Robotic Process Automation Market to Witness Growth Acceleration During 2017-2024
Category: #reports  By Ashwin Naphade  Date: 2019-01-22
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Robotic Process Automation Market to Witness Growth Acceleration During 2017-2024

A new report has been added by Market Study Report on the global Robotic Process Automation (RPA) market. As per the report, the global Robotic Process Automation (RPA) market is expected to expand at a 20 % CAGR from the period between 2017 and 2024. The report, titled ‘Robotic Process Automation (RPA) Market Size By Tools - Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024’.

 

The growing adoption of RPA technology by organizations to enhance their capabilities, performance and reduce operational costs is expected to drive the Robotic process automation market growth over the forecast timeline. In order to gain ease of the processes, organizations are increasingly deploying these solutions with the traditional business processes. Surge in demand to eliminate manual interference in simplified and time-consuming business processes is predicted to increase the technology adoption rate.

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Robotic process automation market has a huge potential to transform the way organizations operate and support various business processes. Surging eminence of BPM solutions led to rising need of automating the operations by small & medium businesses to stay ahead of the competition. Factors such as capability of the technology to offer increased control over the processes and perform high-volume routine tasks without human intervention, contributes significantly to the RPA market growth. Rising awareness associated with the benefits of the solutions among various organizations such as high level of accuracy and efficiency provide impetus to the demand for Robotic process automation market solutions.

Robotic Process Automation (RPA) Market size is set to exceed USD 5 billion by 2024; as per a new research report.

Lack of technical expertise associated with the deployment and integration might hinder the RPA market growth. Moreover, less potential of such solutions to grow in the knowledge based business operations is expected to curb the industry demand. Continuity in the business processes, ROI and practical implications are among the major concerns related to the technology implementation. Unwillingness of employees to make a transition from traditional business processes to automated business processes coupled with the lack of awareness will also pose a challenge to the adoption.

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Increasing demand from organizations to automate the business processes such as handling customer enquiries is leading to the significant growth of automated solutions demand. Adoption of such automated solutions helps organizations to streamline the business operations and focus on their core competencies. Automation of monotonous tasks such as timesheets & proposal submissions eliminates the work load on production team results in increased productivity and fueling the organization’s competitiveness.

To bridge the gap between largely backed digital transformation projects, the IT & telecom sector is expected to witness high growth in the Robotic process automation market. With a virtual workforce that streamlines the traditional business processes, RPA can accomplish this leading the valuable company resources to focus on more important work. The BFSI industry is expected to witness highest adoption of RPA solutions, which can be attributed to the accuracy, efficiency offered by such systems in terms of costs, providing a quick way to address the regulatory compliance issues by bridging the connection between the BPM and ERP systems.

Europe Robotic process automation market is anticipated to witness significant growth over the forecast timeline. This can be attributed to the presence of large number of logistics and manufacturing companies in the region. The technology helps in rationalizing the pickup & drop operations in order to obtain eminent advancement in the cycle time and enhance the customer experience. Owing to the increasing need for customer support across various industry verticals such as BFSI, IT & telecommunication, government and insurance, the RPA market has significant potential to grow in Australia.

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Companies operating in the industry include Xerox Corporation, Blue Prism, Nice Systems Ltd., Automation Anywhere, Ipsoft, Celaton Ltd., Pegasystems, Redwood Software, Uipath and Verint. The industry is currently witnessing heavy investments in technology by various players to gain high ROI. Moreover, they increasingly focusing on improving the offerings to meet the rising demand of automation processes.

RPA market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024, for the following segments:

Robotic process automation market, By Service Training & consulting, Professional service

Robotic process automation market, By Tools Model-based, Process-based

Related Reports: -

Global Smart Factory Market by Manufacturers, Countries, Type and Application, Forecast to 2022

Smart Factory is the advanced factory that has cyber-physical systems where materials can be moved efficiently across the factory floor. This advanced system has integrated computing codes that provides automation solution.

https://www.marketstudyreport.com/reports/global-smart-factory-market-by-manufacturers-countries-type-and-application-forecast-to-2022?utm_source=RR-AN

Read More: https://www.marketwatch.com/press-release/Home-Infusion-Therapy-Market-Industry-Growth-Factors-Applications-Regional-Analysis-Key-Players-and-Forecasts-by-2024-2019-01-16

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About Author

Ashwin Naphade

Email: [email protected]   

Ashwin Naphade

Ashwin is into digital marketing since the last 2 years and has worked on multiple projects across various industries. He likes posting information and knowledge on multiple topics with an objective to create online visibility as well as share his inputs. His interest...

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