Robotic Process Automation Market to Grow at 36.2% CAGR till 2023: P&S Market Research

NEW YORK, May 30, 2018 (GLOBE NEWSWIRE) -- The robotic process automation market size is expected to reach $8.6 billion by 2023, growing at a CAGR of 36.2% during 2018-2023. A significant growth in demand of the market is anticipated due to rapid increase in adoption of advanced business automation solutions, and surging demand for virtual workforce to eliminate repetitive human tasks in business, across the world. In addition, development of low cost and easily available automation software is further fueling growth in the market, globally.

The use of cognitive based computing in the robotic process automation is a major trend witnessed in the robotic process automation market. With the growing advancement in artificial intelligence & cognitive computing, which include machine learning techniques and greater computational power, adoption of both the technology’s in robotic process automation is enabling industry to grow manifold efficiently. Earlier artificial intelligence & robotic process automation was considered as two different technology, but now they are complimenting each other to process huge volumes of data and providing better decision making for organizations. Cognitive based computing which include adaptive learning, speech recognition and pattern identification algorithm is being inherited in robotic process automation to transform business and taking organization to the next level of growth.

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With growing advancement in technology, the evolution in robotic process automation is showing prominent growth. However, frequent change in automation technology hinder its growth as well and faces employee resistance and onboarding issue. Implementation of any new technology seems to be stressful for an employee as its brings additional responsibility on them and RPA are observing gradual changes on regular basis which may obstruct the demand for the robotic process automation market.

Geographically, Asia-Pacific is expected to witness the fastest growth among all regions, during the forecast period. The anticipated growth in the robotic process automation 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. Further, due to increasing demand for automation in major industry tasks such as business process outsourcing (BPO), outbound sales, and other back office work, industries in the region have high tendency to adopt robotic process automation solutions at a rapid scale in the next few years.

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Some of the key players operating in the robotic process automation market are Pegasystems Inc., Nice Systems Ltd., Blue Prism PLC, Automation Anywhere, Celaton Ltd., Ipsoft, Inc., UiPath SRL, Redwood Software, Xerox Corporation, IBM Corporation and Verint System Inc.

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