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Robotic Process Automation Market to Exhibit 25.0% CAGR till 2028; KPMG Launches New Solution to Make VAT Submission Seamless in Bahrain

April 16, 2021 | Information & Technology

The global robotic process automation (RPA) market size is projected to grow from USD 1.61 billion in 2021 to USD 7.64 billion in 2028. The healthcare industry is using robotic process automation software solutions extensively because of their ability to eliminate stock-outs or delays in vital supplies and ease the workload on procurement teams. In April 2020, for instance, the Cleveland Clinic implemented a UiPath robot that can register patients in a software system and select the correct printer for printing COVID-19 test labels. The entire process takes only 14-16 seconds. Fortune Business Insights™ provided this information in a new study, titled, “Robotic Process Automation (RPA) Market Size, Share & COVID-19 Impact Analysis, By Deployment (On-Premises, Cloud), By Operation (Rule-Based, Knowledge-Based), By Application (Administration and reporting, Customer Support, Data Migration & Capture Extraction, Analysis, Others), By Industry (Retail, Manufacturing and Logistics Industry, BFSI, Healthcare, IT and Telecom, Hospitality, Others) and Regional Forecast, 2021-2028.” As per the study, the market stood at USD 1.29 billion in 2020. It is set to exhibit a CAGR of 25.0% in the forecast period between 2021-2028.


NICE Collaborates with Minit to Discover Optimal Process for Automating Graphically


In July 2020, the robotic automation business of NICE joined hands with Minit to help companies discover the optimal process to automate graphically with high accuracy. NICE would blend its Automation Finder with the former’s interactive and visual process statistics and maps to prioritize end-to-end processes and enable graphical mapping of finer routines and sequences.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/robotic-process-automation-rpa-market-102042


Increasing Deployment of PaaS, SaaS, and IaaS to Accelerate Growth


Companies are nowadays combining robotic process automation with artificial intelligence to help clients gain access to unstructured data including human chat conversations, video, and audio clippings to create end-to-end automation successfully. Also, the rising implementation of SaaS, IaaS, and PaaS offerings for network connectivity, cloud computing, resource management, co-operative robot learning, and customer relationship management would propel the robotic process automation market growth in the forthcoming years. However, several firms are avoiding the adoption of RPA solutions as they often change their operations. It may obstruct growth.


Key Companies Aim to Compete in Market through New Product Launches & Partnerships


The market for RPA contains numerous renowned companies and is highly competitive. Most of them are participating in the partnership strategy to compete with their rivals, while a few others are trying to introduce novel software solutions to cater to the high demand from customers.


Fortune Business Insights™ presents a list of prominent companies operating in the RPA industry:



  • Automation Anywhere (California, United States)

  • Blue Prism PLC (Warrington, United Kingdom)

  • IPsoft Inc. (New York, United States)

  • Kofax, Inc. (California, United States)

  • Nice Systems Ltd. (Ra'anana, Israel)

  • NTT Advanced Technology Corporation (Kanagawa, Japan)

  • Pegasystems, Inc. (Massachusetts, United States)

  • Redwood Software (Houten, Netherlands)

  • Uipath SRL (New York, United States)

  • OnviSource, Inc. (Texas, United States)

  • EdgeVerve Systems Limited (Karnataka, India)

  • HelpSystems (Minnesota, United States)

  • FPT software (Hanoi, Vietnam)

  • Xerox Corporation (Connecticut, United States)

  • Daythree Business Services Sdn Bhd (Selangor, Malaysia)

  • Kryon Systems (New York, United States)

  • Softomotive (London)

  • Genpact Ltd (New York, United States)

  • AntWorks (Singapore)

  • KPMG (Amstelveen, Netherlands)


A Noteworthy Industry Development-



  • May 2020: KPMG unveiled a unique tool in Bahrain for helping businesses improve the way they report, manage, and submit VAT. The National Bureau for Revenue (NBR) is taking the initiative to make the VAT submission process seamless and easy. Hence, the company decided to launch a new RPA solution that can meet mandatory requirements.


Further Report Findings-



  • In 2020, North America procured USD 471.3 million in terms of revenue fueled by the rising government norms to encourage companies to deploy automation solutions for refining their work processes.

  • In Asia Pacific, India is expected to grow rapidly in the upcoming years on account of the increasing demand for robotic process automation solutions from various banks, such as ICICI to automate portability of accounts, IT support, and customer email response.

  • Based on the application, the data migration & capture extraction segment procured 16.4% and 14.6% in terms of the robotic process automation market share globally and in the U.S., respectively.

  • By deployment, the cloud segment is set to be the fastest growing in the near future owing to its possession of beneficial properties, such as reduced operational costs, minimum upgrade, and ease of deployment.


The global market is segmented into:






















































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



   2021-2028



Historical Period



   2017-2019



Unit



   Value (USD billion)



Segmentation



  Deployment; Operation; Application; Industry; and Geography



By Deployment




  • On-Premises

  • Cloud



By Operation




  • Rule-Based

  • Knowledge-Based



By Application




  • Administration and reporting

  • Customer Support

  • Data Migration & Capture Extraction

  • Analysis

  • Others (Compliance, Strategy, etc.)



By Industry




  • Retail

  • Manufacturing and Logistics Industry

  • BFSI

  • Healthcare

  • IT and Telecom

  • Hospitality



  • Others (Government, Energy & Utility, etc.)



By Region




  • North America

    • United States (By Application)

    • Canada (By Application)



  • South America

    • Brazil (By Application)

    • Mexico (By Application)

    • Argentina (By Application)

    • Rest of South America



  • Europe

    • U.K. (By Application)

    • Germany (By Application)

    • France (By Application)

    • Rest of Europe



  • The Middle East & Africa

    • GCC (By Application)

    • South Africa (By Application)

    • Rest of the Middle East & Africa





  • Asia Pacific


    • China (By Application)

    • Japan (By Application)

    • India (By Application)

    • Southeast Asia (By Application)

    • Rest of Asia Pacific



Robotic Process Automation (RPA) Market
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