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.
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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.
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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.