The global enterprise robotic process automation (RPA) market is expecting a robust growth during the forecast period (2017-2023), asserts Market Research Future (MRFR) in a detailed study. Efficient data management has become imperative for various industries and automation. Implementation of enterprise RPA can ease up the entire process as its cognitive understanding assists it in learning several things simultaneously and, in the process, giving rise to the virtual workforce. This has the potential to abolish repetition and better the experience of the end-user.
Drivers and Restraints:
A number of factors are working in favor of enterprise RPA such as organizations getting the authority to customize software and automation as per their requirements. Enterprise RPA’s implementation increases efficiency and reduces cost which acts as a driver for the market as various industries are now eyeing for such cost-effective production. Furthermore, a recent development such as iBot is taking over process-driven industries that require a lot of paperwork.
However, enterprise RPA’s vast array of functionality has a loophole in the guise of data theft risk. In addition, in sectors needing knowledge-based business processes, enterprise RPA restricts the growth. But these hindrances are temporary distractions which can never hold back the growth for long.
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Enterprise RPA has a lot of potential in the industry as it can free up valuable resources for knowledge-based jobs by performing various mundane and repetitive tasks. This way, it can prevent outsourcing of jobs and save the budget. Recent developments have also marked a stark change in the industry procedures. For instance, Kryon has announced the launch of Kryon Process Discovery (KPD), an AI-based solution that can overcome the previous limits of enterprise RPAs considerably.
On the other hand, WorkFusion has been recognized as one of the top artificial intelligence (AI) companies as its exclusive grouping of RPA, cognitive automation, and work orchestration has ensured a colossal 770% in just three years.
Some of the prominent players in the global Enterprise Robotic Process Automation Market are Automation Anywhere (U.S.), Blue Prism Group (U.K.), Celaton Ltd (U.K.), IPSoft (U.S.), Nice Systems Ltd. (Israel), Pegasystems Inc. (U.S.), Redwood Software (U.S.), UiPath (Romania), Verint (U.S.), Happiest Minds (India), International Business Machines Corporation (U.S.) and Xerox Corporation (U.S.).among others.
The global enterprise RPA market can be segmented by type, process, operations, and industry.
Type-based segmentation includes tools and services. Enterprise RPA tools are user-friendly and risk-free. The robots are very light and can perform without interrupting the actual code. Increasing implementation of enterprise RPA is spurring the growth of consultation and professional services. With customized solutions, enterprise RPA solution providers are penetrating further into various industries and earning revenues more than ever.
Process-wise segmentation comprises automated solution, decision support, and management solutions, interaction solutions, and others.
Based on the operation, the market can be further segmented into rule-based, knowledge-based and others. Enterprise RPAs face some restraints in managing the knowledge-based segment, but when it comes to rule-based repetitive jobs, it works with more efficiency.
Industry-oriented segmentation of the market includes banking, financial services and insurance (BFSI), manufacturers, telecom, retail, healthcare, and others. BFSI sector is extensively using enterprise RPA to provide their clients with fluent service. Healthcare sector is expecting the fastest growth rate during the forecast period.
Regionally, the global enterprise robotic process automation market integrates namely Asia Pacific (APAC), North America, Europe, and Rest-of-the-World.
North America is currently dominating the market and is expected to enjoy the fastest growth rate during the review period. Automation penetrated extensively every sphere of diverse industries and is allowing enterprise RPA to enjoy significant growth. Furthermore, the region is developing a virtual workforce which is also boosting the market.
Europe is assuming the second spot. The market in the region is demanding more from the human-machine interface, and machine learning and consequently is giving rise to the amount of revenue getting generated each year.
The APAC is the region to look out for. In terms of market volume China, Japan, and India hold huge market potential. The BPO sectors are all incorporating enterprise RPA to ease out the communication process. This growing adoption of enterprise RPA can give the regional market significant thrust.
- Associations, organizations, forums, and alliances
- Cloud service providers
- Customer experience solution providers
- Government bodies and departments
- Enterprise robotic process automation companies
- Enterprise robotic process automation providers
- Technical universities
- System integrators
- Managed Security Service Providers
- Professional service providers
- Research and development companies
- Market research and consulting firms
- Solution providers
- Technology standards organizations
- Technology investors
- System Integrators
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