Robotic Process Automation (RPA) Industry Projected to Reach 18339.95 Million in 2027, Says Brandessence Market Research
PUNE, India, Jan. 18, 2021 /PRNewswire/ -- The global demand for global robotic process automation (RPA) market size in terms of revenue was worth of USD 2715.75 Million in 20-20 and is expected to reach USD 18339.95 Million in 2027, growing at a CAGR of 31.07% from 2020 to 2027. The global robotic process automation industry is expected to grow at significant growth rate due to number of driving factors.
RPA Industry top-performing key players: UiPath, Automation Anywhere Inc., NICE, Blue Prism, Celaton Ltd., Pegasystems, Kofax, NTT Advanced Technology Corporation, Redwood Software, Genpact Ltd, EdgeVerve, IPsoft Inc, Verint Systems Inc., Xerox Corporation
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The form of business process automation technology is based on metaphorical robots or artificial intelligence (AI) or a digital worker is nothing but the Robotic process automation (RPA). This technology permits user to configure computer software or a robot to integrate and emulate the actions of a human interacting within digital systems for executing a business process. RPA robots use user interface for operating applications and capturing data just like humans do. In order to perform on a vast variety of repetitive tasks they interpret trigger responses and communicate with other systems. The ability to reduce staffing costs and human error with organizations is provided by RPA. It provides various benefits such as decreased costs, freeing up staff for higher value tasks, increased employee engagement, reduced operational risk, reduced output variability, reduced paper use/waste, driving process improvement, increased output, and many others.
The study provides a crucial view of global robotic process automation market by segmenting the market based on type, services, application, and region & country level. Based upon type, the market is segmented into software and services. Based upon the services, the market is segmented into consulting, implementation, and training. Based upon application, the market is segmented into BFSI, manufacturing, Pharma & healthcare, retail, telecom & IT and others. The regions covered in global robotic process automation market are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, global robotic process automation market is sub divided into U.S., Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Brazil, Mexico, GCC, Africa, etc.
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Factors such as increasing demand for business process automation (BPA) through the use of artificial intelligence (AI) & software robots and adoption of RPA technology by organizations are driving in the growth of the market. The manufacturers of RPA are providing advanced solutions by integrating RPA solutions with cognitive technology such as artificial intelligence (AI). This integration will offer the organizations to operate with unstructured data, decision making tasks and complex processes. For Instance, in the five years since Amazon's $775 million purchase of Kiva to form Amazon Robotics, the company has invested heavily in AI techniques, including sponsoring an annual RoboCup competition. Hence, increasing adoption of artificial intelligence is driving the growth of the robotic process automation market. In addition, the operations provided by RPA such as ease in business processes, increased efficiency and cost-effective and highly profitable operations are also supplementing the growth of the robotic process automation market. However, data insecurity risk and less potential for RPA in knowledge-based business processes may hamper the market growth. In spite of that, integration of new technologies with robotic process automation can provide various opportunities for the further growth of the market.
The type segment of robotic process automation market is dominated by Software with the largest market share of 60.46 % in 2020. The process segment of obotic process automation market report is dominated by automated solution segment by capturing the largest market of 59.45 % in year 2020. The application segment of robotic process automation market report is dominated by BFSI segment by capturing the largest market of 44.59 % in year 2020.
Geographically, North America region is expected to dominate in the global robotics process automation market due to the increased penetration of automation and process management solutions across the region. In addition, a strong inclination of SMEs for adopting RPA within their business functions such as human resource-related processes, accounting/finance, and procurement is also supplementing the market growth in this region. Asia Pacific region is expected to witness the fastest growth in the global robotics process automation market within the forecast period owing to the increasing demand for business process automation solutions in the BPO sector in India and China.
Robotic Process Automation:
In recent years, companies are rapidly moving towards technological advancement in their workspace. Industries around the world are turning to automation to become faster and more responsive in the face of increased demand and rapidly changing environments. From handling high volumes of testing results to associate the increased need in call centres to preparing and allowing a remote workforce, organizations understand the benefits of automating right now. Remote processing automation solutions give the impression in many business sectors, including financial services, healthcare, human resources, and retail. Robotic process automation tools are widely used for the configuration of task automation. These tools are essential for automation of the repetitive back-office processes. Due to the fast-adopting nature of user numbers of tools or software's are available in the market and they are creating trends in various sectors.
Some of the major robotic process automation tools or software in trending are as follows:
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Smart Process Automation (SPA): The recent advancements achieved in IT trends are a clear indication of the evolution of robotic process automation into a further advanced and highly sophisticated form of smart process automation.
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