The Growing Need Among Organizations to Reduce the Cost of Operation and Enhance Operational Efficiency is Driving the Growth of the I.T. Robotic Automation Market
Globally, the I.T. robotic automation market is set to grow with a CAGR of 27.5% through the forecast period. The growing need among organizations to reduce the cost of operations and enhance operational and business performance is driving market growth. Furthermore, as the competition among the market players is increasing and the business models are changing, the organization are shifting towards automation solutions, especially in conjunction with artificial intelligence and analytical technologies. These solutions automate mundane, time-consuming tasks and enhance the reliability and efficiency of the outcome.
The growing adoption of robotics automation technology in the I.T. sector for financial and accounting applications is also among the major factors driving the market growth. Furthermore, technological improvement in robotics automation and the development of intelligent algorithms is also serving as major driver of market growth. Nonetheless, the data safety and security issues associated with the use of robotic automation solutions pose a major inhibitor in the market growth.
Market Synopsis
Services are Estimated to Grow Significantly During the Forecast Period
The I.T. robotic automation market is categorized based on the component of tools and services. The tools market accounted for more than 65% share of the overall revenue in 2018. The growth of the market is driven by the wide-scale adoption of robotics tools for business process optimization. The tools market is further segmented into process-based tools and model-based tools. On the other hand, the service market is estimated to grow significantly during the forecast period. The growth of the market is driven by the growing adoption of professional and consulting services across the I.T. sector.
North America is Leading the I.T. Robotic Automation Market
North America dominated the I.T. robotic automation market, with a market share of more than 45% in 2018. The growth of the market is driven by the increasing adoption of automation technologies across enterprises. Increasing venture capital investment in the A.I., along with other analytics technologies, is also a major driver of the market growth in the region. Additionally, the early adoption of I.T. robotic automation technologies in the region is supporting market growth.
The major vendors in the I.T. robotic automation market are Appian Corporation, Accenture PLC, Automation Anywhere Inc, Blue Prism, Be Informed B.V., Cognizant Technology Solutions Corp, Sutherland Global Services, Genpact Ltd, Genfour, Hewlett Packard Company, Ipsoft Inc, Infosys Limited, and Tata Consultancy.
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. In addition, compounded Annual Growth Rate (CAGR) for each respective segment was calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The I.T. robotic automation market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global I.T. robotic automation market based on components and geography.
Frequently Asked Questions
The market for IT Robotic Automation is expected to reach US$ XX Bn in 2027.
The IT Robotic Automation market is expected to see significant CAGR growth over the coming years, at 27.5%.
The report is forecasted from 2019-2027.
The base year of this report is 2021.
Accenture PLC, Appian Corporation, Automation Anywhere Inc., Be Informed B.V., Blue Prism, Cognizant Technology, Genfour, Genpact Ltd, Hewlett Packard Company, Infosys Limited are some of the major players in the global market.
