In
2017, the global robotic process automation (RPA) market reached a value
of $1,195.9 million and is projected to register a 36.2% CAGR during the
forecast period (2018–2023). The market is witnessing growth due to the surging
demand for virtual workforce, reduction in workforce cost, greater ease of
doing business, and decreasing cost of automation software and services. RPA is
a technology that helps in configuring computer software for capturing and
interpreting existing applications to trigger several responses, process
transactions, communicate with other digital systems, and manipulate data.
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When process is
taken into consideration, the robotic process automation market is
categorized into decision support & management, interaction solution, and
automated solution. Out of these, the automated solution category dominated the
market during the historical period (2013–2017) and is projected to hold the
largest share of the market during the forecast period as well.
This is
ascribed to the expansion of banking, financial services, & insurance
(BFSI) industry, which has been adopting RPA increasingly in order to enhance
efficiency and decrease cost. On the basis of
industry, the robotic process automation market is divided into telecom
& IT, manufacturing, BFSI, retail & consumer goods, healthcare &
pharmaceuticals, and others (which include transport & logistics, travel
& tourism, and hospitality).
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Among these, the telecom & IT division
accounted for the largest share of the market during the historical period and
is expected to retain its position during the forecast period. RPA allows
telecom companies to manage their back-office tasks with ease and deal with a
large number of rule-based operational and repetitive tasks. 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.
