The Global IT robotic automation market was valued at US$ 183.1 Million in 2013 and is forecast to grow at 60.5% CAGR from 2014 to 2020
Virtually every industry vertical seems upbeat about the use of robotics in streamlining operations and increasing productivity manifold. Robots have already proven their worth in the manufacturing and industrial sectors. The IT industry is no exception to this buoyancy about the massive potential that robotics holds – and is already gearing up to embrace the role of robotics enthusiastically. Transparency Market Research, a business intelligence firm, recently said in its report that the global IT robotic automation market will increase in value to US$4.98 bn by 2020, up considerably from its valuation of US$0.183 bn in 2013. This marks a compounded annual growth rate (CAGR) of 60.5%.
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While on the one hand there are concerns that robotic software can mean the end of a thriving offshoring industry and also make humans redundant in the IT industry, the dramatically improved efficiency rendered by robots is capturing the industry’s attention. Despite the many risks, many are considering this opportunity too lucrative to let go of – a fact that can be gauged from the projected growth rate of the global IT robotic automation market.
The next two to three years will be crucial for the IT robotic automation market worldwide. Here the trends to keep a track of till 2020:
Robotic process automation (RPA) services currently rake in the lion’s share of revenues in the global IT robotic automation market. RPA has received a major boost in recent years because of a string of partnerships and agreements signed between IT service companies and RPA tool providers. With competition being rife among RPA tool providers to bag the most profitable agreement with IT service companies, the market has seen the launch of some remarkably sophisticated IT automation products and solutions.
BPOs, with their focus on maximizing profits while offering aggressively priced services to onshore entities, are particularly interested in IT robotic automation services. A number of BPOs have already invested in RPA tools in a bid to further trim costs and the trend is expected to carry on in the next five years. This factor will boost the growth of the market in the near future, say analysts.
The highest revenue in the IT robotic automation market came from Europe and North America until 2013. This situation isn’t expected to drastically change given the intention of countries in these regions to bring jobs back to their own shores. The ‘offshoring’ trend is making way for ‘near shoring’, especially in European countries. Many IT companies in Eastern Europe are creating new service models that use robots supported by a team of humans deployed on an FTE basis. In Asia, on the other hand, India has led the growth of the IT robotic automation market.
The competitive scenario in the global RPA tool market is expected to undergo a change in the next few years. Presently concentrated in nature, the revenues of market leaders are expected to be eroded by the imminent entry of several new players in this space. Transcontinental partnerships are already occurring and will only increase in frequency in the coming years in the RPA tool market. A case in point is IPSoft, Inc. – a key player in the IT robotic automation market – signing a deal with Indian IT company, Infosys, Ltd., and Cognizant Technology Solutions.
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