Robotic Automation uses software robots to copy humans performing repetitive acts with business applications. Robotic Process Automation first originated in the year 2000. It uses artificial intelligence and machine learning capabilities to execute repetitive tasks that require human intervention.
The main point of distinction between RPA and traditional IT automation is the ability of the RPA softwares to understand and suitably adapt to changing conditions, exceptions to the situation or novel situations. After the software has been trained to interpret and capture actions of specific processes in existing software applications it can start to manipulate the data or trigger responses on its own. RPA can vastly benefit businesses by helping them to scale back or eliminate back end work for example and can be applied to many industries such as finance, supply chain management and human resource management to name a few. In order to increase the rate of adoption of the process, organizations are increasingly strategizing to integrate RPA with their traditional business processes. RPA is experiencing an increasing rate of adoption, since many of the businesses are trying to reduce or cut out time consuming processes to ease and streamline their business flow.
A report published by Market Research Future states that the robotic process automation market is expected to grow by USD 2,700 Million approximately by 2023 at 29% CAGR between 2017 and 2023.The factors that are driving growth of this market are high levels of cost saving for businesses. Since robots are utilized for the processes it helps reduce operational costs and also costs arising from human error. Thus a onetime investment on RPA ensures high returns to businesses who are more than eager to integrate these processes in their workflows.
Major key Players
Automation Anywhere (U.S.),
Blue Prism (U.K.),
Celaton Ltd (U.K.),
Nice Systems Ltd. (Israel),
Redwood Software (U.S.),
Xerox Corporation (U.S.), among others.
The Robotic Process Automation Market is expected to grow at approximately USD 2,700 Million by 2023, at 29% of CAGR between 2017 and 2023.
Mar 2018 UiPath has recently completed a fresh round of Series B funding successfully following which the Robotics Process Automation company is planning to additionally hire 100 engineers.The fresh endowment of $153 million in funding will allow the company’s product roadmap to get fast-tracked. Additionally, UiPath will also carry on the expansion of its worldwide operations with the setting up of new offices in cities like Houston, Amsterdam, Munich, Seoul, Paris and Washington in this year, along with their India centre. The company, UiPath is regarded to be one of the unique companies in this space and has an estimated value of $1.1 billion.
Global Competitive Analysis
The businesses in this trade area are combining their resources to attain their vision for achieving a substantial portion of the business as early as possible. This has raised the possibilities for the approaching growth period significantly. The merchandise that are being provided presently differ greatly because of the rationale of the robust pace of technological discoveries. This consequence is productive for companies so they can aim to uphold their commercial enterprise’s liquidity to take the most effective decisions in terms of strategy execution and designing. The profitable situations accessible in this market are being utilized by candidates who are trying to increase their market coverage by focused development which can encourage the expansion of this business sector.
Detailed Regional Analysis
The regional analysis of the market for robotic process automation comprises of region such as Asia Pacific, Europe, North America, and Rest of the World. The North American region controls the main share in the robotic process automation sector due to increased growth in the field of technology and existence of developed countries in the region. The Europe region is one of the noteworthy players in the industry for robotic process automation. The countries like Germany, U.K. and Italy are the main suppliers in the market’s development owing to the rich automotive and manufacturing industry. The Asia-Pacific region is estimated to grow as the most rapidly growing sector through the forecast period. The development of the Asian nations and need for consumer electronic products is driving the makers to accept a cost effective skill in the manufacturing procedure.
- Investors and consultants
- System Integrators
- Government Organizations
- Research/Consultancy firms
- Technology solution providers
- IT Solution Providers
- Supply Chain & Logistics Organizations
- Original Equipment Manufacturers
- Healthcare & Pharmaceutical Industry