Robotic Process Automation Market Growth Predicted at 20% Till 2024: Global Market Insights, Inc.
Prominent robotic process automation (RPA) market players include Xerox Corporation, Blue Prism, Nice Systems Ltd., Automation Anywhere, Ipsoft, Celaton Ltd., Pegasystems, Redwood Software, Uipath and Verint.
SELBYVILLE, Del., March 26, 2020 (Newswire.com) - According to the latest report "RPA Market by Tools (Model-Based Application Tools, Process-Based Application Tools), Operation (Rules-Based, Knowledge-Based), Service (Training, Professional), Solution (Automated, Decision & Management Support, Interaction), Organization Size (Large Enterprises, SMBs), Application (BFSI, Healthcare, Retail, IT & Telecom, Manufacturing, Transportation), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2024", by Global Market Insights, Inc., the market valuation of robotic process automation (RPA) will cross $5 billion by 2024.
The robotic process automation market is anticipated to witness ascending growth across various regions, with Europe contributing predominantly towards the business expansion. The presence of manufacturing and logistics companies across the region is predicted to impel the European RPA industry. RPA technology helps in streamlining logistic operations, with the intent of obtaining an overwhelming advancement in cycle time and improving the consumer experience.
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The Asia-Pacific robotic process automation (RPA) market is estimated to grow at a rapid pace over the forecast period. Automation, which includes artificial intelligence and machine learning, are the frontiers for growth in the region. Increasing sophisticated manufacturing practices in countries including China, Japan, and Taiwan, also offer growth opportunities for the implementation of RPA processes.
The expanding industrial sector has forced organizations to automate their business processes, which on a large scale is supporting the growth map of the global RPA market. These automated solutions are likely to help companies to structure their business operations and lay their key focus on the core competencies. Likewise, the automation of tedious tasks eradicates the workload on the production team, eventually resulting in enhanced productivity and upgraded competitiveness.
The IT and telecom sector of the robotic process automation market share is likely to accrue noteworthy gains during the span of seven years, owing to its proficiency of bridging a gap between highly supported transformation projects through the automation processes.
BFSI, on the other hand, is projected to observe massive traction across the market globally. This growth is ascribed to accuracy and the effectiveness offered by the automated systems to immediately address the regulatory compliance issues. It has been apprehended that the RPA systems in the BFSI sector bridge the connection between the BPM and ERP systems, thereby proliferating the growth statistics.
Process-based tools have gained significant attention in the robotic process automation market due to a surge in demand for non-voice processes. It helps organizations to seamlessly manage the various interlinked processes, increasing efficiency, and gain operational benefits. The automation process enables organizations to improve business processes by analyzing the performance at every step and offering strategic support.
Knowledge-based RPA tools and cognitive artificial intelligence solutions have been gaining traction in the market. As RPA has become more common, the majority of companies that are currently focused on rules-based solutions are beginning to implement knowledge-based automation. An example of a knowledge-based solution would be searching for information across customer service functions systems and answering customer emails.
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Table of Contents (ToC) of the report:
Chapter 3 RPA Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2013 - 2024
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.4 Technological & innovation landscape
3.4.1 RPA roadmap
3.4.2 Impact of artificial intelligence
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.2 Industry pitfalls & challenges
3.6 Growth potential analysis
3.6.1 Business model
3.7 Porter's analysis
3.7.1 Threat of new entrants
3.7.2 Buyer's power
3.7.3 Threat of substitutes
3.7.4 Threat of suppliers
3.7.5 Industry rivalry
3.8 Competitive landscape, 2016
3.8.1 Strategy dashboard
3.8.2 Investment landscape
3.9 PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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Source: Global Market Insights, Inc.