HOME Top Market Reports Robotic Process Automation Market by Process (Automated solution, Decision Support & Management Solution, and Interaction Solution), Operation (Rule Based and Knowledge Based), Type (Tools and Services), Industry, and Geography - Global Forecast to 2022

Robotic Process Automation Market by Process (Automated solution, Decision Support & Management Solution, and Interaction Solution), Operation (Rule Based and Knowledge Based), Type (Tools and Services), Industry, and Geography - Global Forecast to 2022

By: marketsandmarkets.com
Publishing Date: March 2017
Report Code: SE 5066

 

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Robotic process automation is the application of technology to configure computer software or a robot to capture and interpret existing applications for rule-based processing of transactions, manipulate data, trigger responses, and communicate with other digital systems. Robotic process automation deals with the application of smart software to carry out high-volume and repetitive tasks that usually take a lot of time for humans to accomplish, and which are typically monotonous to perform.

With the growing attractiveness and popularity of enterprise resource planning, there is a need for businesses to move toward automation of processes to stay competitive. There are various technologies that can be used in combination with robotic process automation to enable more effective automation of business processes. For instance, key vendors such as BluePrism, IPsoft, and Virtual Operations are planning to plug-in architecture tools, artificial intelligence, and cognitive abilities in their robotic process automation offerings. Enterprises can focus on these technologies for cost savings and better efficiency in their business processes.

The robotic process automation market is estimated to reach USD 2,467.0 Million by 2022, at a CAGR of 30.14% between 2017 and 2022. The base year considered for the study is 2016 and the forecast period is 2017–2022.

The objective of the report is to provide a detailed analysis of the robotic process automation market, based on process, operations, type, industry, and region. The report provides detailed information regarding the major factors influencing the growth of the robotic process automation market. It also offers a detailed overview of the value chain in the robotic process automation market and analyzes market trends through Porter's five forces analysis.

The research methodology used to estimate and forecast the robotic process automation market begins with capturing data on key vendor revenue through secondary research, covering Institute for Robotic Process Automation (IRPA), press releases, investor relation presentations, annual reports, etc. Vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up approach is employed to arrive at the overall size of the global robotic process automation market from the revenue of key players. After arriving at the overall market size, the total market is split into several segments and subsegments. These are further verified through primary research by conducting extensive interviews with people holding key positions CEOs, VPs, directors, and executives. Market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments. The breakdown of the profiles of the primaries is depicted in the following figure:

Robotic Process Automation Market

To know about the assumptions considered for the study, download the pdf brochure

The robotic process automation ecosystem comprises system integrators, software providers, and distributors. Players involved in the development of robotic process automation include Automation Anywhere (U.S.), Blue Prism (U.K.), Celaton Ltd (U.K.), IPSoft (U.S.), Nice Systems Ltd. (Israel), Pegasystems (U.S.), Redwood Software (U.S.), UiPath (Romania), Verint (U.S.), and Xerox Corporation (U.S.).

Target Audience of the Report:

  • Associations, organizations, forums, and alliances
  • Cloud service providers
  • Customer experience solution providers
  • Government bodies and departments
  • Research organizations and consulting companies  
  • System integrators
  • Technology consultants
  • Value added resellers
  • Workforce optimization solutions providers

 “This study answers several questions for stakeholders; primarily, which market segments to focus on in the next two to five years for prioritizing efforts and investments.”

Scope of the Report:

This research report categorizes the global robotic process automation market segmented on the basis of process, operations, type, industry, and region.

Robotic Process Automation Market, by Process

  • Automated Solution
  • Decision Support and Management Solutions
  • Interaction Solutions

Robotic Process Automation Market, by Operations:

  • Rule-based
  • Knowledge-based

Robotic Process Automation Market, by Type

  • Tools
  • Services

Robotic Process Automation Market, by Industry:

  • Banking, Financial Services and Insurance
  • Healthcare and Pharmaceuticals
  • Manufacturing and Logistics
  • Telecom and IT
  • Retail and Consumer Goods
  • Travel, Hospitality, and Transportation
  • Others (Energy and utility, government, and academics)

Robotic Process Automation Market, by Region:

  • North America
  • Europe
  • Asia Pacific (APAC)
  • Rest of the World (RoW)

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the specific needs of companies. The following customization options are available for the report:

Company Information:

Detailed analysis and profiling of additional market players (up to five)

Table of Contents

1 Introduction (Page No. - 14)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Study Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 18)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
                    2.2.1.1 Approach for Capturing the Market Share By Bottom-Up Analysis (Demand Side)
           2.2.2 Top-Down Approach
                    2.2.2.1 Approach for Capturing the Market Share Top-Down Analysis (Supply Side)
    2.3 Market Breakdown and Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 27)

4 Premium Insights – Robotic Process Automation Market (Page No. - 31)
    4.1 Robotic Process Automation Market, 2017–2022 (USD Million)
    4.2 Market, By Type (2017–2022)
    4.3 Market, By Process (2017)
    4.4 Market, By Industry and Region (2017)
    4.5 Market, By Geography (2017)

5 Market Overview (Page No. - 34)
    5.1 Introduction
    5.2 Market Segmentation
           5.2.1 Robotic Process Automation Market, By Type
           5.2.2 Robotic Process Automation Market, By Operation
           5.2.3 Robotic Process Automation Market, By Process
           5.2.4 Robotic Process Automation Market, By Industry
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Ease in Business Processes With the Installation of Robotic Process Automation
                    5.3.1.2 Convergence of Robotic Process Automation With Traditional Business Processes
           5.3.2 Restraints
                    5.3.2.1 Data Insecurity Risk Hindering the Implementation of Robotic Process Automation in the Financial Sector
                    5.3.2.2 Less Potential for Robotic Process Automation in Knowledge-Based Business Processes
           5.3.3 Opportunities
                    5.3.3.1 Integration of New Technologies With Robotic Process Automation
                    5.3.3.2 High Demand for Robotic Process Automation in the Logistics Industry
                    5.3.3.3 Expected Adoption of Robotics Process Automation in the Bpo Sector
           5.3.4 Challenges
                    5.3.4.1 Lack of Awareness Regarding Robotic Process Automation

6 Industry Trends (Page No. - 42)
    6.1 Introduction
    6.2 Value Chain Analysis
    6.3 Porter’s Five Forces Model
           6.3.1 Threat of New Entrants
           6.3.2 Threat of Substitutes
           6.3.3 Bargaining Power of Suppliers
           6.3.4 Bargaining Power of Buyers
           6.3.5 Intensity of Competitive Rivalry

7 Market Analysis, By Process (Page No. - 49)
    7.1 Introduction
    7.2 Automated Solution
    7.3 Decision Support and Management Solution
    7.4 Interaction Solution

8 Market Analysis, By Operation (Page No. - 55)
    8.1 Introduction
    8.2 Rule Based
    8.3 Knowledge Based

9 Market, By Type (Page No. - 58)
    9.1 Introduction
    9.2 Tool Based
           9.2.1 Model-Based Application Tools
           9.2.2 Process-Based Application Tools
    9.3 Service Based
           9.3.1 Consulting
           9.3.2 Integration and Development
           9.3.3 Training

10 Market, By Industry (Page No. - 76)
     10.1 Introduction
     10.2 Banking, Financial Services, and Insurance
     10.3 Telecom and IT Industry
     10.4 Travel, Hospitality, and Transportation Industry
     10.5 Retail and Consumer Goods
     10.6 Manufacturing and Logistics Industry
     10.7 Healthcare and Pharmaceuticals
     10.8 Other Industries

11 Geographic Analysis (Page No. - 93)
     11.1 Introduction
     11.2 North America
             11.2.1 U.S.
             11.2.2 Canada
             11.2.3 Mexico
     11.3 Europe
             11.3.1 Germany
             11.3.2 U.K.
             11.3.3 France
             11.3.4 Rest of Europe
     11.4 Asia Pacific
             11.4.1 China
             11.4.2 Japan
             11.4.3 India
             11.4.4 Rest of Asia Pacific
     11.5 Rest of World
             11.5.1 Middle East and Africa
             11.5.2 South America

12 Competitive Landscape (Page No. - 110)
     12.1 Overview
     12.2 Market Ranking Analysis of Robotics Process Automation Market
     12.3 Competitive Situations and Trends
             12.3.1 New Product Developments
             12.3.2 Partnerships and Agreements/ Collaborations
             12.3.3 Mergers & Acquisitions

13 Company Profiles (Page No. - 117)
     13.1 Introduction
(Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, Ratio Analysis, MnM View)*
     13.2 Nice Systems Ltd.
     13.3 Pegasystems Inc.
     13.4 Automation Anywhere
     13.5 Blue Prism PLC
     13.6 Ipsoft, Inc.
     13.7 Celaton Ltd.
     13.8 Redwood Software
     13.9 Uipath SRL
     13.10 Verint System Inc.
     13.11 Xerox Corporation
     13.12 Key Innovators
             13.12.1 Arago Us, Inc.
             13.12.2 IBM
             13.12.3 Thoughtonomy Ltd.

*Details on Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.

14 Appendix (Page No. - 139)
     14.1 Insights of Industry Experts
     14.2 Discussion Guide
     14.3 Introducing RT: Real-Time Market Intelligence
     14.4 Available Customizations
     14.5 Related Reports
     14.6 Author Details


List of Tables (69 Tables)

Table 1 Robotic Process Automation Market, By Type
Table 2 Market, By Operation
Table 3 Market, By Process
Table 4 Market, By Industry
Table 5 Market, By Process, 2014–2022 (USD Million)
Table 6 Automated Solution for Robotic Process Automation Market, By Industry, 2014–2022 (USD Million)
Table 7 Decision Support and Management for Robotic Process Automation Market, By Industry, 2014–2022 (USD Million)
Table 8 Interaction Solution for Robotic Process Automation Market, By Industry, 2014–2022 (USD Million)
Table 9 Robotic Process Automation Market, By Operation, 2014–2022 (USD Million)
Table 10 Robotic Process Automation Market, By Type, 2014–2022 (USD Million)
Table 11 Robotic Process Automation Market, By Tool, 2014–2022 (USD Million)
Table 12 Robotic Process Automation Tool Market, By Industry, 2014–2022 (USD Million)
Table 13 Robotic Process Automation Tools Market, By Region, 2014–2022 (USD Million)
Table 14 Robotic Process Automation Tools Market for BFSI, By Region, 2014–2022 (USD Million)
Table 15 Robotic Process Automation Tools Market for Telecom and IT, By Region, 2014–2022 (USD Million)
Table 16 Robotic Process Automation Tools Market for Travel, Hospitality, and Transportation, By Region, 2014–2022 (USD Million)
Table 17 Robotic Process Automation Tools Market for Retail and Consumer Goods, By Region, 2014–2022 (USD Million)
Table 18 Robotic Process Automation Tools Market for Manufacturing and Logistics, By Region, 2014–2022 (USD Million)
Table 19 Robotic Process Automation Tools Market for Healthcare and Pharmaceutical, By Region, 2014–2022 (USD Million)
Table 20 Robotic Process Automation Tools Market for the Other Industries, By Region, 2014–2022 (USD Million)
Table 21 Robotic Process Automation Market, By Services, 2014–2022 (USD Million)
Table 22 Robotic Process Automation Services Market, By Industry, 2014–2022 (USD Million)
Table 23 Robotic Process Automation Services Market, By Region, 2014–2022 (USD Million)
Table 24 Robotic Process Automation Services Market for BFSI, By Region, 2014–2022 (USD Million)
Table 25 Robotic Process Automation Services Market for Telecom and IT, By Region, 2014–2022 (USD Million)
Table 26 Robotic Process Automation Services Market for Travel, Hospitality, and Transportation, By Region, 2014–2022 (USD Million)
Table 27 Robotic Process Automation Services Market for Retail and Consumer Goods, By Region, 2014–2022 (USD Million)
Table 28 Robotic Process Automation Services Market for Manufacturing and Logistics, By Region, 2014–2022 (USD Million)
Table 29 Robotic Process Automation Services Market for Healthcare and Pharmaceutical, By Region, 2014–2022 (USD Million)
Table 30 Robotic Process Automation Services Market for the Other Industries, By Region, 2014–2022 (USD Million)
Table 31 Robotic Process Automation Market, By Industry, 2014–2022 (USD Million)
Table 32 Market for the BFSI, By Process, 2014–2022 (USD Million)
Table 33 Market for BFSI, By Region, 2014–2022 (USD Million)
Table 34 Market for BFSI, By Type, 2014–2022 (USD Million)
Table 35 Market for the Telecom and IT Industry, By Process, 2014–2022 (USD Million)
Table 36 Market for Telecom and IT Industry, By Region, 2014–2022 (USD Million)
Table 37 Market for Telecom and IT Industry, By Type, 2014–2022 (USD Million)
Table 38 Market for the Travel, Hospitality, and Transportation Industry, By Process, 2014–2022 (USD Million)
Table 39 Market for Travel, Hospitality, and Transportation Industry, By Region, 2014–2022 (USD Million)
Table 40 Market for Travel, Hospitality, and Transportation, By Type, 2014–2022 (USD Million)
Table 41 Market for the Retail and Consumer Goods Industry, By Process, 2014–2022 (USD Million)
Table 42 Market for Retail and Consumer Goods Industry, By Region, 2014–2022 (USD Million)
Table 43 Market for Retail and Consumer Goods Industry, By Type, 2014–2022 (USD Million)
Table 44 Market for the Manufacturing and Logistics Industry, By Process, 2014–2022 (USD Million)
Table 45 Market for Manufacturing and Logistics Industry, By Region, 2014–2022 (USD Million)
Table 46 Market for Manufacturing and Logistics Industry, By Type, 2014–2022 (USD Million)
Table 47 Robotic Process Automation Market for the Healthcare and Pharmaceuticals Industry, By Process, 2014–2022 (USD Million)
Table 48 Market for Healthcare and Pharmaceuticals Industry, By Region, 2014–2022 (USD Million)
Table 49 Market for Healthcare and Pharmaceuticals Industry, By Type, 2014–2022 (USD Million)
Table 50 Market for Other Industries, By Process, 2014–2022 (USD Million)
Table 51 Market for Other Industries, By Region, 2014–2022 (USD Million)
Table 52 Market for Other Industries, By Type, 2014–2022 (USD Million)
Table 53 Market, By Region, 2014–2022 (USD Million)
Table 54 Robotic Process Automation Market in North America, By Country, 2014–2022 (USD Million)
Table 55 Market in North America, By Industry, 2014–2022 (USD Million)
Table 56 Market in North America, By Type, 2014–2022 (USD Million)
Table 57 Robotic Process Automation Market in Europe, By Country, 2014–2022 (USD Million)
Table 58 Market in Europe, By Industry, 2014–2022 (USD Million)
Table 59 Market in Europe, By Type, 2014–2022 (USD Million)
Table 60 Robotic Process Automation Market in Asia Pacific, By Country, 2014–2022 (USD Million)
Table 61 Market in Asia Pacific, By Industry, 2014–2022 (USD Million)
Table 62 Market in Asia Pacific, By Type, 2014–2022 (USD Million)
Table 63 Robotic Process Automation Market in RoW, By Region, 2014–2022 (USD Million)
Table 64 Market in RoW, By Industry, 2014–2022 (USD Million)
Table 65 Market in RoW, By Type, 2014–2022 (USD Million)
Table 66 Top Players in the Robotics Process Automation Market, 2016
Table 67 New Product Developments, 2015–2016
Table 68 Partnerships, Agreements, and Collaborations (2014–2016)
Table 69 Mergers & Acquisitions (2014–2016)


List of Figures (66 Figures)

Figure 1 Markets Covered in the Robotic Process Automation Market Report
Figure 2 Research Design
Figure 3 Market Size Estimation Methodology: Bottom Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Market Breakdown Data Triangulation Approach
Figure 6 Assumptions of the Research Study
Figure 7 Robotic Process Automation Tools are Expected to Hold A Major Share of the Market During the Forecast Period
Figure 8 Rule-Based Operation Expected to Hold A Major Share of the Robotic Process Automation Market During the Forecast Period
Figure 9 Robotic Process Automation Market for Automated Solution Expected to Grow at the Highest Rate During the Forecast Period
Figure 10 BFSI Industry to Hold the Largest Size of the Robotic Process Automation Market During the Forecast Period
Figure 11 Robotic Process Automation Market, By Geography, 2017
Figure 12 Attractive Growth Opportunities in the Robotic Process Automation Market (2017–2022)
Figure 13 Robotic Process Automation Service Market Expected to Grow at A High CAGR Between 2017 and 2022
Figure 14 Automated Solution Process Expected to Lead the Robotic Process Automation Market in 2017
Figure 15 BFSI Industry Expected to Hold the Largest Share of the Robotic Process Automation Market in 2017
Figure 16 The U.S. to Hold the Largest Share of the Robotic Process Automation Market in 2017
Figure 17 Robotic Process Automation Market, By Geography
Figure 18 Drivers, Restraints, Opportunities, and Challenges in the Robotic Process Automation Market
Figure 19 Value Chain Analysis: Major Value Addition Done During the Manufacturing and Assembly Phase
Figure 20 Porter’s Five Forces Analysis - 2016
Figure 21 Impact Analysis: Robotic Process Automation Market
Figure 22 R&D Expenses to Highly Impact the Threat of New Entrants
Figure 23 Substitute Quality Plays A Major Role in Threat of Substitutes
Figure 24 Switching Costs to Impact the Bargaining Power of Suppliers
Figure 25 Medium Impact of Bargaining Power of Buyers on the Robotic Process Automation Market
Figure 26 High Impact of Intensity of Competitive Rivalry on the Robotic Process Automation Market
Figure 27 Automated Solution Expected to Hold the Largest Size of the Robotic Process Automation Process Market By 2022
Figure 28 Automated Solution for BFSI Expected to Hold the Largest Size of the Robotic Process Automation Market By 2022
Figure 29 Decision Support and Management Solution for Healthcare and Pharmaceuticals Industry Expected to Grow at the Highest Rate Between 2017 and 2022
Figure 30 Interaction Solution for Telecom & IT Industry Expected to Hold the Largest Size of the Robotic Process Automation Market By 2022
Figure 31 Rule-Based Operation Expected to Hold the Largest Size of the Robotic Process Automation Market By 2022
Figure 32 Tool-Based Robotic Process Automation Likely to Hold the Largest Market Size By 2022
Figure 33 Tool-Based Robotic Process Automation for BFSI is Expected to Hold the Largest Market Size By 2022
Figure 34 Robotic Process Automation Tools for BFSI in North America is Expected to Hold the Largest Market Size By 2022
Figure 35 Robotic Process Automation Tools for Travel, Hospitality, and Transportation in Europe is Expected to Hold the Largest Market Size By 2022
Figure 36 Robotic Process Automation Tools for Manufacturing and Logistics in Europe is Expected to Hold the Largest Market Size By 2022
Figure 37 Robotic Process Automation Tools for the Other Industries in North America is Expected to Hold the Largest Market Size By 2022
Figure 38 Service-Based Robotic Process Automation for BFSI is Expected to Hold the Largest Market Size By 2022
Figure 39 Robotic Process Automation Services for BFSI in North America is Expected to Hold the Largest Market Size By 2022
Figure 40 Robotic Process Automation Services for Travel, Hospitality, and Transportation in Europe is Expected to Hold the Largest Market Size By 2022
Figure 41 Robotic Process Automation Services for Manufacturing and Logistics in APAC is Expected to Hold the Largest Market Size By 2022
Figure 42 BFSI Industry Expected to Hold the Largest Size of the Robotic Process Automation Market By 2022
Figure 43 North America Expected to Lead the Robotic Process Automation Market for the BFSI Industry By 2022
Figure 44 Decision Support and Management Solution Expected to Witness the Highest Growth Rate in the Telecom and IT Industry By 2022
Figure 45 Robotic Process Automation Market for the Travel, Hospitality, and Transportation Industry to Grow at the Highest Rate in Europe By 2022
Figure 46 Decision Support and Management Solution for the Retail and Consumer Goods Expected to Hold the Largest Size of the Robotic Process Automation Market By 2022
Figure 47 Robotic Process Automation Market for the Manufacturing and Logistics Industry to Grow at the Highest Rate in APAC By 2022
Figure 48 Decision Support and Management Solution for Healthcare and Pharmaceuticals Expected to Hold the Largest Size of the Robotic Process Automation Market By 2022
Figure 49 Japan and India Exhibiting the Highest Growth Rate During the Forecast Period
Figure 50 Snapshot of Robotic Process Automation Market in North America
Figure 51 Snapshot of Robotic Process Automation Market in Europe
Figure 52 Germany Likely to Dominate the European Robotic Process Automation Market During the Forecast Period
Figure 53 Snapshot of Robotic Process Automation Market in Asia Pacific
Figure 54 Robotic Process Automation Market in the Middle East and Africa to Hold Higher Share in RoW During the Forecast Period
Figure 55 Companies Adopted New Product Developments as the Key Growth Strategy Between 2014 and 2016
Figure 56 Market Evolution Framework — Partnerships, Agreements, and Collaborations Were the Major Strategy Adopted By Key Players (2014–2016)
Figure 57 Battle for Market Ranking: Partnerships, Agreements, and Collaborations as the Key Growth Strategy
Figure 58 Nice Systems Ltd.: Company Snapshot
Figure 59 Nice Systems Ltd.: SWOT Analysis
Figure 60 Pegasystems Inc.: Company Snapshot
Figure 61 Pegasystems Inc.: SWOT Analysis
Figure 62 Automation Anywhere: SWOT Analysis
Figure 63 Blue Prism PLC: SWOT Analysis
Figure 64 Ipsoft, Inc.: SWOT Analysis
Figure 65 Verint: Company Snapshot
Figure 66 Xerox Corporation: Company Snapshot

The robotic process automation market is estimated to be worth USD 2,467.0 Million by 2022, at a CAGR of 30.14% between 2017 and 2022.  The growth of this market is mainly driven by the ease of business processes provided by the robotic process automation, and convergence of robotic process automation with traditional business process industries.

The robotic process automation market has been segmented on the basis of process, operations, type, application, industry, and region. The robotic process automation tools market held the largest market share on the back of the growing demand for tool-based robotic process automation. This is attributed to the structured data format in various organizations. Robotic process automation tools mainly work on the Optical Character Recognition (OCR), Optical Mark Recognition (OMR), text, audio, video, and other file formats. Records of the business processes are kept using these formats, so that they are easily recognizable by robotic process automation to develop suitable business processes by reducing human effort and time.

The automated solution market for robotic process automation held the largest market share owing to the growth of the banking, financial services, and insurance industry, which has been leveraging robotics process automation to improve competence and speed up business processes since 2010. Due to the high degree of flexibility and scalability of the solution, and greater requirement for data processing and workflow management, it has witnessed widespread deployment in different business environments. The availability of an automated solution that is viable for large-scale deployment in data management is a major driver for the market growth.

Robotic process automation in the BFSI industry held the largest market share among all the industries. In the BFSI domain, multiple systems are linked to each other by interfaces to enable the flow of transaction-related data. Robotic process automation controls and monitors these interfaces, and ensures seamless execution of transactions and fill data gaps. Robotic process automation improves the accuracy and efficiency of different the processes in the BFSI industry. These solutions also help in regulatory reporting and balance sheet reconciliation by collating data from multiple systems and conducting a host of validation checks to prepare information for a detailed analysis.

Robotic Process Automation Market

The robotic process automation market for North America held the largest market share in 2016. North America is estimated to account for the largest share of the global robotic process automation market in 2017. The presence of key players such as IBM (U.S.), Automation Anywhere (U.S.), Pegasystems (U.S.), and IP Soft (U.S.) in North America is a key factor that drives the growth of the robotic process automation market in this region.

Major factors propelling the market growth are ease in business processes provided by robotic process automation, and convergence of robotic process automation with traditional business process industries. The major restraints of the robotic process automation market are risk of data security, which hinders the implementation of robotic process automation in the financial domain, and the reduced potential of robotic process automation for knowledge-based business processes.

Market players such as Automation Anywhere (U.S.), Blue Prism (U.K.), Celaton Ltd (U.K.), IPSoft (U.S.), Nice Systems Ltd. (Israel), Pegasystems (U.S.), Redwood Software (U.S.), UiPath (U.K.), Verint (U.S.), and Xerox Corporation (U.S.), etc., are focusing on new product launches, research and development, acquisitions, and collaborations to enhance their service offerings and expand business.

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