Robotic process automation (RPA) is a branch of technology that allows people in an organization to configure software or a robot to capture & interpret existing applications in an enterprise. It enables an organization to manipulate the data, process the transaction, trigger the feedback, and communicate with other digital systems. RPA software allows a company to enhance its capabilities and save time & money. RPA software is used by organizations with significantly large employee strength and performs high-volume data & transaction process or functions. RPA provides high-quality accuracy, improved cycle time, and augmented productivity in transaction processing. Key features of RPA include cost effectiveness, consistency, accuracy, quality, improved analytics, versatility, increased employee productivity, and organized IT support & management.
Referring to the study, “Global Robotic Process Automation Market: Market Segments: By Process (Automated solution, Decision Support and Management and Interaction Solution); By Operation (Rule-based & Knowledge-based);By Offering (Service & Software); By Organization (Large Enterprises &SMEs); By Vertical (BFSI, Telecom and IT, Retail and Consumer Goods, Manufacturing, Healthcare and Pharmaceuticals Others);and Region – Analysis of Market Size, Share & Trends for 2014 – 2019 and Forecasts to 2030”. The key companies operating in the global robotic process automation market are Automation Anywhere Inc., NTT Advanced Technology Corporation, Interaction solution, KOFAX INC., NICE, Pegasystems, EdgeVerve Systems Limited, Blue Prism, HelpSystems, FPT Software.
Based on type, robotic process automation market is segregated as service type and software type. Based on deployment type, market is segregated as on-premise and cloud-based deployment. Based on service, market is segregated as implementation, consulting and training. Based on operation type, market is segregated as rule-based operation and knowledge based operation. Based on process type, market is segregated as decision support & management solutions, automated process solution, miscellaneous process and interaction process solution. In addition, based on industry vertical, market is segregated as telecom & IT (service order management & quality reporting), insurance (premium information and claims processing & clearance), manufacturing & retail (bills of materials & calculation of sales), government (change of address & license renewal), healthcare & pharmaceuticals (patient registration & billing), travel & logistics (passenger details, ticket booking and accounting), infrastructure (issue processing & account setup and communication) and BFSI (fraud claims, card activation and discovery).
The robotic process automation market is driven by increase in delivery & better management, followed by ease in business process with the robotic process automation in various industries, increase in focus on automation in the BPO industry and surge in advantage associated with robotic process automation as cost reduction with improved service. However, lack of real-time visibility as a standalone technology and data insecurity risk hindering the implementation of market in the financial sector may impact the market. Moreover, growth in technology advancements and improvements with artificial intelligence technologies are key opportunity for market. Furthermore, rise in advancement of technology in the robotic process automation is a major trend for market.
Based on geography, the North-American region dominates the global robotic process automation market owing to high development in the field of technology coupled with presence of developed countries in the region. The Asian-Pacific and European regions are estimated to witness higher growth rate due to rich manufacturing & automotive industry and rise in demand for consumer electronic products over the forecast period. It is predicted that future of the global market will be optimistic on account of consolidation of robotic process automation with traditional business processes during the forecast period.
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Global Robotic Process Automation Market Research Report
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