Global Robotic Process Automation Market 2017-2021
About Robotic Process Automation
The robotic process automation is defined as an automated system that can carry out rule-based and repetitive tasks without human intervention. RPA has an advantage of an automatic and regular software update that is carried out to prevent any delays in the execution of business processes. Business operations that are labor-intensive, require on-shore and off-shore man-power, regular training related to advanced models, and deputations of skilled manpower in business areas where robotic process automation software is implemented to optimize the cost.
Technavio’s analysts forecast the global robotic process automation market to grow at a CAGR of 25.19% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global robotic process automation market for 2017-2021. To calculate the market size, the report considers the installation of RPA software, maintenance and services in the case of operating system breakdown, and reinstallation of RPA software.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Robotic Process Automation Market 2017-2021
Technavio recognizes the following companies as the key players in the global robotic process automation market: Accenture, Cognizant, Deloitte, and IBM
Other Prominent Vendors in the market are: Automation Anywhere, Blue Prism, EdgeVerve Systems (Part of Infosys), EnableSoft, Kofax, Kryon Systems, NICE, Redwood, Softomotive, THOUGHTONOMY, UiPath, and WorkFusion.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Emerging trends in business process transformation. Presently, businesses are focused on more client-centric processes rather being fixated only about productivity and generating profits. Therefore, there have been changes witnessed in the way the businesses are operating. The primary focus of industries is to reduce human error that is mostly due to the judgment based decisions and approaches. To phase out such errors from business operations, industries are now adopting robotic process automation solution. Few features identified that are now a trend in business operations as industries are more vigilant and focused on quality.”
According to the report, one of the major drivers for this market is Improved cost savings for businesses. Robotic process automation is a cost-effective software that allows industries to reduce the operational cost. For business processes that are highly standardized and to be adhered as per the industry and company policies, the RPA is incorporated at different levels. Industries are focused on optimizing operational cost that includes the reduction of manual labor. The implementation of RPA is a one-time investment and ensures a high return on investments.
Further, the report states that one of the major factors hindering the growth of this market is Subscription cost of robotic process automation software. Industries are working on different pricing models that involve various ways of employee hiring and revenue generation. The implementation of RPA software is incorporated to reduce the manpower and generate error-proof data. The implementation of RPA software involves the price quoted by the third-party vendor for RPA. Therefore, the subscription of RPA involves scheduled software updates and maintenance and pricing of RPA based on the business model implementation. Before entering a contract, several regulatory terms and conditions need to be settled between the end-user and software provider, which at times can increase the subscription cost or the cost incurred in design and development. In the case of conflict, the subscription negotiation will have to be renewed or the business model has to be changed. Both the processes are time-intensive and would lead to downtime, ultimately affecting the business process and productivity.
Accenture, Cognizant, Deloitte, IBM, Automation Anywhere, Blue Prism, EdgeVerve Systems (Part of Infosys), EnableSoft, Kofax, Kryon Systems, NICE, Redwood, Softomotive, THOUGHTONOMY, UiPath, and WorkFusion.