The robotic process automation market is estimated to be worth USD 2,467.0 million by 2022, at a CAGR of 30.14% between 2017 and 2022. The growth of this market is mainly driven by the ease of business processes provided by the robotic process automation, and convergence of robotic process automation with traditional business process industries.
The robotic process automation market has been segmented on the basis of process, operations, type, application, industry, and region. The robotic process automation tools market held the largest market share on the back of the growing demand for tool-based robotic process automation. This is attributed to the structured data format in various organizations. Robotic process automation (RPA) tools mainly work on the Optical Character Recognition (OCR), Optical Mark Recognition (OMR), text, audio, video, and other file formats. Records of the business processes are kept using these formats, so that they are easily recognizable by robotic process automation market to develop suitable business processes by reducing human effort and time.
The robotic process automation market for robotic process automation (RPA) held the largest market share owing to the growth of the banking, financial services, and insurance industry, which has been leveraging robotics process automation to improve competence and speed up business processes since 2010. 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 in different business environments. The availability of an automated solution that is viable for large-scale deployment in data management is a major driver for the robotic process automation market growth.
Robotic process automation market in the BFSI industry held the largest market share among all the industries. In the BFSI domain, 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, and ensures seamless execution of transactions and fill data gaps. Robotic process automation (RPA) improves the accuracy and efficiency of different the 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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Banking, Financial Services, and Insurance
In the BFSI industry, 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 to fix loopholes. 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.
Telecom and IT
The IT and telecommunication as well as media industry is increasingly adopting robotic process automation (RPA) to reduce operational costs and improve overall customer satisfaction. The benefits of robotic process automation for IT and telecommunication companies include centralization and consolidation of request management systems for enhanced efficiency, improved transparency and visibility for service functions, automation of request service-level agreement (SLA) reporting, and reduction of manual efforts. It also helps in the reduction of errors and operational costs through the automation of processes which involve provisioning and de-provisioning of physical, virtual, and cloud-based systems.
Travel, Hospitality, and Transportation
The travel, hospitality, and transportation industry is increasingly incorporating robotic process automation market to enhance field work and improve access to organizational information on a real-time basis. In the hospitality industry, robotic process automation is preferred due to its various advantages, which include automation of housekeeping services, room service delivery and maintenance, management of reservations and rates, checking guests in and out of the property, assigning rooms and managing room inventories, catering to guest requests, and handling accounting and billing requirements. These advantages offered by robotic process automation solutions are expected to contribute toward the growth of the travel, hospitality, and transportation segment of the global robotic process automation market.
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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.
Robotic Process Automation Market players such as 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.), etc., are focusing on new product launches, research and development, acquisitions, and collaborations to enhance their service offerings and expand business.
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