IT Robotic Automation Market Size, Share, Growth, and Industry Analysis, By Type ((RPA Technology Supply, RPA Service Supply & Others), By Application (Banking, Utilities, Healthcare & Others), Regional Insights, and Forecast To 2032

Updated On: 08 April 2024

IT Robotic Automation Market REPORT OVERVIEW

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The global IT robotic automation market size was USD 3116.1 million in 2021 and market is projected to touch USD 309365.2 million by 2032, exhibiting a compound annual growth rate (CAGR) of 51.4% during the forecast period.

IT robotic automation is a type of business process automation technology based on artificial intelligence/digital workforce or on metaphorical software robots (bots). Software robotics is another name for it, which should not be confused with robot software. The world around us is becoming increasingly automated, but RPA technology is not a physical robot; rather, it uses software with artificial intelligence (AI) and machine learning to handle high-volume, repetitive, and time-consuming tasks that previously required humans to complete.

These tools completely execute numerous tasks and transactions independently across various unconnected software systems. By performing business process activities at a large volume using rule-based software, this type of automation frees up human resources to focus on more difficult jobs. Robotic process automation opportunities are predicted to expand rapidly around the world as cloud-based and robotic solutions are increasingly adopted across a range of industries.

COVID-19 Impact: Financial Imbalance Causes Market Distortion

The COVID-19 outbreak led to market instability, a decline in consumer confidence, and issues with import and export trade for service industry producers. Due to the lockdown, markets were closed, and many individuals remained inside. This evolution has led to supply chain breaches, stock market inefficiencies, and vendor instability. The services sector's closure had an effect on the market as a whole. As those markets collapsed, IT robotic automation was rendered obsolete because there was no longer a market for the product. The epidemic required organisations to restructure their whole operating systems in order to preserve stability despite the upheavals. The main contributing reason was the financial imbalance brought on by the closure of several retailers and large industries.

LATEST TRENDS

"Development of RPA-Enabled Technology to Boost the Market Growth"

The key trend that is helping the market to boost is the flourishment of RPA, chatbots, or other forms of digital assistants, intelligent bots throughout the data ecosystem. The range of jobs that these bots are capable of performing is growing. Many knowledge workers consider chatbots to be an outdated, template-based version of what bots can perform in light of the popularity of digital assistants like Siri and Alexa in both personal and professional contexts.

The number of uses for these linguistically skilled bots is growing, nevertheless, and now includes both internal and external ones is uplifting the overall market. Several major firms are leveraging AI and RPA technologies to create chatbots. For the purpose of automating business processes, a number of public and private enterprises are investing in the development of conversational RPA chatbots. One such example is the RPA bot developed by the National Science Foundation (NSF) Organization, which automates messages and aids in reminding people about upcoming public meetings. Thus, a key trend that is opening up potential for the industry to grow is the development of RPA-Enabled technology. These new developments are mostly to blame for the market's overall growth.

IT Robotic Automation Market SEGMENTATION

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• By Type

Based on type, the market is classified into

RPA Technology Supply, RPA Service Supply & Others.

• By Application

Based on application, the market is categorised into Banking, Utilities, Healthcare & Others.

DRIVING FACTORS

"Increasing Adoption of Advance Technologies that Gives the Market Extra boost "

The primary market-booster is the use of advanced technologies. The need for these solutions to manage complex data, information, and automate business processes is growing across enterprises. Major players in the IT robotic automation to automate their business processes are combining advanced technologies like cloud, artificial intelligence, machine learning, and cognitive technologies. These AI and cloud-based technologies track employee activity, automatically identify the best procedures, and offer enterprises self-regulatory routes. To boost market growth, businesses are creating AI and cloud-based RPA software and solutions. As a result, industry growth will be aided during the forecast period by the growing dependence on products. As a result, the growth, and the increasing advance technologies will boost the market. It will contribute to the expansion of the services industry and it will improve the overall IT robotic automation market growth.

"Increasing Digitization to Encourage Market Expansion"

Numerous industries are seeing an increase in demand for digitalization, and better business results and improved customer service will likely continue to fuel the market for IT robotic automation. RPA and machine learning technologies can assist in handling unstructured and semi-structured data in conjunction with AI algorithms. The market for IT robotic automation will continue to expand as large businesses favour the delivery of invoices through IT robotic automation. The need for extensive customer support may be necessary in light of the increasing number of technological advancements and developments, which has increased demand for robotic automation in the market. As a result, these factors are collectively promoting market expansion, increasing company revenues. As a result, the increasing digitization will help the market to boost.

RESTRAINING FACTORS

"Infrastructure & Customization in Product to Impede Market Expansion"

The performance of the surface tensiometer might be hampered by slow reaction times caused by hydraulic resistance of the cup and surrounding soil, or by the contact zone between the cup and soil. Tensiometers require routine maintenance, which requires a lot of labour. Tensiometers are straightforward instruments, but they are prone to providing inaccurate results without routine maintenance. They need regular maintenance for proper operation, refilling after dry spells or when the potential for air ingress is compromised.

IT Robotic Automation Market REGIONAL INSIGHTS

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"North America Dominating the Market across the Globe"

The market for IT robotic automation in North America has benefited from the region's expanding industrial development, and various driving factors which has increased the potential sectors as this region is the largest user of the product. The key factor driving the growth of the IT robotic automation market share is the growing demand of product in banking, utilities, healthcare industry is one of the major reasons to drive the market. Rapid urbanization developments will further boost the overall market. 

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

The analysis covers data on market participants and their positions within the industry. Through appropriate research, mergers, technological development, expanding production facilities, and collaboration, data is being gathered and made available. Information on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more is provided in the study on materials.

List of Market Players Profiled

• Blue prism (U.K.)
• Be informed (Netherlands)
• IBM (U.S.)
• Applia (U.S.)
• IP soft (U.S.)

REPORT COVERAGE

The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyses elements that are probably to boost IT robotic automation share. The report makes forecasts for market expansion during the projected time period. The objective of the regional study is to explain why one region dominates the worldwide market. There are a lot of issues that have all been carefully considered that prevent the industry from growing. The research also contains a market strategic analysis. It includes thorough market information.