The use of robotic process automation helps the organizations to gain shorter sales cycle times and increased 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.
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Based on industry, the market is segmented into BFSI, IT and telecom, travel hospitality and transportation, retail and consumer goods, healthcare and pharmaceuticals, manufacturing and logistics, and others. The healthcare and pharmaceutical segment is anticipated to witness significant growth in demand in the coming years due to the increasing need for process automation of the complex manufacturing processes and other operations in the industry.
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.
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North America is the largest market for robotic process automation. In U.S., BFSI industry is increasingly using RPA to improve their business processes. Asia-Pacific is expected to be the fastest growing region for the robotic process automation market.
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.
Source: VynZ Research