Robotic Process Automation Market to grow at 20% CAGR from 2017 to 2024

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Global Robotic Process Automation Market to hit
5bn in 2024 Global Market Insights Inc.
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Key Insights from Robotic Process Automation
Market

• Robotic Process Automation industry analysis is
  covered in this latest research report that aims
  to help those taking daily business decisions by
  providing market trends information, competitive
  landscape scenario, forecasts and more. Robotic
  Process Automation (RPA) Market size is set to
  exceed USD 5 billion by 2024.
• The growing adoption of RPA technology by
  organizations to enhance their capabilities,
  performance and reduce operational costs is
  expected to drive the Robotic process automation
  market growth over the forecast timeline. In
  order to gain ease of the processes,
  organizations are increasingly deploying these
  solutions with the traditional business
  processes. Surge in demand to eliminate manual
  interference in simplified and time-consuming
  business processes is predicted to increase the
  technology adoption rate.
• Robotic process automation market has a huge
  potential to transform the way organizations
  operate and support various business processes.
  Surging eminence of BPM solutions led to rising
  need of automating the operations by small
  medium businesses to stay ahead of the
  competition.

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Continued...

• Lack of technical expertise associated with the
  deployment and integration might hinder the RPA
  market growth. Moreover, less potential of such
  solutions to grow in the knowledge based business
  operations is expected to curb the industry
  demand. Continuity in the business processes, ROI
  and practical implications are among the major
  concerns related to the technology
  implementation. Unwillingness of employees to
  make a transition from traditional business
  processes to automated business processes coupled
  with the lack of awareness will also pose a
  challenge to the adoption.
• Increasing demand from organizations to automate
  the business processes such as handling customer
  enquiries is leading to the significant growth of
  automated solutions demand. Adoption of such
  automated solutions helps organizations to
  streamline the business operations and focus on
  their core competencies. Automation of monotonous
  tasks such as timesheets proposal submissions
  eliminates the work load on production team
  results in increased productivity and fueling the
  organizations competitiveness.

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Continued...

• To bridge the gap between largely backed digital
  transformation projects, the IT telecom sector
  is expected to witness high growth in the Robotic
  process automation market. With a virtual
  workforce that streamlines the traditional
  business processes, RPA can accomplish this
  leading the valuable company resources to focus
  on more important work.
• Europe Robotic process automation market is
  anticipated to witness significant growth over
  the forecast timeline. This can be attributed to
  the presence of large number of logistics and
  manufacturing companies in the region. Owing to
  the increasing need for customer support across
  various industry verticals such as BFSI, IT
  telecommunication, government and insurance, the
  RPA market has significant potential to grow in
  Australia.
• Companies operating in the industry include Xerox
  Corporation, Blue Prism, Nice Systems Ltd.,
  Automation Anywhere, Ipsoft, Celaton Ltd.,
  Pegasystems, Redwood Software, Uipath and Verint.
  The industry is currently witnessing heavy
  investments in technology by various players to
  gain high ROI.

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U.S. RPA Market Share, By Organization Size, 2016

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360 Analysis

• By Application
• BFSI applications are the largest adopter in the
  RPA market as it is a highly regulated sector and
  automated solutions are offering a cost efficient
  and rapid way to cater the regulatory compliance
  issues by bridging the gaps between the ERP and
  BPMs systems. The telecom and IT industry is
  anticipated to witness significant growth over
  the forecast timeframe to bridge the gap between
  large backed digital transformation projects.
• By Region Trends
• Australia RPA market is anticipated to witness a
  significant growth over the forecast timeline
  owing to the need for customer support and
  request processing requirements across industries
  such as the banking, insurance, government, and
  telecommunications.
• The Europe robotic process automation market will
  witness a surge owing to the presence of
  manufacturing and logistics firms in the region.
  The technology may help these industry verticals
  by operating with fewer number of people or
  shortage of labor, thereby, cutting on the cost
  and streamlining the resource allocation.
• Competitive Market Share
• The players in the RPA market include Blue Prism,
  Automation Anywhere, Celaton Ltd, Ipsoft,
  Pegasystems, Nice Systems Ltd., Redwood Software,
  Verint, Uipath and Xerox Corporation. Blue Prism.

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