The global robotic process automation (RPA) market is forecasted to grow at a CAGR of more than 27% and is expected to cross $7bn by 2024 during the forecasted period between 2013–23, according to a ResearchandMarkets report.
The predicted growth in RPA adoption is said to be a result of factors such as advancement in new technologies, growing digitalization and the increasing demand for automation in principal industry tasks among small and medium-sized enterprises (SMEs).
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"Most of the major vendors in the global robotic process automation market are actively focused on enhancing their offerings to meet the ongoing demand for advanced business automation solutions. This includes software integrated with artificial intelligence and cognitive learning," the report outlined.
On the contrary, the report found that constant change in automation technology and unavailability of technical workforce may deter the growth.
On a geographical note, "North America has been the largest market for robotic process automation, whereas Asia-Pacific is expected to witness the fastest growth among all regions, during the forecast period", the report found.
According to the report, some of the key players adopting RPA include Nice Systems, Xerox and IBM, with a primary focus on developing their offerings to meet the demand for advanced business automation solutions.