Blue Prism Technology Services Market Projected to Witness Vigorous Expansion by 2018 to 2028

Published: Mon Apr 15 2019

FactMR has actively published a new research study titled "Blue Prism Technology Services Market Projected to Witness Vigorous Expansion by 2018 to 2028 | Key Players are Deloitte Touche Tohmatsu Limited, Ernst & Young LLP, Avanade Inc., etc." to its broad online database. This assessment works to discourse the major trends, opportunities and drivers motivating the blue prism technology services market during 2018-2028. The insights structured for presenting the target market are procured from both primary research and secondary research, and are utilized for validation that is valuable to investors, manufacturers and new entrants. As per research findings, the global blue prism technology services market is expected to showcase impressive growth at 35.6% CAGR during the period until 2028.

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As a mounting number of end-user businesses coupling RPA tools that are integrated with AI and cognitive services, players in the Blue Prism services are focusing on targeting specific end-user industries to envisage rapid growth. Addressing the industry-specific end-user requirements while developing various Blue Prism technology services is emerging as a popular trend in the blue prism technology services market. Recently, the University of Manchester partnered with a Blue Prism Group Plc. to launch Blue Prism’s Global Academia Program that uses Blue Prism technology services to help computer science students to build RPA projects at global scale. Furthermore, growing needs for RPA solutions in the banking and finance sector is encouraging companies, such as Accenture plc., to develop Blue Prism technology services suiting end-user needs for digital finance applications. Growing adoption of Robotic Process Automation (RPA) in back-office processes can be traced to its inception. According to Blue Prism Group Plc., a pioneer of RPA, till the first half of FY2018, over 1,000 organizations have used the platform.

Amidst the emergence of several new competitive technologies in the RPA market, adoption rate of the Blue Prism technology is on the rise. Blue Prism’s consistent development in terms of ecosystem expansion, continued product differentiation and talent acquisition are driving new users to the platform. Increasing success stories of faster deployment and increased return on investment are also driving the adoption among key end-users. Initially limited to automation of repetitive processes in the back-office, integration of AI and cognitive technologies in the Blue Prism Technology are delivering next-generation RPA solutions to clients, in turn, strengthening the presence in the RPA market.

RPA solutions witness huge demand among global enterprises across industries, which is making a significant impact on the vital business strategies of Blue Prism technology service vendors. A palpable shift towards introducing RPA solutions is mainly attributed to growing awareness among end-users about extraordinary benefits of adopting RPA solutions. Leading players in the Blue Prism technology services market are collaborating with other vendors to leverage the growing demand for advanced RPA solutions, accelerate businesses and scale rapidly in the Blue Prism technology services market.

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Blue Prism Group Plc., a UK based Blue Prism technology service provider, has collaborated with market leaders such as Accenture Plc., Deloitte Touche Tohmatsu Limited, and Avanade Inc., to introduce cutting-edge RPA tools by implementing Blue Prism technology services. The Blue Prism technology service company has also collaborated with Google Cloud to introduce RPA tools with pre-built integrations to Google Cloud Storage services such as BigQuery and Cloud ML Engine.

New avenues of growth opened by the global value chains (GVCs) and digital industrial transformation is spawning a huge population of small and middle-sized enterprises (SMEs) that employ automation technologies, such as Blue Prism technology services. Increasing participation of SMEs in diverse industrial sectors is facilitating spillovers of Blue Prism technology services to improve productivity and reduce costs. Additionally, governmental organizations, such as Organisation for Economic Co-operation and Development (OECD), are focusing on the growth of SMEs by making business innovations, such as Blue Prism technology services, more accessible to SMEs. As Blue Prism technology services help SMEs to improve productivity, reduce costs, and seize lucrative entrepreneurial opportunities, its adoption is likely to increase with the rapidly multiplying number of SMEs across the world.

Factors, such as ease of use, license and maintenance costs, and cognitive capability, influence end-user organizations’ decisions to purchase automation tools such as Blue Prism technology services. Growing awareness about the distinctive features of popular alternatives to Blue Prism technology services, such as 'Automation Anywhere, is making a negative impact on the growth of the Blue Prism technology services market.

Automation Anywhere remains one of the most sought-after choice of RPA tool for SMEs as it is much cheaper and easier to use than Blue Prism technology services. Furthermore, the cognitive IQ Bot technology incorporated in Automation Anywhere enables end-users provides end-users with RPA tools amalgamated with more advanced cognitive capabilities, which hampers adoption of Blue Prism technology services, impacting the market growth.

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