Increasing Demand from BPO Drives Robotic Process Automation Market Growth
IT department workers devote more than 20% of their working hours to repetitive tasks. Because of this, various IT companies outsource their tasks, such as invoice processing, claims processing, data entry, data extraction, or other repetitive tasks, to different vendors. As robotic process automation solution can benefit these companies by increasing productivity, its demand is increasing globally. The business process outsourcing (BPO) sector, which always seeks to increase cost efficiency while carrying out routine and repetitive work, requires robotic process automation as it can help BPO companies increase productivity by automating repetitive manual operations while maintaining low costs. In addition, when the robotic process automation program is set and running, the maintenance cost can also be minimal, saving both time and money compared to training and hiring new employees.
Furthermore, as robotic process automation uses automated workflows, it can help process, calculate, and develop reports, providing an almost error-free performance. Automation systems such as bots are mostly designed to handle data through predefined rules, thus offering a consistent workflow at any time. Robotic process automation also provides the reliability of the product. Bots help check the data and match it with the instructed outline. If the data is not matched, the robotic process automation system can flag it and reject the data. Moreover, robotic process automation provides high scalability and flexibility. Its scale on-demand feature ensures great flexibility for businesses, allowing them to take on big projects to increase ROI. Hence, all the above benefits of robotic process automation in BPO are increasing its demand globally, driving the robotic process automation market.
Robotic Process Automation Market: Segment Overview
The robotic process automation market is categorized based on component, organization size, deployment mode, and end-user industry. Based on component, the robotic process automation market is bifurcated into solution and service. The service segment is further segmented into consulting, integration & development, support & maintenance, and training. Based on deployment mode, the market is bifurcated into on-premise and cloud. Based on organization size, the market is bifurcated into small and medium enterprises (SMEs) and large enterprises. In terms of end-user industry, the market is segmented into BFSI, e-commerce & retail, healthcare, IT & telecom, manufacturing, and others. By geography, the robotic process automation market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
In 2022, Europe held the second-largest global robotic process automation market share, followed by APAC. The Europe robotic process automation market is segmented into Germany, France, Spain, the UK, Italy, and the Rest of Europe. Western Europe is a highly developed region, hosting several different types of businesses. Additionally, the growing digital transformation in Europe supports the robotic process automation market growth. There is a growing understanding that there is a need for action to foster the digital transformation of European businesses, especially for SMEs and traditional sectors. The region’s demand for cloud-based services is offering new growth opportunities for various managed services, including BPO. With new technological advancements, rapid digitalization, and a rise in customer demands, BPOs are adopting robotic process automation solutions to increase the productivity and efficiency of their business operation, thus ensuring higher customer satisfaction.
Furthermore, the Europe robotic process automation market is witnessing tremendous growth in various industries. The increasing demand for efficient business process automation and intelligent process handling is driving the market. Several big BFSI players and telecom companies are located in Europe. They continuously adopt advanced technologies such as robotic process automation to increase operational efficiency. Apart from BFSI, healthcare and logistics sectors are propelling the demand for robotic process automation. In addition, the manufacturing industry is witnessing a rise in the adoption of automation tools to provide quality services to their customers. Thus, the rising adoption of robotic process automation solutions in the above industries is propelling the growth of the robotic process automation market in Europe.
Robotic Process Automation Market: Competitive Landscape and Key Developments
Appian Corp, Automation Anywhere Inc, Blue Prism Ltd, Cyclone Robotics, Datamatics Global Services Ltd, International Business Machines Corp, Microsoft Corp, NICE Ltd, Pegasystems Inc, Salesforce Inc, SAP SE, and UiPath Inc are among the key players profiled during the robotic process automation market study. Various other companies are introducing new product offerings to contribute to the robotic process automation market size proliferation. Several other important players were also analyzed during this market research to get a holistic view of the global market and its ecosystem. The leading robotic process automation market players focus on feature upgrades, expansion and diversification, collaboration, and acquisition strategies, which enable them to grab new business opportunities.
- In November 2023, Appian expanded its offerings by introducing the most recent iteration of the Appian Platform for AI process automation. This innovative solution is designed to enhance end-to-end automation and data-driven decision-making through self-service analytics (SSA) and generative Private AI. The introduction of the latest version of the Appian platform will empower business and IT leaders to streamline processes, enhance user experiences, and achieve improved business results.
- In November 2023, UiPath Inc., a leading provider of enterprise automation software, announced its latest platform features designed to enable customers to achieve tangible benefits by leveraging AI and automation. These features empower organizations to transform millions of tasks and thousands of processes across their enterprise, resulting in increased capacity for innovation and enhanced worker productivity.
- In May 2023, Blue Prism Ltd unveiled its most recent enhancements to its Intelligent Automation Platform. These updates are designed to empower organizations to extract maximum value from their intelligent automation initiatives, leading to business expansion and enhanced experiences for both customers and employees. By leveraging these updates, organizations can unlock the full potential of intelligent automation to drive growth and improve overall operational efficiency.