Market Analysis
The Robotic
Process Automation (RPA) Market will touch USD 2,700 million at a 29%
CAGR in the forecast period 2017- 2023, as per the new Market Research Future
(MRFR) analysis. Robotic process automation, simply put, is an application
technology where software with capabilities of machine learning and artificial
intelligence are used to handle high volume repeatable tasks. This technology
allows employees in configuring and programming a robot or computer software to
interpret existing applications in the organization to manipulate data,
communicating with digital systems, and processing transactions.
Various factors are fuelling the global RPA market size. As
per the recent MRFR market estimates, such factors include the improved operation
cost for businesses, increasing use of smartphones, emergence of ML and AI
technology, demand for enterprise resource planning, growing need for
automating redundant tasks in business processes with AI and ML, and increasing
use during COVID-19 pandemic for remote work scenario.
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High installation cost of robotic process automation software,
lack of technical expertise, lack of awareness regarding RTA, and use of
traditional methodologies for business processes in emerging economies may
limit the global robotic process automation market growth over the forecast
period.
Key Players
The notable players profiled in the global robotic process
automation market report include KUKA Robotics (Germany), Denso Wave
Incorporation (U.S.), Yaskawa Electric Corporation (Japan), Redwood Software
(U.S.), Pegasystems (U.S.), Nice Systems Ltd. (Israel), Nachi Robotic System
Inc. (U.S.), Seiko Epson Corporation (Japan), ABB Ltd. (U.S.), Fanuc
Corporation (Japan), Foxconn Technology Group (Taiwan), LG Corporation (South
Korea), Huawei Technologies Co. Ltd. (China), Samsung Electronics Co. Ltd. (South
Korea), and Broadcom Limited (U.S.).
Market Segmentation
The MRFR report throws light on an inclusive segmental
analysis of the global robotic process automation market based on process,
operations, type, and industry.
By process, the global robotic process automation market is
segmented into interaction solution, decision support and management solution,
and automated solution.
By operations, the global robotic process automation market is
segmented into knowledge based and rule based. Of these, the knowledge based
segment will lead the market over the forecast period.
By type, the global robotic process automation market is
segmented into travel and logistics, services, and tools. Of these, tools will
dominate the market over the forecast period.
By industry, the global robotic process automation market is
segmented into transportation, hospitality, travel, retail, IT and
telecommunication, manufacturing and logistics, healthcare and pharmaceuticals,
and BFSI. Of these, BFSI will spearhead the market over the forecast
period.
Regional Analysis
By region, the global robotic process automation market covers
the recent trends and growth opportunity across Europe, the Asia Pacific
(APAC), North America and Rest of the World (RoW). Of these, North America will
rule the market over the forecast period. High development in technology,
presence of developed countries, increased penetration of process management
solutions and automation, strong inclination of small and medium-sized
enterprises to adopt RPA within their business functions like procurement,
human resource-related processes, and accounting/finance, awareness of the
benefits of RPA tool by the US government are adding to the global robotic
process automation market growth in the region.
The global robotic process automation market in Europe is
predicted to have the second-largest share over the forecast period. Presence
of a rich automotive and manufacturing industry in Italy, Germany, and the UK,
development of Asian countries, & the burgeoning demand for consumer
electronic products are forcing manufacturers in adopting a cost-effective
technology in the manufacturing process are adding to the global robotic
process automation market growth in the region.
The robotic process automation market in the APAC region is
predicted to have notable growth over the forecast period. AI, robots, and
machine learning being the frontiers for market growth, growing awareness about
automation, increasing need for business process automation solutions in the
BPO sector in India and China, and enhanced awareness are adding to the global
robotic process automation market growth in the region.
The robotic process automation market in RoW is predicted to
have sound growth over the forecast period.
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Industry Updates
March 2021- Kyron has been recognized as a leader by
Independent Research Firm in RPA (robotic process automation).
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