Business operation has numerous repetitive tasks that involves time and can be lead to human errors. Implementation of automation in such daily tasks and reducing human error offer effective results. IT Robotic Automation is the technology that allows users to integrate the actions of a human interacting within digital systems with the robot and software to execute operation. Further, this technology helps in reducing cost with improving response time and helps to grow business.
Rapid growth in industrialization, increasing adoption of automation over traditional business processes and emergence of industry 4.0 are the key driving factors of the global IT robotic automation market. Robotic automation has boosted the number of strategic business partnerships and collaborations among market players and other service providers, which has fueled the growth of the market. Further, the benefits offered by automation processes such as IT systems testing, monitoring, query resolving, and ability to perform a multitude of tasks are few other contributing factors for the market growth.
In addition, automation allows arranging, implementing, and executing information in larger volumes in less time than mechanical procedure with lower overhead costs, this also aid as a significant factor for the adoption of IT robotic automation. Further, swelling adoption of progressive technologies by numerous end users such as artificial intelligence, cloud computing, and machine learning, are increasing demand of IT automation which in turn is fueling the market growth. However, growing concern related to data security and risk associated with complete reliance on automation may hamper the implementation of robotic automation in end user industries especially financial sector. Furthermore, increasing demand of IT robotic automation in logistics and BPO sector is projected to offer lucrative opportunities for the market growth during the forecast period.
The global IT robotic automation market is divided based on tools, services, operation, and region. Based on the tools, the global market is categorized into model-based tools and process-based tools. The services segment comprises professional services, consulting, integration & development, BPO and training. IT robotic automation has been further segmented based on operations as knowledge-based and rule-based.
Geographically, North America is anticipated to dominate the global IT robotic automation market and expected to continue its dominance over the forecast period. Factors such as increasing usage of IT robotic automation in financial sector and presence of major leading operators in this region are driving the growth of this market in this region. The US is a key revenue contributor in North America IT robotic process automation market. Further, rising need of reducing human intervention and improving operation in real time will increase the demand of IT robotic automation. Asia Pacific region is expected to hold the second leading position in the market and is anticipated to grow with the highest CAGR over the forecast period. This is attributed to the rapid adoption of technological advanced IT robotic automation by large IT sector in emerging countries such as India and China.
Blue Prism PLC, Be Informed B.V, Automation Anywhere Inc, IBM, Sutherland Global Service (SGS), IPSoft Inc, Appian Corporation, Interactive Media, BMC Software, and TCS are some of the major players that are functioning in the global IT robotic automation market.
In 2017, Blue Prism PLC and Nexis Diligence entered into a strategic collaboration to assist organizations in improving the efficiency and effectiveness of their object this is achieved through intelligent automation capabilities.