Robotic process automation, or RPA, is a relatively recent and rapidly progressing manifestation of the need to use robots as workers, as a software process rather than the hardware side. It makes use of robotic software, which is essentially an application that copies off a human’s interaction with an interface system within the computer system. Typical current generation technologies in the global IT robotic automation market involve user interface operations.
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Global IT Robotic Automation Market Shows Massive Growth Rate Amid Evolving Industries
The global IT robotic automation market is expanding tremendously fast at a CAGR of 60.5% between 2014 and 2020. This market was valued at US$183.1 mn in 2013. By the end of 2020, this market is expected to be valued at US$4.98 bn. There are various factors responsible for this highly optimistic growth rate for the global IT robotic automation market, the key factor being its market appeal in substantially increasing accuracy and efficiency. Many consider robotic automation to be a key part of the next phase of the industrial revolution. It is believed to help in completely negating the need for offshoring, a factor highly sought by all manufacturing industries.
Major Changes Expected in BPO Due to RPA
One of the biggest ways in which the global IT robotic automation market is expected to gain demand is its potential of usage in the field of business process outsourcing. In terms of types, the global IT robotic automation market is divided into RPA tools and RPA services. Of these, RPA services had led the market in 2013, owing to key partnerships being created between top IT companies and RPA tools companies. At the same time, there was a flurry of contracts being signed between major BPO firms and RPA service providers, owing to the high level of advantages IT robotic automation provides. This situation is still slightly tricky, however, as the existing BPO contracts will not allow the included players to immediately switch to RPA services. They are, however, expected to do so over the coming years.
Early Tech Adoption Boosts North America IT robotic automation market
North America and Europe have consistently been the leading regions in the global IT robotic automation market, with North America leading over the latter. North America has always enjoyed a higher level of project initiation in RPA and has been a part of it since the market’s inception. Therefore, we have a majority of the key players that are based in this region, progressing at faster rates than players from other regions. That said, Asia Pacific is currently showing the fastest growth rate among all regions, owing to a rapid evolution rate of industries and increasing demand for automated processes.
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With key players such as Capgemini, Infosys Ltd., Tata Consultancy Services Ltd, Blue Prism, and Automation Anywhere, Inc. taking a lead in the innovative processes in the global IT robotic automation market, its future can be expected to remain bright, despite the current challenges it faces. Hindrances such as security concerns and improper distribution of access control can be resolved over time as technologies and processes evolve.