Robotic Process Automation (RPA) Market 2022 Global Driving Factors, Applications, Segmentation, Technology, Size & Share 2028 |
Robotic Process Automation (RPA) has advanced enormously in last few years. Today, it is a key empowering influence of change, development, and aggressive differentiation for associations, particularly in the shared service centers where various processes are institutionalized. It has effectively empowered early adopters to make a quick, exact, financially sound, all-rounder virtual workforce.
RPA is among the most revolutionary outcome of enterprise technologies introduced in past few years, catapulting the changes in the business ecosystem by stimulating productivity at deprived cost. In order to implement this software efficiently into an organization's system, the exclusive services offered by the RPA service providers play a vital role. The services for RPA market are being broadly categorized into Training and Knowledge services and Professional services. The professional services further include consulting, integration & development and support & maintenance. Whereas, the training services are the one directed towards skill enhancement of the organizations using or willing to use the software.
For the coming years, the market is anticipated to enter into the new category of software vendors, who would be developing advanced analytics and data mining capabilities. This would further extend the scope of automation across more multifaceted processes and allow automation of processes, with variable degrees of unstructured data/ content. These unstructured data/content would include freeform emails. The net impact of burgeoning autonomics in industries will endure cannibalizing labor arbitrage benefits from off-shoring of processes, which would further result into increased consideration towards in-sourcing strategy.
Key Players Influencing the Market
Such Blue Prism Group Plc., WorkFusion, UiPath, Thoughtonomy Ltd., NICE Ltd., Automation Anywhere Inc., Softomotive, Pegasystems Inc., Redwood Software, and Kryon Systems among others.
The global RPA market for the verticals is fragmented into BFSI, Telecommunications, retail, healthcare, transportation & logistics and others. The segmentation is based upon the need for RPA to improve back end and front end business processes. Telecommunications and BFSI cumulatively in the RPA market have acquired the biggest share of almost one-fourth in 2017, followed by Transportation & logistics and healthcare. Telecommunications, particularly the BPOs are the early adopters of RPA. The increase in the demand for the global network the telecom industry is facing many challenges in providing the advanced services to its customers. The issues faced by various companies are handling a huge data, developing new and advanced services, controlling cost, and focusing on business efficiency; which may hinder the company's operation, profitability, and focus on the customer.
The overall market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, the primary interview was conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the RPA industry.
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