The surging requirement for virtual workforce is a key factor contributing to the growth of the robotic process automation market. The growing digitization has been encouraging enterprises to adopt best practices which provide service in a timely manner and are cost-effective. Virtual workforce aims to automate business processes in order to save both cost and time and thus is a big part of digital transformation. By automating mundane and repetitive tasks, virtual workforce allows employees to focus on tasks that need human intervention for better decision making, which is why its demand is increasing.
Another primary factor driving the growth of the robotic process automation market is the reduction in workforce due to the deployment of RPA. Routine and mundane tasks are performed with high efficiency with the utilization of virtual workforce, thereby eliminating the need for human intervention. In addition to this, as virtual workforce has the capability to work around the clock, it offers scalability and reduces operational cost by 25–50%. RPA systems can work continuously as opposed to human, who have the capability to work for limited hours.
Market Dynamics
1.1 Trends
1.1.1 Process-based business approach in organizations
1.1.2 Advancements in artificial intelligence and cognitive computing
1.2 Drivers
1.2.1 Greater ease of doing business
1.2.2 Surge in the demand for virtual workforce
1.2.3 Decreasing cost of automation software and services
1.2.4 Reduction in workforce cost
1.2.5 Impact analysis of drivers on market forecast
1.3 Restraints
1.3.1 Constant change in automation technology landscape
1.3.2 High risk of business failure
1.3.3 Lack of technical workforce
1.3.4 Impact analysis of restraints on market forecast
1.4 Opportunities
1.1.1 Adoption of robotic process automation in the healthcare industry
1.1.2 Integration of artificial intelligence in robotic process automation
The integration of artificial intelligence (AI) in RPA is creating wide opportunities for the players operating in the robotic process automation market. AI allows systems to process unstructured information into structured output, which is then analyzed by RPA in order to deduce information for the decision-making process. With the integration of AI, RPA can mimic human activities through pattern detection and speech recognition capabilities, and can handled unstructured and structured data. This can further help robots to learn how to process and improve with time.
Hence, the market is growing due to the reduction in workforce and rise in demand for virtual workforce.
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Another primary factor driving the growth of the robotic process automation market is the reduction in workforce due to the deployment of RPA. Routine and mundane tasks are performed with high efficiency with the utilization of virtual workforce, thereby eliminating the need for human intervention. In addition to this, as virtual workforce has the capability to work around the clock, it offers scalability and reduces operational cost by 25–50%. RPA systems can work continuously as opposed to human, who have the capability to work for limited hours.
1.1 Trends
1.1.1 Process-based business approach in organizations
1.1.2 Advancements in artificial intelligence and cognitive computing
1.2 Drivers
1.2.1 Greater ease of doing business
1.2.2 Surge in the demand for virtual workforce
1.2.3 Decreasing cost of automation software and services
1.2.4 Reduction in workforce cost
1.2.5 Impact analysis of drivers on market forecast
1.3 Restraints
1.3.1 Constant change in automation technology landscape
1.3.2 High risk of business failure
1.3.3 Lack of technical workforce
1.3.4 Impact analysis of restraints on market forecast
1.4 Opportunities
1.1.1 Adoption of robotic process automation in the healthcare industry
1.1.2 Integration of artificial intelligence in robotic process automation
The integration of artificial intelligence (AI) in RPA is creating wide opportunities for the players operating in the robotic process automation market. AI allows systems to process unstructured information into structured output, which is then analyzed by RPA in order to deduce information for the decision-making process. With the integration of AI, RPA can mimic human activities through pattern detection and speech recognition capabilities, and can handled unstructured and structured data. This can further help robots to learn how to process and improve with time.
Hence, the market is growing due to the reduction in workforce and rise in demand for virtual workforce.
The research offers historical market size of the global robotic process automation market for the period 2013–2017 and market forecast for the period 2018–2023.
