Global IT Robotic Automation Market: Snapshot
IT robotic automation is a go-to solution for organizations to benefit from process automation and advanced analytics in operations and processes at economical prices, which was not possible with earlier automation approaches. IT robots (automation software) are programmed to be used with data-driven and rule-based processes, which work towards aspects such as improving productivity and compliance accuracy, and can be applied irrespective of industry and application. IT robotic automation has modernized the way various business processes, IT management and support processes, workflow processes, and back-office processes are managed in a cost effective manner.
The technology holds strong promise in transforming workplaces and is expected to see adoption at an exponential rate the next few years. Transparency Market Research estimates that the IT robotic automation market will expand at a CAGR of 47.1% over the period between 2016 and 2024. If the number holds true, the market will rise to a valuation of US$16,884.0 mn by 2024.
IT Robotic Automation Services to Comprise Bulk of Market Revenue
The IT robotic automation market is segmented in the report on the basis of two crucial types of solutions offered by the market: tools and services. The market for IT robotic automation tools is anticipated to expand at a faster CAGR of 51.8% as compared to the segment of services. The IT robotic automation services’ segment, however, presently dominates, accounting for a share of over 68% in the global market in 2015. The services’ segment is expected to continue to comprise the bulk of revenue gained by the global market in the next few years as well.
The tools’ segment is further categorized into model-based and process-based application tools, where the model-based tools segment is anticipated to lead the market, holding a share of over 52% of the global market by 2024. Of the two key types of services offered by companies in the IT robotic automation market, the segment of training services is expected to expand at a faster growth rate as compared to professional services over the forecast period.
Early Adoption to Help North America Retain Market Dominance
IT robotic automation has been predominantly adopted in various industries in North America, making the region the dominant shareholder in the global IT robotic automation market in terms of revenue contribution. Rapid developments in computing technologies in the region indicate that the region will continue to observe significant growth in the field of IT robotic automation in the coming years as well. In addition, the rising IT and IT-related services are likely to bring surge in the implementation of automation services in the region in the next few years.
Europe is likely to witness healthy growth in terms of the demand for IT robotic automation over the period between 2016 and 2024, considering the increasing preference to robotics in transforming workplaces. Owing to the vast pool of services and tools offered by service providers in the region, the utilization of robotic software across a large number of small-, medium-, and large-scale businesses is expected to expand at a healthy pace in the next few years.
Asia Pacific is anticipated to be a high potential market for the IT robotic process automation during the forecast period. Technologically advanced countries such as Japan and China are the major contributors in terms of adoption of process automation in the region. Furthermore, rising investments in corporate sector and instantaneous developments of IT infrastructure in the developing countries such as India and Philippines are anticipated to favor the IT robotic automation market in Asia Pacific in the near future.
Some of the key global providers of IT robotic automation are Blue Prism, Be Informed B.V., Appian, IPSoft, Inc., Tata Consultancy Services Limited., Infosys Limited, Cognizant Technology Solutions Corp., Atos SE, Capgemini, Genfour, Genpact Ltd., Automation Anywhere, Inc., Sutherland Global Services, Inc., and UiPath Srl.
Global IT Robotic Automation Market: Overview
IT robotic automation, being highly useful in advanced analytics in processes, operations, and process automation, are being adopted by a number of public and private organizations. Via cost-efficient automation software, IT robots can be programmed to enable their deployment in rule-based and data-driven processes, significantly boosting the productivity across a plethora of applications.
The global market for IT robotic automation has been segmented on the basis of services, solution, tools, and geography. By tools, model based and process based are the two prominent categories. Whereas, by solution, the market has been classified into services and tools. The services segment has been divided into training and professional services. BPO, consulting, and integration and development are the key segments of the professional services segment.
The report maps the progress of the market players, keeping track of their key marketing strategies, individual market shares, and product portfolios. The key restraints, growth opportunities, recent developments, and drivers of the market have also been highlighted in the report, alongside market projections.
Global IT Robotic Automation Market: Drivers and Restraints
The elimination of the need of integration and enhanced productivity in process handling such as workflow processes, back office processes, and IT management and support processes in a cost effective way have been catalyzing the growth of the global market for IT robotic automation technology. The rapid expansion of the market can also be attributed to the rising demand for IT robotic automation technology from the finance and accounting (F&A) sector.
The deployment of robotic automation reduces human interference in monotonous tasks, thereby redirecting human labor in other, more productive tasks. This results in the creation of a virtual workforce that can handle a variety of jobs. Moreover, as the automation process involves graphical user interface (GUI) that allows the user to communicate and interact via visual indicators instead of text-based interfaces, the need for integration with other software is unnecessary.
On the other hand, absence of knowledge about the availability and significance of IT robotic automation technology might impede growth. Security issues concerning privacy and easy access to data can also restrain the growth of the market. However, the emergence of IoT and the torrent of new, advanced gadgets will ensure the progress of the market.
Global IT Robotic Automation Market: Regional Outlook
By geography, Europe, South America, Asia Pacific, the Middle East and Africa, and North America are the key segments of the global IT robotic automation market. North America emerged as the leading contributor to the growth of the market, as it has been embracing IT robotic automation across numerous end-use industries well before other regions. Europe is likely to hold a significant share in the global market by the end of the forecast period, driven by growing inclination towards the incorporation of robotics in workplaces. The presence of a vast number of vendors in the region has been encouraging the use of robotic software by various medium, large, and small sized business enterprises.
Greater of opportunities, however, are offered in Asia Pacific. Countries such as China and Japan are home to many technology giants. Asia Pacific has thus emerged as a lucrative market for IT robotic automation. The downpour of heavy investments in the corporate sector, coupled with the exceptional growth of the IT industry in countries such as India, has been stimulating the global market for IT robotic automation.
Companies mentioned in the research report
Infosys Limited, Automation Anywhere, Inc., Blue Prism, UiPath Srl, Capgemini, Sutherland Global Services, Inc., Cognizant Technology Solutions Corp., Tata Consultancy Services Limited., Be Informed B.V., Genpact Ltd., IPSoft, Inc., and Atos SE are some of the major companies operating in the global IT robotic automation market.
Key Segments of the IT Robotic Automation Market
Global IT Robotic Automation Market, by Solution
Global IT Robotic Automation Market, by Tools
- Model Based
- Process Based
Global IT Robotic Automation Market, by Services
- Integration and Development
Major regions analyzed under this research report are:
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments