Robotic Process Automation Market by Process, Operation, Type, Industry, and Geography - Global Forecast to 2022
NEW YORK, March 14, 2017 /PRNewswire/ --
ic process automation market expected to exhibit significant growth potential between 2017 and 2022."
The robotic process automation market is estimated to reach USD 2,467.0 million by 2022, at a CAGR of 30.14% between 2017 and 2022. The major factors that have propelled market growth are ease in business processes offered by robotic process automation, and convergence of robotic process automation with traditional business process industries. The major restraints of the robotic process automation market are risk of data security, which hinders the implementation of robotic process automation in the financial domain, and the reduced potential of robotic process automation for knowledge-based business processes.
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"Robotic process automated solution market likely to grow at the highest rate between 2017 and 2022."
Based on process, the automated solutions market for robotic process automation is expected to grow at the highest CAGR between 2016 and 2022. The banking, financial services, and insurance domain has been leveraging robotics process automation to improve competence and speed up business processes.. Due to the high degree of flexibility and scalability of the solution, and greater requirement for data processing and workflow management, it has witnessed widespread deployment.
"Rule-based robotic process automation held the largest market share in 2016."
Rule-based robotic process automation held a larger market share vs. knowledge-based operations in 2016. Business processes require a highly flexible and reusable model that can be rapidly configured. Software programming is required to some extent for back-end business operations and for ongoing business processes, which are validated and tested against business logic. Rule-based robotic process automation is used for repetitive administrative tasks in the context of constant business behavior.
"BFSI held the largest share of the overall robotic process automation market in 2016."
The BFSI domain held the largest share of the robotic process automation market among all the industries in 2016. In the BFSI space, multiple systems are linked to each other by interfaces to enable the flow of transaction-related data. Robotic process automation controls and monitors these interfaces to ensure seamless execution of transactions and fill data gaps. Robotic process automation improves the accuracy and efficiency of different processes in the BFSI industry. These solutions also help in regulatory reporting and balance sheet reconciliation by collating data from multiple systems and conducting a host of validation checks to prepare information for a detailed analysis.
"Robotic process automation market for Asia Pacific expected to grow at the highest rate between 2017 and 2022."
The robotic process automation market for Asia Pacific is expected to grow at the highest rate between 2017 and 2022 among all the regions in 2016. This is mainly attributed to the presence of the outsourcing industry in countries such as India and China. Increased operational efficiency and lower costs, with reduction in full-time employee, are the other benefits associated with robotic process automation.
Breakdown of the profiles of the primary participants for the report are as follows:
- By Company Type: Tier 1 – 52%, Tier 2 – 16%, and Tier 3 – 32%
- By Designation: C-Level Executives – 29%, Directors – 39%, and Others – 32%
- By Region: North America – 44%, Europe – 32%, APAC – 19%, and RoW – 5%
Key players in the market include Automation Anywhere (U.S.), Blue Prism (U.K.), Celaton Ltd (U.K.), IPSoft (U.S.), Nice Systems Ltd. (Israel), Pegasystems (U.S.), Redwood Software (U.S.), UiPath (U.K.), Verint (U.S.), and Xerox Corporation (U.S.).
Research Coverage:
The research report on the global robotic process automation market covers segments such as operations, process, type, industry, and region. The market has been segmented on the basis of operations into rule-based and knowledge-based. Based on process, the robotic process automation market has been classified into automated solution, decision support, and management solutions and interaction solutions. The report covers two types of robotic process automation—tools and services. The robotic process automation market has been segmented on the basis of industries into banking, financial services, and insurance; healthcare and pharmaceuticals; manufacturing and logistics; telecom and IT; retail and consumer goods; travel, hospitality, and transportation; and others. The report covers four major geographic regions, namely North America, Europe, Asia Pacific, and Rest of the World (RoW).
Key Benefits of Buying the Report:
Illustrative segmentation, analysis, and forecast for the market—by operations, process, type, industry, and region—has been conducted to provide an overview of the robotic process automation market.Porter's five forces framework has been used, along with the value chain analysis, to provide an in-depth insight into the robotic process automation market.The major drivers, restraints, opportunities, and challenges for the robotic process automation market have been detailed in this report.The detailed competitive landscape includes key players, in-depth analysis, and market share of the key players.
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