According to the latest market study released by Technavio, the global robotic process automation market is expected to grow at a CAGR of more than 25% during the predicted period.
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Technavio has published a new report on the global robotic process automation market from 2017-2021. (Graphic: Business Wire)
This research report titled 'Global Robotic Process Automation Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
As industries are shifting from manual operations to automated processes, there has been a surge in the adoption of robotic technology. The robotic process automation is the business solution that is highly flexible and uses minimum resources to be operated when compared with manual workers and manually operated and interpreted software platforms.
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Technavio's analysts categorize the global robotic process automation market into five major segments by end user. They are:
- Banking and financial services industry
- Information technology/ Information technology-enabled services (IT/ITES) industry
- Logistics industry
- Manufacturing industry
- Healthcare industry
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The top three segments of the global robotic process automation market are discussed below:
Global robotic process automation in banking and financial services industry
The banking and financial services industry is involved in an exhaustive activity of money creation, generation, managing, and the exchange of data to clients and within the organization. The attributes of this industry include extensive working and applications that are triggered by client feedback and government regulations.
According to Sushmit Chakraborty, a lead robotics research analyst from Technavio, "The banking and financial industry works in accordance with the set rules and policies of this industry, which are a part of the code of conduct and are to be adhered without any discrepancy. Therefore, it becomes necessary for the industry to implement technologies that allow them to deliver services without any hurdles and human errors. The banking and financial services industry has witnessed a change in the business processes that are governed by advanced technologies, such as digitization."
Global robotic process automation in IT/ITES industry
The IT industry has witnessed a huge integration of automation at various levels of business operations. The majority of operations carried out through manual data entry has been reduced due to the implementation of RPA software that mimics human activities. Through artificial intelligence and deep learning, the IT industry has been revolutionizing various levels of business operations.
"To render the demand of clients, including the low-cost of services and faster delivery, the IT industry is transforming its cost-intensive operations by implementing RPA. The transmission of the standard operating procedure by coding through RPA is witnessed. The flexibility of RPA software to integrate with different applications through the graphic user interface is a major contributor to the increased adoption of RPA in the IT industry," says Sushmit
Global robotic process automation in telecom industry
With the implementation of digital technology across various industries, the telecom industry has also witnessed the transformation from manually conducted business operations to automated processes.
With advances in technology, such as robotics and various IT platforms, industries are adopting sophisticated technologies that are cost-effective and add value to the services offered by the industry. This industry is constantly trying to develop its capabilities to incorporate fast and seamless globalized connectivity.
The top vendors highlighted by Technavio's research analysts in this report are:
- Accenture
- Cognizant
- Deloitte
- IBM
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