity in transaction processing. An employee is relieved from carrying out repetitive and dull tasks in an organization. Major features of RPA include cost effectiveness, accuracy, quality, consistency, improved analytics, increased employee productivity, versatility, and organized IT support and management. Consequently, the utilization of RPA is anticipated to help organizations expand in the near future.
Expansion of the robotic process automation market is fueled by factors such as consolidation of robotic process automation with traditional business processes and ease in business processes due to installation of RPA. Tools such as artificial intelligence, machine learning cognitive abilities, and architectural tools are used by companies to save time and money. There are few restraining factors for the robotic process automation market such as data security risk in the financial sector, lack of awareness regarding RPA, and less potential for RPA in business processes which are knowledge based. The global robotic process automation market is expected to provide opportunities such as integration of robotic process automation with new and upcoming technologies, increasing demand for RPA in the logistics industry, and rising adoption of automation processes in the BPO sector.
The robotic process automation market is segmented based on process, operations, type, industry, and region. Based on process, the market is segmented into automated solution, decision support and management solutions, and interaction solutions. In terms of operations, the market is segregated into rule-based, and knowledge-based. Based on type, the market is segmented into tools and services. In terms of end-use industry, of the robotic process automation market is segregated into banking, financial services and insurance (BFSI), manufacturing and logistics, healthcare and pharmaceuticals, retail and consumer goods, telecom and IT, travel, hospitality, transportation, and others (government, energy and utility, and academics). Based on region, the market is segmented into Europe, North America, South America, Asia Pacific, and Middle East & Africa (MEA). North America and Europe are the leading regions in the robotic process automation market. The market in Asia Pacific is expected to expand at a siginificant growth rate due to technological developments in developing countries.
Key players operating in the global robotic process automation market include Uipath SRL, Nice Systems Ltd., Verint System Inc., Pegasystems Inc., IBM , Automation Anywhere , Thoughtonomy Ltd., Blue Prism PLC, Celaton Ltd., Ipsoft, Inc., Redwood Software, Xerox Corporation, and Arago Us, Inc. Major players such as and Virtual Operations, IPsoft, BluePrism are planning for artificial intelligence, cognitive abilities, and architecture in their product offerings.
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