Robotic process automation is the application of technology for configuring computer software or a robot to capture and interpret existing applications for processing a transaction, triggering various responses, manipulating data, along with effective communication with other digital systems. The robotic process automation market is expected to grow at a CAGR of 33.8% during the forecast period, to reach $6.2 billion by 2023.
A significant growth in demand for robotic process automation is anticipated due to rapid increase in adoption of advanced business automation solutions, and surging demand for virtual workforce to eliminate repetitive human tasks in business, across the world. In addition, development of low cost and easily available automation software is further fueling growth in robotic process automation market, globally.
As per the findings of the research, rule based operations have been the largest revenue generators in the global robotic process automation market, as compared to knowledge based operations. Further, among various processes, automation solutions segment is expected to continue its highest revenue contribution to the market, during the forecast period. Among various industries, retail and consumer goods witnessed the highest growth in demand of robotic process automation, during 2014 – 2016. However, banking, financial services and insurance (BFSI) is expected to hold the largest market during the forecast period.
Taking into an account of geographical landscape, the robotic process automation market in developed regions such as North America and Europe has witnessed high penetration of the automation technology across industries, as compared to the developing regions, such as Asia-Pacific. The U.S., U.K., China, UAE, and Brazil are expected to be the largest markets for robotic process automation, during the forecast period. India is expected to be the fastest growing market of robotic process automation, globally during the forecast period.
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