Robotic process automation (or RPA) is an emerging form of business process automation technology based on the notion of software robots or artificial intelligence (AI) workers.
RPA tools have strong technical similarities to graphical user interface testing tools. These tools also automate interactions with the GUI and often do so by repeating a set of demonstration actions performed by a user. RPA tools differ from such systems including features that allow data to be handled in and between multiple applications, for instance, receiving an email containing an invoice, extracting the data, and then typing that into a bookkeeping system.
Integration of artificial intelligence and machine learning abilities into a computer or robot, to carry out the repetitive task, manipulate data, communicate with digital systems, etc. is called robot process automation.
Rapid industrialization, increased penetration of internet of things & artificial intelligence, and increasing demand for process and business automation solutions and services are factors driving the growth of the global robotic process automation (RPA) market. Major factors restraining the growth of the global robotic process automation (RPA) market are high capital investments, and lack of awareness. In addition, the lack of skilled professionals, and redundancy towards the adoption of new technology in some countries across the globe are other factors hampering the market growth to a significant extent. The current trend observed in the market is increased demand for robotic process automation tools from logistics and IT sectors, which is another factor driving the growth of the global market.
Global robotic process automation (RPA) market is segmented on the basis of service type, organization type, application, and region. Among all the application segments, telecom & IT segment accounts for the highest revenue share in the global market and is expected to account for the highest revenue share by 2026. The banking, financial services, and insurance (BSFI) application segment are expected to witness considerable growth in the target market over the next 10 years.
On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market is expected to witness highest revenue growth in the target market, owing to rising demand for robotic process automation tools, and solutions from manufacturing, logistics, and IT sectors in emerging countries such as India, China, etc.