Jul 17, 2019   SOURCE: PR NewsWire

Robotic Process Automation Market to Grow at a CAGR of 26.34%, 2024 - Adoption of AI and Cloud-Based Solutions for Internal Efficiency Among SMEs

DUBLIN, July 17, 2019 /PRNewswire/ -- The "Robotic Process Automation Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.

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The Robotic Process Automation Market is expected to register a CAGR of 26.34%, during the forecast period of 2019-2024

Robotic process automation (RPA) also called as intelligent automation or smart automation basically refers to advanced technologies that can be programmed to perform a series of tasks, like data manipulation, triggering responses, and creating necessary communication with other process and systems, which previously required human intervention.

Market vendors are also enhancing their offerings, by adding new features in areas, such as automation lifecycle management, workload management, SLA-based automation, credential management, and Citrix automation, as well as adding new data APIs. These enhancements are attracting new industries that are looking for higher operational and security capabilities.

    --  The adoption of RPA among SMEs, especially financial services, are
        thriving market growth. According to a survey conducted by Nasdaq, in
        2018, 70% of respondents are already using the technology in their
        operations.
    --  Growing deployment of SaaS, IaaS, and PaaS offerings, for customer
        relationship management, cloud computing, enterprise resource
        management, open source resources, cooperative robot learning, network
        connectivity, and other financial applications, are also developing a
        market for RPA solutions.
    --  The rising trend of the shift toward cloud-based solutions and
        increasing adoption of robot-based solutions, throughout various
        end-user industries, are expected to create new opportunities for the
        establishment of robotic process automation market globally.
    --  The adoption of software robots for managing routine work carried out by
        temporary or seasonal staff, or for staff bursts that are required by
        regulatory spikes, new product launches, or some new operation being
        introduced, is further developing the market growth.

Scope of the Report

RPA is an application technology which uses software with capabilities of artificial intelligence and machine learning for handling a high volume, repeatable tasks. It allows employees to configure and program any computer software or a robot to interpret exiting application in the organization for manipulating data, processing transactions and communicating with digital systems. The RPA is similar to traditional IT automation but the major difference between these technologies is, RPA is capable of learning itself and adaptive to changing circumstances which a traditional IT automation system lacks.

Key Market Trends

Retail Expected to Have Significant Growth

Rapid growth in the e-commerce industry is an important factor adding to the growth of the robotic process automation market. Online sales in the United States are expected to double, by 2023, reaching approximately 20 to 25% of the overall retail sector. Along with adopting innovative practices to attract and engage more customers, the players in the retail industry have been using newer technologies for Retail automation to smoothen their processes and gaining a growth momentum to counter various challenges. The retail landscape is facing numerous challenges, which require a reorganization of business processes from top to bottom. RPA solutions can easily penetrate the issues, such as the rising cost of production, tech-enabled shoppers, an unreliable supply, implementing new technologies, from payment to payroll management systems, and labor availability.

    --  The growing number of warehouses is making the retail sector to use
        Robotic Process Automation in order to do the tasks more efficiently and
        effectively. A recent study conducted by Zebra Technologies on the
        anticipated future trends in the retail sector revealed that around 60%
        of the retailers are expected to adopt automation across all the key
        functions by 2021.
    --  The growing adoption of machine learning and big data into the RPA
        solutions is further increasing the adoption of RPA in retail. Moreover,
        many offline retail players are enhancing their online presence through
        RPA solutions.
    --  Returns processing, workflow management, customer support management,
        accounting and finance, ERP management and marketing, and consumer
        behavior analysis are some of the applications in the retail sector,
        with RPA playing an important role.
    --  It is estimated that more than 2 trillion USD can be saved in a global
        workforce by automating almost half of the tasks performed by humans,
        especially in an emerging industry, like retail.
    --  With the introduction of innovative technologies like Radio Frequency
        Identification, Point Of Sale and the most recent and most impactful RPA
        (Robotic Process Automation), companies are looking beyond the human
        capabilities to manage processes more accurately and productively.
    --  For instance, In March 2018, Walmart Inc. announced plans to expand its
        Online Grocery Delivery option to more than 40% of US households, by the
        end of the year. The service, available in six markets as of March, aims
        to grow to more than 100 metro areas across the country.

North America Expected to Have Significant Market Share

North America accounted for significant market share in the robotic process automation market. The increased demand for robotic process automation in this region is attributed to the rising of automation in various sectors such as healthcare, electronics, retail, education, services, and government. Due to the high number of outsourced customer services companies and the presence of major vendors of the market studied, the region is dominating the global RPA market.

    --  Due to the presence of prominent players in the region coupled with the
        availability of infrastructure for the successful adoption of RPA the
        adoption of robotic process automation solutions is increasing in this
        region. North American is expected to account for a substantial share
        due to the increasing adoption of digital transformation across
        industries, in the robotics process automation market.
    --  The United States which is the largest in the BPO sector (as per the
        data from NASSCOM and Philippines Labor Statistics, US Labor
        Statistics), is an early adopter of RPA, across enterprises. The growth
        of the IT and telecom industry in the country is expected to augment the
        growth of RPA, owing to the benefits it offers.

Competitive Landscape

The Robotic Process Automation Market is moving towards consolidation as various acquisitions and collaboration of large companies are expected to take place shortly which focuses on innovation.

    --  June 2018 - UiPath announced its partnership with Humley, a cognitive
        assistant platform. This partnership is intended to provide an AI
        assistant chat solution to UiPath's customers. Humley would enable a
        virtual assistant to support RPA management and build voice or chat user
        interfaces, which would help UiPath's customers to innovate. Through
        this partnership, UiPath is creating a robust ecosystem of partners to
        grow as an RPA provider, with leading partner technologies.

Key Topics Covered:

1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Focus on Automation in the BPO Industry
4.3.2 Functional Benefits of RPA across Various End-user Industries
4.3.3 Adoption of AI and Cloud-Based Solutions for Internal Efficiency Among SMEs
4.4 Market Restraints
4.4.1 Data Security Concerns
4.5 Market Opportunities
4.5.1 Trend Shift toward Cloud-based Solutions
4.6 Industry Attractiveness - Porter's Five Force Analysis

5 MARKET SEGMENTATION
5.1 By Deployment
5.1.1 On-premises
5.1.2 Cloud
5.2 By Solution
5.2.1 Software
5.2.2 Service
5.3 By Size of Enterprise
5.3.1 Small and Medium Enterprises
5.3.2 Large Enterprises
5.4 By End-user Industry
5.4.1 IT and Telecom
5.4.2 BFSI
5.4.3 Healthcare
5.4.4 Retail
5.4.5 Manufacturing
5.4.6 Other End-user Industries
5.5 Geography

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Automation Anywhere Inc.
6.1.2 Blue Prism Group PLC
6.1.3 Jacada Inc.
6.1.4 OpenSpan Inc.
6.1.5 UIPath Inc.
6.1.6 Kofax Inc.
6.1.7 Be Informed BV
6.1.8 Datamatics Global Services Limited
6.1.9 BlackLine Inc.
6.1.10 Infosys Limited (Edgeverve Systems Limited)
6.1.11 Contextor SAS
6.1.12 Nice Robotic Automation Ltd.
6.1.13 CGI Group

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/ouichu

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