IT Robotic Automation Market
IT Robotic Automation Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026
Press Release :
End users in the IT robotic automation market are leveraging robotic process automation (RPA) tools and techniques to automate a wide range of business tasks. Over the years, CIOs in businesses and enterprises are embracing new RPA tools to meet the different scenarios. Financial services firms, in particular, have been early adopters of IT robotic automation; the adoption of bots to drive customer value is a case in point. The gains of IT robotic automation for such firms drove the prospects. For instance, reduced human errors and staffing costs are key market propositions. A wide assortment of cognitive technologies expanded the avenue in the IT robotic automation.
Growing trend of intelligent automation has helped industry players carve out new niche propositions in recent years. Extensive adoption of RPA software tool by large enterprises is a case in point where new RPA scenarios are expanding the canvas for proponents in the IT robotic automation market. Advances made in cognitive computing are expanding the capabilities of IT process automation tools.
The high cost and complexity of the technological environments has made navigation difficult in different RPA scenarios. Regulations have also proved to impediment to adoption of IT robotic automation. More importantly, robotic programs lack acceptance due to human conundrum of job loss and lack of technical expertise in teaching bots new customer value. These fears have held back enterprises to scale up RPAs. Nevertheless, in the recent epidemic of Covid-19, robotic process automation witnessed a newfound optimism, the reason having to do with the vast significance of RPAs in consumer connect.
Further, need to address surge in consumer queries in the last few months’ also added impetus to the demand for IT robotic automation. On the other hand, enterprises who have adopted RPAs are zealously training them to work alongside human staff and fuel the benefits of automation. Also, companies are adopting new approaches to smoothen change management in this regard. All these trends will boost the IT robotic automation market.
IT Robotic Automation Market - Snapshot
The global IT robotic automation market was valued at US$ 1,108.4 Mn in 2017 and is expected to expand at a CAGR of 28.1% during forecast period from 2018 to 2026. Organizations that are investing on labor on a large scale are likely to boost their capabilities while saving time and money with robotic automation. Robotic automation has revolutionized the way to administer business processes, IT management and support processes, workflow processes, and back-office work. Furthermore, automation enables improvements in accuracy and increased productivity in process transaction while elevating the nature of work by eliminating employees from doing dull and repetitive tasks.
IT robotic automation can be utilized in a wide range of industry sectors to improve production rates while not hampering the quality. The factors leading to the expanding adoption of robotic automation includes reduction of cost and enhanced efficiency offered by robotic automation over manual processes in the IT industry. Robotic automation has observed significant adoption across various IT applications such as business process outsourcing (BPO) management, infrastructure management, and application management due to these benefits. Furthermore, growing implementation of cloud-based solutions is likely to boost the IT robotic automation market during the forecast period. Also, organizations are seeking alternate technologies to address the challenges arising from dynamic environments. Ever growing complexities in IT operations and management demanding the need for robotic interference is another factor fueling the growth of the IT robotic automation market.
Although there are factors supporting the growth of the market, increased security concerns of the technology is impacting the growth of the market. Additionally, existing outsourcing contracts in the BPO sector is hampering the adoption of IT robotic automation due to complexities involving long contract durations.
The report categorizes the IT robotic automation market into three major segments and their sub – segments. The IT robotic automation market is categorized into tools and services. The tools are further segmented into model based tools and process based tools. Services are segmented intoprofessional and training services. There are three more categories of professional services which includes consulting, integration and development, and BPO.
North America remained the dominant region in the IT robotic automation market in 2017.The region accounted for almost one-third of the global market revenue share and is expected to continue its leading position throughout the forecast period. This is due to the fact that a large number of mid-sized and small enterprises are leaning toward automation software. Europe captured the second largest market share in 2017. Asia Pacific witnessed significant growth in 2017, buoyed by rising adoption rate of digitalization and automation over the years. Factors such as different regulatory compliances and limited availability of efficient infrastructure are seen as key reasons for the potential growth slag.
IT services providers are looking forward to leverage robotic process automation to enhance their capabilities and sustain in the competitive IT industry. Time savings and reduction in operational cost particularly are major factors while responding to the evolving consumer needs and these are key factors impacting the overall growth of IT enterprises.
The major providers of IT robotic automation solutions include 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 UiPathSRL. As the need for more interactive and user friendly automation solutions increases in future, the market is likely to witness wider changes with intense competition. Furthermore, owing to tight training and development budgets, organizations prefer cost-effective solutions to offer training resources, thus enabling substantial growth opportunities in developing regions in the coming years.
IT Robotic Automation Market: Overview
The IT robotic automation market report provides analysis for the period 2014–2024, wherein 2016 to 2024 is the forecast and 2015 is the base year. The report covers all the major trends and technologies playing a key role in the growth of the IT robotic automation market over the forecast period. It also highlights the drivers, restraints, and opportunities expected to influence the market’s growth during the said period in terms of revenue (in US$ Mn).The report provides brief analysis for the regions which include North America, Europe, Asia Pacific (APAC), Middle East &Africa (MEA), and South America. The IT robotic automation market has been segmented by solutions into tools and services. These are further segmented into model-based application tools and process-based application tools. The services are further studied based on professional and training services. Professional services are further segmented into consulting, integration &development, and BPO services.
The market overview section of the report outlines the drivers, restraints, and opportunities that influence the current nature and future standing of this market. The report represents the market attractiveness for segments that include solution, tools and services, and their sub-segments influencing the adoption of IT robotic automation. The report also includes ecosystem analysis to recognize key participants in the IT robotic automation market along with their role in the ecosystem. Moreover, the report provides an overview of the various strategies of key players in the market.
Major factors driving the global IT robotic automation market include cost benefits and improved efficiency in process handling, ability to leverage other application software without integration, increased adoption in the finance and accounting (F&A) sector, and as an alternative to offshore outsourcing. The robotic process automation decreases human intervention in routine repetitive tasks and thus creates a virtual workforce for handling a large number of tasks. Additionally, automation takes place at the GUI layer which eliminates the need of integration with other systems. Moreover, robots can work for long duration eliminating the constraints of limited hours of human labor. Thus, significant reductions in cost, time, and labor can be achieved by implementing robotic process automation.
Global IT Robotic Automation Market: Scope of the Report
The IT robotic automation market has been segmented based on solutions (tools and services), by tools (model based and process based), by services (professional and training) and by professional (consulting, integration &development, and BPO). Geographically, the market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The report also highlights the competitive landscape of the global IT robotic automation market, positioning all the major players according to their presence in different regions of the world and recent key developments initiated by them in the industry. The comprehensive IT robotic automation market estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, and technological factors along with the current market dynamics affecting the IT robotic automation market growth.
This report provides all the essential information required to understand the key developments in the IT robotic automation market, and growth trends of each segment and region. It also includes strategies of companies, financial information, SWOT analysis, and developments under the company profile section. Also, the report provides insights related to trends and their impact on the market. Furthermore, Porter’s Five Forces analysis explains the five forces, namely buyers bargaining power, suppliers bargaining power, threat of new entrants, threat of substitutes, and degree of competition in the IT robotic automation market. This report also provides a comprehensive ecosystem analysis of the IT robotic automation market. It explains the various participants including software & third-party vendors, system integrators and distribution channels within the value chain operating in the market.
Global IT Robotic Automation Market: Research Methodology
The research methodology is a perfect combination of primary research, secondary research, and expert panel reviews. Secondary research sources such as annual reports, company websites, broker reports, financial reports, SEC filings and investor presentations, national government documents, internal and external proprietary databases, statistical databases, relevant patent and regulatory databases, market reports, government publications, World Bank database, and industry white papers are referred.
Primary research involves telephonic interviews, e-mail interactions and face-to-face interviews for detailed and unbiased reviews on the IT robotic automation market across geographies. Primary interviews are usually conducted on an ongoing basis with industry experts and participants in order to get the latest market insights and validate the existing data and analysis. Primary interviews offer firsthand information on important factors such as market trends, market size, competitive landscape, growth trends, and outlook. These factors help to validate and strengthen secondary research findings and also help to develop the analysis team’s expertise and market understanding. Moreover, the data collected and analyzed from secondary and primary research is again discussed and examined by our expert panel.
Global IT Robotic Automation Market: Competitive Dynamics
The IT robotic automation market involves robotic automation technology providers and robotic automation service providers. The major providers of IT robotic automation includes 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. Details such as financials, business strategies, recent developments, and other such strategic information pertaining to these players have been duly provided as part of company profiling.
The global IT robotic automation market is segmented as below: