The global robotic automation market is expected to grow at the CAGR of 63.6% during the forecast period of 2021 to 2029. The rapidly increasing demand from the BPO sector for the efficient and improved quality services and cost cutting are the major driver for the growth of RPA technology.  Robotic automation is a strong alternative to offshore outsourcing. With robotic automation companies are gaining a competitive edge by reducing human errors and efforts. However, the growing automation is rapidly curbing the IT jobs as most of the work is to be done by robotic software and systems.

The market is majorly segmented on the basis of tools, services and technologies. On the basis of tools, the market is segmented into model based and process based applications, Process based application dominates the market in terms of revenue and accounted for 68% of the segment in the year 2020, however model based application is expected to be the fastest growing segment in attaining a CAGR of 66.5% during the forecasted period of 2021-2029. The services segmented is further segmented into professional services and training services. Training services is expected to dominate the segment during the forecasted period 2021-2029. The professional service is further segmented into consulting services, integration and development and BPO services. Integration and development services is further segmented into application management services and infrastructure management services. On the basis of technology, the market is further segmented into back office data driven process, voice recognition, digital detection market, remote infrastructure management, IVR systems and internet retailers and services providers.

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BPO services are a huge opportunity before the IT robotic process automation market. Although it is believed that the technology is a threat to both IT and BPO jobs, however, robotic process automation is expected to revolutionize the way BPO services are conducted till now. The BPO service segment contributes to 42% of the professional services market in 2020.

On the basis of geography, the market is majorly segmented into North America, Europe, Asia Pacific and Rest of the world. North America is further segmented into The United states, Canada and rest of North America, Europe is further segmented into United Kingdom, France, Spain, Germany, Italy and rest of Europe. APAC is further segmented into China, India, Japan, South Korea, Australia and Rest of APAC. Rest of the world is majorly segmented into Latin America, Middle East and North Africa and Africa. North America and Europe have the highest share of the market. In North America, high adoption rate of technology, along with initiatives taken for robotic process automation tool are creating awareness and increasing the growth of the market. Europe has emerged as another key market for robotic automation.APAC is expected to grow fastest, attaining a CAGR of 66.3% during the forecasted period of 2021-2029, the region being home to many developing countries is undergoing vast improvements in terms of IT infrastructure, economic growth and so on.

The key players in the global IT automation market are rapidly engaged in launching new products. Companies are constantly involved in innovating in terms of technology, product improvement and cost saving. Millions of people are working in back office functions for the BPO industry, repeating the same processes and procedures daily or being asked to respond quickly with resources and process to support ever-changing business demand. Thus, companies such as Blue prism, Appian Corporation, IPsoft are constantly engaged in product development and innovation strategies to leverage the growing opportunities in the IT robotic automation markets.

KEY MARKET MOVEMENTS

• The global robotic automation market is expected to grow at the CAGR of 63.6% during the forecast period of 2021 to 2029.
• The rapidly increasing demand from the BPO sector for the efficient and improved quality services and cost cutting are the major driver for the growth of RPA technology. 
• Process based application dominates the market in terms of revenue and accounted for 68% of the segment in the year 2020, however model based application is expected to be the fastest growing segment in attaining a CAGR of 66.5% during the forecasted period of 2021-2029.
• The BPO service segment contributes to 42% of the professional services market in 2020.
• APAC is expected to grow fastest, attaining a CAGR of 66.3% during the forecasted period of 2021-2029.
• The key players in the global IT automation market are rapidly engaged in launching new products.

Global IT Robotic Automation Market is segmented into:

*Detailed segments are available on the report page