IT Robotic Automation Market

IT Robotic Automation Market Size & Growth Analysis (2023 - 2028)

The IT Robotic Automation Market was worth US$ 1.34 billion in 2022, and it is estimated to reach a valuation of US$ 9.13 billion by the end of 2028, expanding at an annual growth rate of 26.9% between 2023 and 2028. The growing demand for the AI incorporated in RPA bots and its application in increasing automated processes across the companies is a factor that is expected to lead the IT Robotic Automation market during the forecast period.

The IT Robotic Automation is nothing but a computer software setup method which aids in gathering and interpretation of modified data as well as the processing of responses, transactions, creation of a communication process with other digital systems. This software can also be utilized in a variety of industries to increase the production rates without sacrificing the quality since the IT industry has transformed by the concept of being a machine that works more efficiently than the people with enhanced precision and also time saving performance.

Recent Developments

• Automation Anywhere corporation has launched its first integrated Artificial Intelligence driven process discovery solution that discovers the business processes and also creates bots to automate them, this bot uses AI and machine learning to automatically capture and also analyze the users actions to uncover common, repetitive process steps as the employees navigation between business applications.
• In the month of February 2020, an operations management and analytics company EXL has made a strategic partnership with Blue Prism PLC, which will made to see EXL incorporate analytics, artificial intelligence, machine learning and other innovative technologies into Blue Prism’s connected RPA platform.
• Blue Prism Company has made a partnership with Nexis solutions in the month of January 2020 in which this partnership will see Blue Prism’s connected RPA platform which was integrated with Nexis Diligence to help the organizations to improve the efficiency as well as the effectiveness of their entity due diligence process with intelligent automation capabilities.

Market Drivers:

Several benefits such as increasing use of RPA bots by businesses especially in some sectors such as BFSI, healthcare, IT and telecom, to boost the productivity and efficiency while lowering the labour cost for repetitive operations is expected to play an essential role in the growth of market of IT Robotic Automation across the globe. Another factor such as the growing of requirement to automate repetitive tasks across various corporate domains such as tech support, technology, finance, HR, operations and procurement across the globe which influence the growth of IT Robotic Automation market during the forecast period. Technology innovation and advancement, and also the entry of new industry players are some of the major driving factors which promotes the growth of the revenue rate of IT Robotic Automation market during the forecast period.

Market Restraints

Risk of data security which prevents the installation of robotic process automation and restricted potential of robotic automation of knowledge based business process acts as an important deterrent to the growth of the IT Robotic Automation market.

IT ROBOTIC AUTOMATION MARKET REPORT COVERAGE:

Market Segmentation

The IT Robotic Automation market is segmented based on type, based on service, based on deployment type, based on organization and based on application.

IT Robotic Automation Market - By Type:

the IT Robotic Automation Market is divided into software and service. The service segments held the prominent share in terms of revenue and this segment is predicted to remain at the forefront throughout the forecast period due to the rising demand to accomplish repetitive high volume tasks by outsourcing RPA.

IT Robotic Automation Market - By Service:

the IT Robotic Automation Market is divided into consulting, implementing and training.  Among these segments, the service segment holds the major share of the market  due to the factors such as increasing awareness about automation among organizations and also this type of service is crucial in RPA to identify the type of RPA solution which was required based on the nature of enterprise’s business.

IT Robotic Automation Market - By Deployment Type:

the IT Robotic Automation Market is divided into cloud deployment type and on premises deployment type. The on premise deployment type segment holds the major share of the market and this segment is expected to hold the dominance during the forecast period.

IT Robotic Automation Market - By Organization Size:

the IT Robotic Automation Market is divided into small and medium size enterprises and large enterprises.

IT Robotic Automation Market - By Application:

the IT Robotic Automation Market is segmented into BFSI, retail and consumer goods, pharma and healthcare, IT and telecom, communication and media and education, manufacturing, logistics, energy and utilities. The BFSI segment held prominent share of the market among the other segments.

Regional Analysis

North America region hold the prominent share of the market owing to the high penetration rate of process management and automation solutions among enterprises and government agencies. Rising adoption of RPA among SME’s owing to increased awareness about improving various business functions such as accounting, finance, data entry, record keeping, etc. propels the growth of the market. The North America region is expected to hold the dominance during the forecast period.

Asia Pacific region is also expected to increase the market growth due to the rising of product adoption across pharma, healthcare, IT and telecom, retail and manufacturing industries in some of the major economies of the region such as India, China and Japan propels the growth of the revenue rate of the enterprises software market during the forecast period. Furthermore, rising awareness among other industries and SMEs is also one of the major driving factor which promotes the growth of the revenue rate of the IT Robotic Automation market.

Europe is expected to hit the highest CAGR in the coming years by owing to increasing investments on the development of new technologies in the IT sector.

Latin America and Middle East & Africa are likely to have the significant growth opportunities in the coming years.

Key Players

Key market participants of IT Robotic Automation market are Blue Prism, UiPath, Automation Anywhere, NICE, Pegasystems, KOFAX Inc, NTT advanced technology corp, EdgeVerve Systems Ltd, FPT software, OnviSOurce Inc and HelpSystems.

Impact of COVID 19 for IT Robotic Automation Market

Due to the recent COVID 19 pandemic, almost all the industries have faced a lot of problems due to the lockdown situations imposed by the respective government authorities to reduce the spread of the corona virus. But in case of robotic process automation market, the revenue has increased due to increased usage of robotic process automation solutions by increase in social distancing norms. The market will reach to an impeccable growth rate in the upcoming years to come.