Robotic Process Automation (RPA) Market Size to Reach USD 1930 Million by 2025 | Valuates Reports
BANGALORE, India, June 17, 2020 /PRNewswire/ -- RPA is a business process automation software that provides tools to help configure customized software robots and automate any process. RPA enables you to take control of operational challenges and increases the speed, agility, and scale of your business process.
In 2018, the global Robotic Process Automation (RPA) market size was 477 Million USD, and it is expected to reach 1930 Million USD by the end of 2025, with a CAGR of 21.3% between 2019 and 2025.
This report studies the Robotic Process Automation (RPA) market size by players, regions, product types and end industries, history data 2014-2018, and forecast data 2019-2025. The report also studies the global market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors, and Porter's Five Forces Analysis.
This report also analyses the impact of Coronavirus COVID-19 on the Robotic Process Automation industry.
TRENDS INFLUENCING THE RPA MARKET SIZE
RPA systems can be tailored and structured for implementation based on current requirements and regulations. The RPA technology will thus allow businesses to streamline various standardized processes. This feature is expected to increase the RPA market size during the forecast period.
Digital Transformation Efforts are expected to increase the growth of RPA market size during the forecast period. While RPA software is used across all industries, the biggest adopters are insurers, banks, telecommunications companies. With this technology, companies will speed up their digital transformation efforts and unlock the value of past investments in technology.
Improved employee and customer satisfaction, accelerated productivity gains, and improved compliance are some of the significant benefits of RPA implementation. These advantages offered are expected to increase the RPA market size.
The use of artificial intelligence (AI) and cognitive computing in robotic process automation has greatly increased with advances in technology. AI and RPA technologies can process huge amounts of data and enhance decision making in organizations when implemented jointly. In order to improve business processes and achieve organization goals, cognitive computing, which includes adaptive learning, speech recognition, and design detection algorithms, are incorporated into the RPA. This implementation of RPA with AI and cognitive computing is expected to fuel the market growth
Major factors that foster the growth of RPA market size are increased corporate outsourcing, investment in IT infrastructure, and the adoption of new technologies in China and India.
RPA MARKET SHARE ANALYSIS
Because of its strong technological growth, North America holds the largest RPA market share. Furthermore, the growing adoption of RPA by MSME is expected to increase the market size.
Countries like the UK, Germany, and Italy, because of the strong manufacturing and automotive sectors, are the biggest contributors to the growth of the RPA market.
Asia Pacific's growing consumer electronic products are forcing manufacturers in the production process to adopt RPA as a means to reduce cost and utilize the workforce efficiently. During the forecast period, Asia-Pacific is expected to witness the highest growth rate.
RPA Market by Regions
RPA MARKET SEGMENTATION
RPA Market by Product Type
RPA Market by End Users/Applications
RPA Market Companies:
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Intelligent Automation enables companies to improve conventional process performance using knowledge-based workflows. This is used to simplify business processes and to speed up difficult decisions. Intelligent process automation is primarily a mixture of AI and RPA.
The report includes a country-wise and region-wise market size for the period 2015-2026. It also includes market size and forecast by each application segment in terms of revenue for the period 2015-2026.
The key regions covered in the Robotic Process Automation (RPA) Software market report are North America, Europe, China, Japan, Southeast Asia, India, and Central & South America, etc.
The report includes a country-wise and region-wise market size for the period 2015-2026. It also includes market size and forecast by Type and by Application segment in terms of revenue for the period 2015-2026.
Key factors driving the growth of the robotics industry market are increasing demand for AI and tool-based robotic process automation.
Enterprise RPA is adopted across various industries, including BFSI, Telecom, and IT, to increase the accuracy and efficiency of different processes.
The COVID 19 pandemic has spread to nearly 100 countries across the globe since the outbreak in December 2019. The global impacts of the 2019 coronavirus disease (COVID 19) are already starting to be felt and will affect the Robotic Process Automation in the Telecommunications Market size significantly in 2020.
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