NEW YORK, June 23, 2017 (GLOBE NEWSWIRE) -- According to a new research report, “Global Robotic Process Automation Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Process (Automated Solution, Decision Support & Management, and Interaction Solution), by Operation (Rule Based and Knowledge Based), by Service (Professional and Training), by Enterprise Size (Small and Medium Enterprise, and Large Enterprise), and by Industry (BFSI, Telecom & IT, Retail and Consumer Goods, Manufacturing, Healthcare and Pharmaceuticals, and Others)” published by P&S Market Research, the global robotic process automation market is projected to reach $6,247.1 million by 2023, growing at a CAGR of 33.8% during 2017 - 2023.

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Due to significant growth in technologies such as artificial intelligence and cognitive learning, adoption of business automation technologies by enterprises has also increased. This has led to a rapid increase in demand for virtual workforce to eliminate repetitive human efforts, on the back of which, the global robotic process automation market is gaining traction.

As per the findings of the research, rule based operations have been the largest revenue generators in the global robotic process automation market, as compared to knowledge based operations. Further, among various processes, the automation solutions segment is expected to continue its highest revenue contribution to the market, during the forecast period. Among various industries, retail and consumer goods witnessed the highest growth in demand of robotic process automation, during 2014 - 2016. However, banking, financial services and insurance (BFSI) is expected to hold the largest market during the forecast period.

Geographically, North America has been the largest market for robotic process automation, whereas Asia-Pacific is expected to witness the fastest growth among all regions, during the forecast period. The anticipated growth in the market can be attributed to factors such as advancement in new technologies, growing digitalization, growth in automation software industry, and increasing adoption of business process automation solutions by small and medium scale enterprises in the region.

Rule based robotic process automation operations has been the largest contributor to the global robotic process automation market. This operation uses sophisticated computer software that automates rule-based processes, which are statements pre-defined in a software system, without the need for constant supervision of human workforce.

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Factors driving the growth of the global robotic process automation market include significant increases in ease of doing business through installation of robotic process automation, surge in demand for a virtual workforce to eliminate repetitive human tasks, decreasing costs of automation software and services, and increased adoption of new automation technologies for business transformations.

The research states that the global robotic process automation market is moderately competitive, with players developing new robotic process automation applications. Some of the key players operating in the robotic process automation ecosystem are Nice Systems Ltd., Pegasystems Inc., Automation Anywhere, Blue Prism PLC, Ipsoft, Inc., Celaton Ltd., Redwood Software, Uipath SRL, Verint System Inc., Xerox Corporation, and IBM Corporation.

Most of the major vendors in the global robotic process automation market are actively focused on enhancing their offerings to meet the ongoing demand for advanced business automation solutions. This includes software integrated with artificial intelligence, and cognitive learning.

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