RPA is an application of the artificial intelligence (AI) technology, which helps in configuring computer software to capture and interpret existing applications in order to manipulate data, trigger several responses, communicate with other digital systems, and process transactions.
When process is taken into consideration, the RPA market is categorized into decision support & management, automated solution, and interaction solution. Among these, the automated solution category dominated the market during the historical period (2013–2017) and is further expected to hold the largest share of the market during the forecast period. The reason for this is the expanding banking, financial services, & insurance (BFSI) industry, which is increasingly adopting robotic process automation for reducing cost and improving efficiency.
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On the basis of industry, the robotic process automation market is divided into telecom & IT, insurance, manufacturing, financial services, retail & consumer goods, banking, healthcare & pharmaceuticals, and others. The telecom & IT industry accounted for the major share of the market in 2017. This was due to the rising number of people who are turning toward telecom companies for connecting them with global networks, which is leading to the increased burden of work. Hence, the telecom companies are increasingly opting for RPA for managing their back-office tasks.
A major driving factor of the RPA market is the rising requirement for virtual workforce. The emergence of digitization has been encouraging the enterprises for adopting practices that are efficient, cost-effective, and provide services in a timely manner. A part of digital transformation is virtual workforce, which helps business processes save both cost and time. It is also among the major technology disruptors that enable employees to focus on tasks which need human intervention for better decision making. Hence, the rising need for automating repetitive tasks is expected to result in increased demand for virtual workforce.
Another factor driving the growth of the robotic process automation market is the reduction in the cost of automation services and software and workforce. The price of software utilized in automation is decreasing due to the growing adoption of RPA in financial services, retail businesses, and manufacturing. In addition to this, RPA provides an edge over conventional workers to enterprises, as it requires just a fraction of workforce cost and performs tasks with greater efficiency, thereby eliminating the need for human intervention.
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A key trend being observed in the RPA market is the process-based business approach in organizations. Businesses are increasingly adopting RPA because it has the ability to mimic human behavior and perform complex tasks with simplicity. Automated processes help organizations to gain strategic and operational advantages through cost benefits that are needed to take the business to the next level. Since RPA allows them to perform mundane tasks with improved efficiency, financial services providers and business process outsourcing are increasingly implementing the technology in their systems.
Hence, the market is witnessing growth due to the decreasing cost of automation services and software and surging demand for virtual workforce.
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