The global robotic process automation market is growing at a significant rate due to the ease in business processes with the installation of robotic process automation, robotic process automation convergence with conventional business processes, high demand from the logistics industry. The use of robotic process automation helps organizations to gain shorter sales cycle times and increased the quality of the product that helps the companies in improving the overall experience. Robotic process automation market uses artificial intelligence technology to handle complex back-office tasks and is observing explosive growth in this market.
The ease in business processes with the installation of robotic process automation is driving this market globally. The robotic process automation impacts the operations and competitive positioning of the company by affecting its economic value, quality and control measures, flexible execution, and workforce advantages. This technology also helps the companies in providing ease of deployment and helps in improving the speed and agility of the organization. The technology also facilitates the organizations to automate and maximize their productivity. With the help of this technology, the companies can shift from labor centric operating model to a technology-enabled operating model.
Robotic process automation helps in digitizing complex and expensive error-prone manual processes by reducing errors, improving the quality of the products, and enhancing the satisfaction of the customers. The implementation of robotic process automation the companies are able to reduce their operational costs and improve the return on investment objectives at a much faster pace as compared to the implementation of traditional enterprise resource planning (ERP) deployment.
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Geographically, North America is the largest market for robotic process automation. In the U.S., the BFSI industry is increasingly using RPA to improve its business processes. The BFSI industry is implementing RPA due to a high degree of flexibility and scalability, greater data processing, and workflow management capabilities provided by this system in the organizations. The manufacturing industries in Mexico are increasingly using robotic process automation technology that is contributing towards the growth of this market in North America.
Asia-Pacific is expected to be the fastest-growing region for the robotic process automation market. The growth of the robotic process automation market in the region is expected to take place due to the increasing demand for the technology in healthcare, tourism, and logistics sector. Also, the rapid development in the banking sector of the major economies such as China, India, and Japan are leading to the growth of the Asia-Pacific robotic automation industry.
Some of the key players providing the robotic process automation solutions include Nice Systems Ltd., Pegasystems Inc., Automation Anywhere, Blue Prism PLC, Ipsoft, Inc., Celaton Ltd., Redwood Software, Uipath SRL, Verint System Inc. and Xerox Corporation.
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