Will Robotic Process Automation Herald a New Digital Era in Regulatory Compliance?

2024-04-19 11:19:23 Industry

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According to the new market research report "Robotic Process Automation Market by Process (Automated solution, Decision Support & Management Solution, and Interaction Solution), Operation (Rule Based and Knowledge Based), Type (Tools and Services), Industry, and Geography - Global Forecast to 2022" , The robotic process automation market is estimated to reach USD 2,467.0 Million by 2022, at a CAGR of 30.14% between 2017 and 2022. The growth of this market is mainly driven by the ease in business processes offered by robotic process automation and convergence of robotic process automation with traditional business process industries.

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?Robotic process automation market for healthcare and pharmaceuticals will likely grow at the highest CAGR between 2017 and 2022.?

The robotic process automationmarket for the healthcare and pharmaceuticals industry is expected to grow at the highest CAGR between 2017 and 2022. The healthcare and pharmaceuticals industry is highly information-dependent, as it involves medical records of patients, credentials of patients, information on claims processing, revenue cycle management, etc. In this regard, robotic process automation not only helps reduce operational costs but also ensures greater accuracy. The interactive solutions offered by robotic process automationhelp efficiently manage data, reduce medical transportation costs, minimize appointment scheduling errors, etc.

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??Robotic process automation tools expected to hold the largest share of the robotic process automation market by type.?

Robotic process automation tools held the largest market share in 2016 owing to its capability of eliminating repeatable and predictable human interactions with business applications by mimicking the way people interact with applications through a user interface and also by following simple rules to make decisions. Tool-based lifecycle management can be divided into requirement definition, initial design, application development, testing, deployment, and release and maintenance. It also involves tracking and documenting changes throughout the process of the application.

?North America expected to dominate the robotic process automation market between 2017 and 2022.?

The robotic process automation market for North America held the largest share among all the regions under study in 2016. Also, it is expected to dominate the market between 2017 and 2022. In the U.S., BFSI has been leveraging robotics process automation to improve business processes since 2010. Due to the high degree of flexibility and scalability of the solution, as well as greater data processing and workflow management capabilities, there is widespread deployment of robotic process automation in the BFSI space. The growth of robotic process automation in Canada is driven by the ramp-up of the banking and financial industry. Human resource outsourcing, business process outsourcing, and contact center outsourcing have seen tremendous growth in Canada in recent times. The growth of the robotic process automation market in Mexico is driven by the booming manufacturing industry. New factories and manufacturing units are being built in Mexico, requiring proper supply chain management to be implemented to reduce costs. Inventory management, purchase order, stocking goods, and economic order quantity management require automated processes backed by software bots.

Major players in the robotic process automation market are Automation Anywhere (U.S.), Blue Prism (U.K.), Celaton Ltd (U.K.), IPSoft (U.S.), Nice Systems Ltd. (Israel), Pegasystems (U.S.), Redwood Software (U.S.), UiPath (U.K.), Verint (U.S.), Xerox Corporation (U.S.), etc.