12.12.2019 Бизнес

Robotics Process Automation Market Latest Growth, Trends, Analysis And Forecast by 2023

In 2017, the global robotic process automation (RPA) market attained $1,195.9 million and is expected to witness a CAGR of 36.2% during the forecast period (2018–2023). The market is growing due to the greater ease of doing business, decreasing cost of automation software and services, increase in demand for virtual workforce, and reduction in workforce cost. RPA is an application of the artificial intelligence (AI) technology, which helps in configuring computer software to capture and interpret existing applications in order to manipulate data, trigger several responses, communicate with other digital systems, and process transactions.

When process is taken into consideration, the RPA market is categorized into decision support & management, automated solution, and interaction solution. Among these, the automated solution category dominated the market during the historical period (2013–2017) and is further expected to hold the largest share of the market during the forecast period. The reason for this is the expanding banking, financial services, & insurance (BFSI) industry, which is increasingly adopting robotic process automation for reducing cost and improving efficiency.

On the basis of industry, the robotic process automation market is divided into telecom & IT, insurance, manufacturing, financial services, retail & consumer goods, banking, healthcare & pharmaceuticals, and others. The telecom & IT industry accounted for the major share of the market in 2017. This was due to the rising number of people who are turning toward telecom companies for connecting them with global networks, which is leading to the increased burden of work. Hence, the telecom companies are increasingly opting for RPA for managing their back-office tasks.

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A key trend being observed in the RPA market is the process-based business approach in organizations. Businesses are increasingly adopting RPA because it has the ability to mimic human behavior and perform complex tasks with simplicity. Automated processes help organizations to gain strategic and operational advantages through cost benefits that are needed to take the business to the next level. Since RPA allows them to perform mundane tasks with improved efficiency, financial services providers and business process outsourcing are increasingly implementing the technology in their systems.
Hence, the market is witnessing growth due to the decreasing cost of automation services and software and surging demand for virtual workforce.