Robotic Process Automation (RPA) Market is estimated to reach USD 2,467.0 million by 2022, at a CAGR of 30.14% between 2017 and 2022. The base year considered for the study is 2016 and the forecast period is between 2017 and 2022. Robotic process automation is the application of technology to configure computer software or a robot to capture and interpret existing applications for rule-based processing of transactions, manipulate data, trigger responses, and communicate with other digital systems. Robotic process automation deals with the application of smart software to carry out high-volume and repetitive tasks that usually take a lot of time for humans to accomplish, and which are typically monotonous to perform of robotic process automation market.

Convergence of robotic process automation (RPA) with traditional business processes

Business functions such as contact center outsourcing, banking, financial services & insurance (BFSI), business process outsourcing (BPO), procurement outsourcing, and human resources outsourcing (HRO) are currently experiencing rapid growth. Thus, there is an enormous market potential for robotic process automation across various business verticals owing to its ability to perform a variety of tasks such as account opening and closing, completing requests for quotation and proposals, IT systems testing and monitoring, and handling queries in the billing and customer service departments. Robotic process automation is highly useful in industries such as healthcare, BPO, banking, and insurance as these industries follow defined, repeated, and rule-based processes. The adoption of robotic process automation in various business processes has increased the number of strategic partnerships between robotic process automation market tool vendors and BPO and other service providers.

The following are the major objectives of the study.

To define, describe, forecast, and segment the robotic process automation market on the basis of type, operation, process, and industry

To forecast the robotic process automation market size, in terms of value, of segments with respect to four main regions (along with their respective countries), namely, North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)

To provide the RPA market statistics with detailed classifications, along with the respective market size

To provide the impact analysis of the factors affecting the market dynamics such as drivers, restraints, opportunities, and challenges

To analyze the competitive intelligence of players based on company profiles, key player strategies, and game-changing developments such as solution launches and acquisitions

To strategically analyze the micromarkets1 with respect to the individual growth trends, prospects, and contribution to the total robotic process automation market

To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for robotic process automation market leaders

To analyze strategic developments such as joint ventures, mergers and acquisitions, new product developments, and R&D in the RPA market

The research methodology used to estimate and forecast the robotic process automation market begins with capturing data on key vendor revenue through secondary research, covering Institute for Robotic Process Automation (IRPA), press releases, investor relation presentations, annual reports, etc. Vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up approach is employed to arrive at the overall size of the global RPA market from the revenue of key players. After arriving at the overall market size, the total market is split into several segments and subsegments. These are further verified through primary research by conducting extensive interviews with people holding key positions�CEOs, VPs, directors, and executives. RPA market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments.The breakdown of the profiles of the primaries is depicted in the following figure:

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The robotic process automation market ecosystem comprises system integrators, software providers, and distributors. Players involved in the development of robotic process automation include 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 (Romania), Verint (U.S.), and Xerox Corporation (U.S.).

Scope of the Report:

Report Metric Details Report Name Robotic Process Automation Market, RPA Market Base year 2016 Forecast period 2017�2022 Forecast units Value in terms of USD million and billion Segments covered Product, System Type, Software & Services, Function, Industry, and Region Geographic regions covered North America, APAC, Europe, and RoW Companies covered Nice Systems Ltd. (Israel), Automation Anywhere (US), Blue Prism Group Plc (UK), Celaton Ltd. (UK), IPSoft, Inc. (US), Pegasystems Inc. (US), Redwood Software (US), UiPath SRL (UK), Verint Systems Inc. (US), and Xerox Corporation (US).

Target Audience of the RPA Market Report:

Associations, organizations, forums, and alliances

Cloud service providers

Customer experience solution providers

Government bodies and departments

Research organizations and consulting companies

System integrators

Technology consultants

Value added resellers

Workforce optimization solutions providers

�This study answers several questions for stakeholders; primarily, which market segments to focus on in the next two to five years for prioritizing efforts and investments.�

Scope of the RPA Market Report:

This research report categorizes the global robotic process automation market segmented on the basis of process, operations, type, industry, and region.

Robotic Process Automation Market, by Process

Automated Solution

Decision Support and Management Solutions

Interaction Solutions

RPA Market, by Operations:

Rule-based

Knowledge-based

Robotic Process Automation Market, by Type

Tools

Services

RPA Market, by Industry:

Banking, Financial Services and Insurance

Healthcare and Pharmaceuticals

Manufacturing and Logistics

Telecom and IT

Retail and Consumer Goods

Travel, Hospitality, and Transportation

Others (Energy and utility, government, and academics)

Robotic Process Automation Market, by region:

North America

Europe

Asia Pacific (APAC)

Rest of the World (RoW)

Critical questions which the report answers

What are the various operations of robotic process automation and which one is best suitable for various industries?

Which are the key players in the RPA market and how intense is the competition?

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the specific needs of companies. The following customization options are available for the report:

Company Information:

Detailed analysis and profiling of additional market players (up to five)

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.

Critical questions the report answers:

Where will all these developments take the industry in the mid to long term ?

Which region is leading in RPA 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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