Worldwide Robotic Process Automation Industry to 2027 - Featuring Automation Anywhere, Blue Prism and Kofax Among Others
DUBLIN, May 17, 2022 /PRNewswire/ -- The "Robotic Process Automation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global robotic process automation market reached a value of US$ 2.4 billion in 2021. Looking forward, the market is projected to reach US$ 11.4 billion by 2027, exhibiting a CAGR of 30.08% during 2022-2027. Keeping in mind the uncertainties of COVID-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different End-use industries. These insights are included in the report as a major market contributor.
Robotic process automation (RPA) refers to an advanced software technology that builds, deploys, and manages software robots. It aids in manipulating data, passing data from different applications, triggering responses, or executing transactions. It also assists in streamlining workflows and increasing employee satisfaction, engagement, and productivity by eliminating repetitive tasks from their workdays. Apart from this, it offers greater resilience and higher accuracy, and accelerates transformation, improves compliance and boosts productivity. As it is also scalable, requires minimal investment, and provides a significant return on investment (ROI), the application of RPA is expanding among numerous industry verticals across the globe.
Robotic Process Automation Market Trends
Due to the coronavirus disease (COVID-19) outbreak and consequent imposition of lockdown restrictions, there is a considerable rise in the shift towards remote working to comply with government regulations, continue business operations and prevent the spread of the pandemic.
This represents one of the key factors driving the market. Moreover, RPA helps in inducing quick execution and the arrangement of a large volume of data in less time than mechanical procedures with reduced overhead expenditure for enterprises. Consequently, it is increasingly being utilized in the banking, financial services, and insurance (BFSI), healthcare, information technology (IT), and telecom industries worldwide.
Furthermore, leading players are integrating RPA with advanced technologies, such as machine learning (ML), which is advancing the capabilities of software bots beyond rule-based processes. It is also allowing task execution like human decision-making skills. Additionally, these players are utilizing artificial intelligence (AI) to handle cognitive processes that require skills, such as understanding documents, visualizing screens, and comprehending speech an carrying on conversations and chats.
The competitive landscape of the industry has also been examined along with the profiles of the key players being Amelia US LLC, Automation Anywhere Inc., AutomationEdge, Blue Prism Group PLC, Infosys Limited, International Business Machines Corporation, Kofax Inc., NICE Ltd., Pegasystems Inc., UiPath, Verint Systems and WorkFusion Inc.
Key Topics Covered:
13 Value Chain Analysis
15 Price Analysis
For more information about this report visit https://www.researchandmarkets.com/r/yg7bvl
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SOURCE Research and Markets