Gglobal IT sector produced revenue of around USD 4.4 trillion in comparison to USD 3.4 trillion in 2010.
The IT industry has witnessed notable growth over the past few years. In 2015, the global IT sector produced revenue of around USD 4.4 trillion in comparison to USD 3.4 trillion in 2010. This growth is due to the ever increasing number of offshore development centers in the Asia Pacific region. In 2018, the Indian IT sector grew to USD 181 billion. This number is projected to reach USD 250 billion by 2020. Thus upsurge of robotic process automation market due to IT sector.
Increasing use of internet in retail sector is majorly driving the global robotic process automation market. Digitalization is paving the way for retailers to broaden their customer base. In US alone, the e-commerce sales grew by almost 16% in 2017 from 2016. The global e-commerce sales in 2017 were USD 2.3 trillion as compared to USD 1.3 trillion in 2014. Major factor contributing to this growth is the increasing usage of mobile applications for online shopping. Global products and services purchased through mobile were about 60% in 2017 as compared to 52.5% in 2016. Organizations in the retail sector have opted to use automated solutions to handle illegal accounts, update orders, and keep track of shipped goods. Thus, retail sector will contribute significantly in the growth of robotic process automation market during the forecast timeframe. On a contrary, high initial investment is expected to have adverse effect on robotics process automation market growth. Nonetheless, advancements in technology along with developments in various industry sectors may open new avenues for the market in the near future.
Based on end use industry segment, global robotic process automation market is bifurcated into retail, transportation, BFSI, healthcare, manufacturing, IT & telecom, others. The BFSI segment is expected to hold a notable market share during the forecast timeframe. Software and service form the component segment for robotic process automation market. Software segment is anticipated to rise at substantial rate during the forecast period.
North America holds a substantial share in global robotic process automation market and is anticipated to maintain its dominance during the analysis period. Increasing usage of robotic process automation for retail sector along with the rapid advancements in technology are the major drivers for the market in this region. Further, presence of prominent market players such as IPsoft Inc., Automation Anywhere, Inc. and many more in the region is anticipated to shape the robotic process automation market massively. Usage of automation processes in the BFSI sector to reduce cost and enhance productivity is the major driving factor for growth of robotic process automation markets in Asia Pacific region. Asia Pacific is projected to grow at a significant rate during the forecast period.
Some of the key players in the robotic process automation market are Blue Prism Group Plc, Atos SE, Cognizant, Infosys Ltd., IPsoft, Inc., UiPath Inc., Automation Anywhere Inc., Be Informed B.V., and Jacada, Inc. among others.
The report segments global robotic process automation market as follows:
Robotic Process Automation Market: Component Segment Analysis
Robotic Process Automation Market: End Use Industry Segment Analysis
Robotic Process Automation Market: Regional Segment Analysis