Robotic process automation technology is a software used to handle high-volume of repetitive tasks with machine learning and artificial intelligence capabilities. RPA has improved and revolutionized the ways in which organizations cater to IT support, remote infrastructure, and administer businesses and back-office work. The increasing demand for Business Process Automation through the use of software robots and artificial intelligence is driving the market during the forecast period. At the same time, the increasing demand from the logistics industry, coupled with the rising adoption of the automation process in Business Process Outsourcing (BPO), is creating opportunities for the market. However, the lack of awareness of RPA is obstructing the growth of the market in the coming years.
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Based on the type, the service segment dominated the global RPA market in 2018 and is expected to show similar trends during the forecast period. Continuous enhancements in training and advisory and consultancy services are driving the growth of the segment. Based on applications, the BFSI segment holds the large market share, owing to the automation of business tasks such as assembly and formulation, compliance regulations, and data entry. Further, the healthcare segment is also anticipated to hold a significant share owing to the use of software for reorganizing management processes.
Based on the organisation size, the large enterprise segment is anticipated to hold a significant share in the RPA market during the forecast period. The significant value addition, coupled with the ability to deliver seamless operation, is increasing the demand for the RPA market.
North America dominated the market in 2018 and is expected to show similar trends during the forecast period. This is due to the rising penetration of process management and automation solutions across the region. The U.S. is leading the North American market with an increase in the number of virtual workforce industries. Further, the Asia-Pacific region is showing the fastest growth during the forecast period. Increasing automation that includes artificial intelligence and machine learning is fuelling the growth of the market in the region. China is leading the Asia-Pacific market with an increase in demand for BPA solutions in the BPO sectors in the region.
The key market players are Blue Prism, Open Span, Celaton, Open Connect Systems Incorporated, Verint Systems, Cognizant, Automation Anywhere, Exilant, Infosys Limited, Atos Corporation, and others. Companies involved in this market are concentrating on research and development, along with acquisitions & mergers and innovation in products, in order to strengthen their market share.