Integration of artificial intelligence and machine learning abilities into a computer or robot, to carry out repetitive task, manipulate data, communicate with digital systems, etc. is called robot process automation.
Rapid industrialization, increased penetration of internet of things & artificial intelligence, and increasing demand for process and business automation solutions and services are factors driving growth of the global robotic process automation (RPA) market. Major factors restraining growth of the global robotic process automation (RPA) market are high capital investments, and lack of awareness. In addition, lack of skilled professionals, and redundancy towards adoption of new technology in some countries across the globe are other factors hampering the market growth to a significant extent. The current trend observed in the market is increased demand for robotic process automation tools from logistics and IT sectors, which is another factor driving growth of the global market.
Global robotic process automation (RPA) market is segmented on the basis of service type, organization type, application, and region. Among all the application segments, telecom & IT segment accounts for highest revenue share in the global market, and is expected to account for highest revenue share by 2026. The banking, financial services, and insurance (BSFI) application segment is expected to witness considerable growth in the target market over the next 10 years.
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On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market is expected to witness highest revenue growth in the target market, owing to rising demand for robotic process automation tools, and solutions from manufacturing, logistics, and IT sectors in emerging countries such as India, China, etc. The market in North America accounts for highest revenue share in the target market. This dominance can be attributed to early adoption of automated tools and solutions by various industries across the region.
Key players in the global market are Automation Anywhere Inc., Blue Prism Group Plc, Syntel Inc., UiPath, Jacada Inc., Pegasystems Inc., Redwood Software, AutomationEdge, Nice Systems Ltd., Xerox Corporation, and other prominent players.