In 2017, the global robotic process automation (RPA) market reached a value of $1,195.9 million and is projected to register a 36.2% CAGR during the forecast period (2018–2023). The market is witnessing growth due to the surging demand for virtual workforce, reduction in workforce cost, greater ease of doing business, and decreasing cost of automation software and services. RPA is a technology that helps in configuring computer software for capturing and interpreting existing applications to trigger several responses, process transactions, communicate with other digital systems, and manipulate data.
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When process is taken into consideration, the robotic process automation market is categorized into decision support & management, interaction solution, and automated solution. Out of these, the automated solution category dominated the market during the historical period (2013–2017) and is projected to hold the largest share of the market during the forecast period as well. This is ascribed to the expansion of the banking, financial services, & insurance (BFSI) industry, which has been adopting RPA increasingly in order to enhance efficiency and decrease cost.
On the basis of industry, the robotic process automation market is divided into telecom & IT, manufacturing, BFSI, retail & consumer goods, healthcare & pharmaceuticals, and others (which include transport & logistics, travel & tourism, and hospitality). Among these, the telecom & IT division accounted for the largest share of the market during the historical period and is expected to retain its position during the forecast period. RPA allows telecom companies to manage their back-office tasks with ease and deal with a large number of rule-based operational and repetitive tasks.
The surging requirement for virtual workforce is a key factor contributing to the growth of the robotic process automation market. The growing digitization has been encouraging enterprises to adopt best practices which provide service in a timely manner and are cost-effective. Virtual workforce aims to automate business processes in order to save both cost and time and thus is a big part of digital transformation. By automating mundane and repetitive tasks, virtual workforce allows employees to focus on tasks that need human intervention for better decision making, which is why its demand is increasing.
Another primary factor driving the growth of the robotic process automation market is the reduction in workforce due to the deployment of RPA. Routine and mundane tasks are performed with high efficiency with the utilization of virtual workforce, thereby eliminating the need for human intervention. In addition to this, as virtual workforce has the capability to work around the clock, it offers scalability and reduces operational cost by 25–50%. RPA systems can work continuously as opposed to human, who have the capability to work for limited hours.
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The integration of artificial intelligence (AI) in RPA is creating wide opportunities for the players operating in the robotic process automation market. AI allows systems to process unstructured information into structured output, which is then analyzed by RPA in order to deduce information for the decision-making process. With the integration of AI, RPA can mimic human activities through pattern detection and speech recognition capabilities, and can handled unstructured and structured data. This can further help robots to learn how to process and improve with time.
Hence, the market is growing due to the reduction in workforce and rise in demand for virtual workforce.