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(Chicago.CityRegions.Com, March 17, 2017 ) Robotic process automation is the application of technology to configure computer software or a robot to capture and interpret existing applications for rule-based processing of transactions, manipulate data, trigger responses, and communicate with other digital systems.
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Robotic process automation deals with the application of smart software to carry out high-volume and repetitive tasks that usually take a lot of time for humans to accomplish, and which are typically monotonous to perform.
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With the growing attractiveness and popularity of enterprise resource planning, there is a need for businesses to move toward automation of processes to stay competitive. There are various technologies that can be used in combination with robotic process automation to enable more effective automation of business processes. For instance, key vendors such as BluePrism, IPsoft, and Virtual Operations are planning to plug-in architecture tools, artificial intelligence, and cognitive abilities in their robotic process automation offerings. Enterprises can focus on these technologies for cost savings and better efficiency in their business processes.
The robotic process automation market is estimated to reach USD 2,467.0 Million by 2022, at a CAGR of 30.14% between 2017 and 2022. The base year considered for the study is 2016 and the forecast period is 2017–2022.
The objective of the report is to provide a detailed analysis of the robotic process automation market, based on process, operations, type, industry, and region. The report provides detailed information regarding the major factors influencing the growth of the robotic process automation market. It also offers a detailed overview of the value chain in the robotic process automation market and analyzes market trends through Porter's five forces analysis.
The research methodology used to estimate and forecast the robotic process automation market begins with capturing data on key vendor revenue through secondary research, covering Institute for Robotic Process Automation (IRPA), press releases, investor relation presentations, annual reports, etc. Vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up approach is employed to arrive at the overall size of the global robotic process automation market from the revenue of key players. After arriving at the overall market size, the total market is split into several segments and subsegments. These are further verified through primary research by conducting extensive interviews with people holding key positions CEOs, VPs, directors, and executives. Market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments.