Gglobal IT sector produced revenue of around USD 4.4 trillion in comparison to USD 3.4 trillion in 2010.
Robotic Process Automation Market
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 in the robotic process automation market due to IT sector.
Increasing use of the internet in the retail sector is majorly driving the global robotic process automation market. Digitalization is paving the way for retailers to broaden their customer base. In the US alone, 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.
A 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, the retail sector will contribute significantly to the growth of the robotic process automation market during the forecast timeframe. On a contrary, the high initial investment is expected to have an adverse effect on the 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 the end-use industry segment, the global robotic process automation market is bifurcated into retail, transportation, BFSI, healthcare, manufacturing, IT & telecom, and others. The BFSI segment is expected to hold a notable market share during the forecast timeframe. Software and service form the component segment for the robotic process automation market. The software segment is anticipated to rise at a substantial rate during the forecast period.
North America holds a substantial share in the global robotic process automation market and is anticipated to maintain its dominance during the analysis period. Increasing usage of robotic process automation for the retail sector along with the rapid advancements in technology are the major drivers for the market in this region.
Further, the 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. The usage of automation processes in the BFSI sector to reduce cost and enhance productivity is the major driving factor for the growth of robotic process automation markets in the Asia Pacific region. The 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 the 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