IT Robotic Automation Market Size, Share, Growth, Trends, and Forecast, 2032

IT Robotic Automation Market Insights

Zion Market Research has published a report on the global IT Robotic Automation Market, estimating its value at USD 3.15 Billion in 2023, with projections indicating that it will reach USD 28.71 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 27.82% over the forecast period 2024-2032.

The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the IT Robotic Automation Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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IT Robotic Automation Market: Overview

Robotic Automation is used by computer software or machines to mimic the tasks performed by humans. With the help of Robotic Process Automation (RPA) technology, IT robotic automation is achieved using software automation. IT robotic automation is useful in improving efficiency and integration. The market is primarily driven by the increasing need for a virtual workforce worldwide. Nowadays, the technologies such as Machine Learning and Natural language processing are embedded in intelligent automation platforms which have been empowering citizen developers to achieve digital workflow transformation. Also, RPA has been extending to the areas beyond Information Technology as more and more organizations are observing its benefits across a variety of business processes and departments.

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COVID-19 Impact Analysis

The global impacts of COVID-19 are estimated to positively affect the IT Robotic Automation market in 2021. With the outbreak of COVID19, there have increasing social distancing norms that have been implemented in various countries. Due to this, there has been increasing usage of robotic process automation solutions in the day-to-day activities of organizations. Also, due to less availability of human workforce, enterprises are expected to adopt the Robotic Automation processes thus increasing the overall demand for IT robotic automation solutions for the next two years. Thus, it can be projected that the overall effect of Covid-19 on the IT Robotic Automation Market will be positive.

Growth Factors

The increasing demand for the virtual workforce worldwide has been recently driving this market. The rising adoption of Artificial Intelligence and cloud-based solutions are also the reasons for the demand for IT Robotic Automation. The adoption of software robots to manage the repetitive work carried out by staff is also the reason driving the market. Also, the growing deployment of SaaS, IaaS, and PaaS (Platform as a Service) for customer relationship management, open source resources, network connectivity, and other applicable financial services is making the demand increase for IT Robotic Automation.

The IT Robotic Automation services provide high scalability for increasing or decreasing the production levels at a reduced cost. Therefore, in industries where demand for products and services is seasonal, robotic automation effectively helps throughout at fixed quality and service levels. Due to the increasing adoption of Automation Software in the finance and accounting sector, there is high demand for IT Robotic Automation.

IT Robotic Automation Market: Report Scope

Application Channel Analysis Preview

The use of a combination of robots and artificial intelligence has been prevalent in order to replace and augment human operations in banking. Robotic Automation has streamlined a wide variety of back office processes and has shifted many of the tedious and manual tasks from humans to machines. It has been greatly in demand due to its ability to save labor costs and gain operational efficiency. Also, as there is a high amount of data on which banks operate, therefore implementing Robotic Automation has been greatly beneficial to minimize the manual process of huge data, thus avoiding errors.

Tools Analysis Preview

The Robotic Automation Process-based tools minimize repetitive and time-consuming jobs and therefore based on the application there are a wide variety of process-based application tools that are available in the market. These tools are such that non-tech people can also use them very easily and thus can finish their challenging tasks within minimum time. They are useful in mid and large-sized companies, compatible for use on cloud platforms, hybrid platforms, or on-premises. Therefore, the overall demand for process-based IT Robotic Automation tools has been ever-increasing.

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Regional Analysis Preview

North America held a share of 37% in 2020. It is supposed to be one of the highest revenue-generating regions for this market during the forecasted period. Due to the high penetration rate of process management and automation solutions among organizations and government agencies, the demand for IT Robotic Automation solutions is high in this region. Also, the increased awareness of using these tools to improve various business functions of accounting/finance, data entry, procurement detail, and HR-related processes is one of the reasons for the higher demand. The U.S government has been encouraging other government agencies to implement such solutions using Robotic Automation and this has fostered the overall demand for the IT Robotic Automation market.

Asia-Pacific is expected to have a CAGR of 30.1% from 2021 to 2028. There has been increasing product adoption across the telecom, pharma, retail, IT, and healthcare industries. The rising awareness among SMEs and other industries is also the factor fostering the demand for this market. The rising demand for automation in the Business Process Outsourcing (BPO) sector is making the demand for this market grow high. Also, Asia is the hub of IT, manufacturing, and outsourcing sector where automation solutions are in high demand to reduce redundant tasks, these robotic solutions are in increasing demand in his region.

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Key Market Players & Competitive Landscape

Some of the key players in the IT Robotic Automation market include-

• Blue Prism
• Automation Anywhere
• UiPath
• NICE
• Pegaystems
• KOFAX
• NTT Advanced Technology Corp.
• EdgeVerve Systems
• FPT Software
• HelpSystems
• OnviSource
• Cognizant Technology Solutions
• Infosys
• Genpact Ltd.
• Appian Corporation
• Sutherland Global Services
• Genfour
• Ipsoft
• Tata Consultancy Services
• Capgemini among others.

In March 2021, UiPath, the giant in Robotic Process Automation acquired Cloud Elements, which develops API integration platforms. With this acquisition, UiPath continues to mark its innovation in the automation sector, and it will be the first provider to offer enterprise-grade user interface (UI) and API-based automation capabilities on a single platform.

The Global IT Robotic Automation Market is segmented as follows:

By Application

• HealthCare
• Banking
• Utilities

By Tools

• Process Based Application
• Model-Based Application

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa