The robotic process automation market will generate high demand from the growing need of enterprises for achieving business process automation through robot software. Furthermore, a growing number of businesses are delving into artificial intelligence (AI) technologies for handling monotonous and lengthy data handling tasks that require intensive manual hours, and it’s quite evident in the increasing demand for attended automation across various sectors. These factors will assist the robotic process automation market in increasing revenue in the forecast period. Robotic process automation (RPA) involves technology that makes use of robot software for automating tasks dealing with big data. These robots are built through extensive coding and are similar to graphical user interface testing tools which means repeating actions performed by a user in a GUI. The robotic process automation market will propel owing to the extensive recognition that RPA systems are gaining from different kinds of enterprises. The biggest trend impacting the market is the bundling up of artificial intelligence with RPA systems. Artificial intelligence and machine learning equip RPA systems with cognitive abilities for processing data more accurately and performing manual tasks with robotic efficiency. The robotic process automation market earned a revenue of $864 million in 2018, and is expected to grow at a CAGR of 28% during the forecast period 2019-2025.
Travel and Hospitality as the Most Promising Segment of the Market:
The world is experiencing an increase in tourism at an extraordinary rate. According to the United Nations World Tourism Organization, 1.4 billion tourists travelled internationally in 2018. The travel and tourism sector is being cited as a top priority by governments for their immense contribution to the global economy. This growth in tourism has empowered a number of entrepreneurs to start travel enterprises offering services such as tour planning, online ticketing, refunds, management of cancellation of bookings, and others. These enterprises mostly function online with a large part of the business relying on company websites and tools for increasing sales. This has become a strong growth driver for the robotic process automation market. Tourism businesses are experiencing heavy traffic on their websites, which has made them turn towards business process automation for handling website data. Furthermore, with the use of RPA systems in handling databases, employers are left with more time to work on innovative products and schemes that help bring in more business to the enterprise. The segment of travel and hospitality has emerged as the most promising one and will grow at an estimated CAGR of 39% during the forecast period.
North America Taking the Lead in Robotic Process Automation Market
North America has emerged as the geographical leader of the robotic process automation market. In 2018, it held a 33% share of the total revenue earned by the market globally. This can be attributed to the rising demand for RPA systems from several industries such as healthcare, energy, telecom, financial services, travel, and others.
=> Energy Industry: A Major Robot Process Automation Marketplace – The North American energy industry is booming owing to high global demand for power and is the most important regional industry for fuelling growth of the robotic process automation market. According to the International Energy Agency, global demand for electricity grew by 4% in 2018. Furthermore, the North American energy infrastructure was estimated to require an investment of $710 billion by May 2018, according to the Interstate Natural Gas Association of America. Robotic process automation systems play an indispensable role in the energy industry, which requires additional manual shifts for handling bigger projects. This is where energy industry players are making use of robotic process automation systems for reducing manual shifts and automating tedious and repetitive tasks. The requirement of RPA systems in the energy industry will, therefore, act as a strong growth driver for the robotic process automation market.
How Industries Are Helping the Robotic Process Automation Market Thrive:
With the initial success of robotic process automation prototypes, many companies have resorted to make customized software robots for different industries. This is helping both the industries and robotic process automation market key players in witnessing simultaneous growth. Automation Anywhere, one of the key players in the robotic process automation market, builds customized AI-empowered software robots that can assist enterprises for end-to-end process automation. This innovation helped the company in winning the ‘Most Innovative Tech Company of the Year’ award in 2017.
These end-to-end RPA system solutions have made manual and tedious tasks extremely easy and fast. For instance, RPA solutions offered by Automation Anywhere perform tasks such as processing of invoices, verification of documents, and others. These tasks are omnipresent in most enterprises, which is why this technology is being increasingly adopted. This will help the robotic process automation market in generating revenues during the forecast period. Some of the industries where RPA systems have made their mark are-
=> Finance & the Prospects to Prosper for the Robotic Process Automation Market Players – Technological systems are generating data at an unprecedented rate. Financial systems are not far behind and have contributed to big data with services such as peer-to-peer lending and online wallets. According to Domo’s Data Never Sleeps 5.0, mobile payment service Venmo enabled financial transactions worth $51,892 every minute in 2017. This is where robotic process automation plays a key role, by identifying peculiar and suspicious patterns that often result in data breaches and consumer data compromise. RPA systems track and audit financial data to improve the inconsistency and prevent mishaps from occurring. Banking and financial institutions will, therefore, play a key role in the growth of the robotic process automation market in the forecast period.
=> The Boom in the Online Marketing Increasing the Robotic Process Automation Market Size – Online marketing will be an extremely important tool for enterprises to capitalize on consumer preferences in the upcoming years. According to Pew Research, 26% of adults in the U.S. are always online, which is reflective of the high usage in Internet. Marketing through targeted advertisements, for instance, will be indispensable in attracting consumers to different products made by an enterprise. For this reason, enterprises are increasingly employing RPA systems to analyze consumer browsing and spending patterns. This way, regular retail analytics is helping businesses in expanding their footprint and earning more revenue. Online marketing and analytics will help the robotic process automation market in earning additional revenue in upcoming years.
Robotic Process Automation Market: Major Players and Recent Developments
The key players operating in the robotic process automation market are Automation Anywhere, Inc., UiPath, Blue Prism Software, Inc., Pegasystems Inc., Kofax Inc, NTT Advanced Technology Corporation, Open Connect Ltd., Help Systems, EdgeVerve Systems, NICE Systems, IPSoft, Xerox Corporation, Redwood Software, and Verint Systems.
=> In 2019, UiPath raised $568m through hedge funding which will help in the innovation carried out in company quarters. This company is a global leader in robotic process automation systems that help companies in automating repetitive tasks surrounding software.
=> In July 2019, Blue Prism acquired Thoughtonomy to enable RPA systems for combining process automation with cloud delivery platform in order to attract a large customer base.