Robotic Process Automation Market Growing at a CAGR of 30.14% During 2017 to 2022
25 March 2017
Robotic Process Automation Market size is projected to reach USD 2,467.0 million by 2022, growing at a CAGR of 30.14%. While automated solutions industry estimated at the highest CAGR but Rule-based robotic process automation held a larger market share during the forecast period which is led by Asia Pacific region.
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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.
The robotic process automation market for North America held the largest market share in 2016. North America is estimated to account for the largest share of the global robotic process automation market in 2017. The presence of key players such as IBM (U.S.), Automation Anywhere (U.S.), Pegasystems (U.S.), and IP Soft (U.S.) in North America is a key factor that drives the growth of the robotic process automation market in this region.
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 have 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 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.
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.
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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.
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), Pega systems (U.S.), Redwood Software (U.S.), UiPath (U.K.), Verint (U.S.), and Xerox Corporation (U.S.).
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