ALBANY, New York, November 9, 2016 /PRNewswire/ --
IT robotic automation is a go-to solution for organizations to benefit from process automation and advanced analytics in operations and processes at economical prices, which was not possible with earlier automation approaches. IT robots (automation software) are programmed to be used with data-driven and rule-based processes, which work towards aspects such as improving productivity and compliance accuracy, and can be applied irrespective of industry and application. IT robotic automation has modernized the way various business processes, IT management and support processes, workflow processes, and back-office processes are managed in a cost effective manner.
Transparency Market Research states that the global IT robotic automation market will reach a value of US$16,884.0 mn by 2024, expanding at a CAGR of 47.1% during the period from 2016 to 2024. In terms of solutions, the segment of IT robotic automation services dominated the global market, accounting for a share of over 68% in 2015. Geographically, the North America IT robotic automation held a lion's share of the global market, accounting for over 44.3% in 2015.
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Cost Benefits and Improved Efficiency Granted by Robotic Automation to Fuel Market
In the past few years, adoption of robotic automation across a number of crucial processes and operations in the IT industry has proved to be significantly beneficial in terms of cost reduction, improvement in efficiency, scalability, and flexibility of processes, and enhanced productivity. This has compelled an increasing number of IT firms to adopt robotic automation across applications such as BPO management and infrastructure management. Prospects of improving productivity with the use of robotic automation, as human resources are freed from performing mundane repetitive tasks and left with more time to undertake skilful and innovative tasks, have also encouraged IT companies to adopt the course of robotic automation.
The market for IT robotic automation is also driven by the rising adoption of robotic automation across the finance and accounting sectors across the globe. Robotic automation has helped achieve improvements in several finance and accounting activities such as invoicing, payment processing, task allocation, query handling, compliance, and data integration. Moreover, the move from manual management of processes and operations to automated processes and operations has helped IT companies achieve increased efficiency and accuracy, reduced costs, partner satisfaction, and greater visibility.
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Concerns Regarding Misuse of Provision of Increased Access to Core Processes a Deterrent
One of the key challenges faced by the global IT robotic automation market is the concern regarding the misuse of the authority given to an individual end user or a single programmer to exercise control over many organizational processes using robotic automation. Another key challenge that could hamper the adoption of IT robotic automation on a wider scale is the issue of existing outsourcing contracts in BPO sector and the complexities involving long contract durations.
Nevertheless, the market could gain significant traction owing to the increased use of robotic automation across the application and infrastructure management sectors. Robotic automation can play a vital role in improving infrastructure management processes since tasks such as server maintenance can be taken care of by robotic software. It has also been found that the adoption of robotic automation can help companies accomplish tasks such as maintenance, management, and troubleshooting of IT infrastructure without any or much manual intervention. Owing to this, infrastructure headcount can be reduced by more than half.
The highly competitive IT robotic automation market, a vast number of companies are operating in the fields of IT robotic automation tools and IT robotic automation services, coming up with advanced solutions to gain a larger piece of the pie, observes a recent report by Transparency Market Research. As the need for more interactive and user-friendly eLearning solutions increases with time, the market is likely to witness wider changes and a further rise in competition. So as to exploit the vast growth opportunities in developing regions with a high concentration of small and medium sized enterprises (SMEs), where companies mostly have tight training and development budgets, introduction of cost-effective solutions will be the most recommended move.
Some of the key providers of IT robotic automation solutions across the globe are Blue Prism, Be Informed B.V., Appian, IPSoft, Inc., Tata Consultancy Services Limited., Infosys Limited, Sutherland Global Services, Inc., and UiPath Srl.
Global IT Robotic Automation Market, By Solution
Global IT Robotic Automation Market, By Tools
- Model Based
- Process Based
Global IT Robotic Automation Market, By Services
- Integration and Development
Global IT Robotic Automation Market, By Geography
- North America
- Asia Pacific
- Middle East and Africa
- South America
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