Robotics process automation continues to be put to work at companies across the world and a recent report says that it has no signs of slowing down. With a projected compound annual growth rate of 29% over the next six years, the overall RPA market will be worth at least $2.7 billion by 2023, according to a study conducted by Market Research Future.
While the Indian research firm’s report looks at the worldwide impact of the increasingly utilized technology, the North American segment is the current leader, particularly given the adoption rate of U.S. firms in the financial services sector.
The banking, financial services, and insurance (BFSI) segment the the current “high implementation” leader. “There is a high implementation of RPA technology in BFSI sector due to its efficient data processing and workflow management capabilities,” stated the company. “Owing to its high flexibility and scalability, there is a rapid deployment of robotics process automation technology in BFSI domain.”
Three other industries — healthcare and pharmaceutical, manufacturing and logistics, and IT and telecommunications — are the others that Market Research Future has identified as early adopters.
While the firm notes that China and India are experiencing notable growth, largely due to the implementation from manufacturing and outsourcing firms, the United States and Canada are leading the way.
“The North America region is generating highest market share in robotics process automation market owing to higher technology implementation,” stated Market Research Future in a summary of the study. “North America region is leading due to presence of major players.”
Europe is also starting to experience more uptick, especially from the manufacturing and logistics market. Germany, Russia, Spain, and Denmark are the standout economies with “high adoption” in the industrial segment and a forecasted jump for RPA usage in healthcare.
In addition to evaluating industries and regions of interest, the study looks at some of the major players in the RPA space. Among those discussed are Xerox Corporation, Blue Prism, Nice Systems Ltd., Pegasystems, Ipsoft, Redwood Software, Automation Anywhere, Celaton Ltd, Uipath, and Verint.