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The global robotic process automation (RPA) market size is projected to reach USD 6.81 billion by the end of 2026. Driven by applications across diverse industries, the market will exhibit a considerable CAGR in the coming years. According to a report published by Fortune Business Insights, titled “Robotic Process Automation (RPA) Market Size, Share & Industry Analysis, By Deployment (On-premise, Cloud), By Application (Administration and reporting, Customer Support, Data Migration & Capture Extraction, Analysis, and Others), By Operation (Rule-based, Knowledge-based), By Industry (Retail, Manufacturing and Logistics Industry, BFSI, Healthcare, IT and Telecom, Hospitality, and Others), and Regional Forecast, 2019-2026,” the market was worth USD 1.39 billion in 2018 and will exhibit a CAGR of 22.3% during the forecast period, 2019-2026.
Robotic process automation is a system that helps configure a computer software into a robot. This is primarily used to replicate human tasks and workforce, which significantly helps reduce human error. The use of robotic processes will also help minimize the time required for performing repetitive tasks. The growing adoption of automated concepts in human-interactive tasks will have a direct impact on the growth of the market in the coming years. RPA systems possess the ability to generate responses and communicate with several connected devices in real time. An RPA robot can operate efficiently for longer durations, and in the same time create minimum errors. The properties of RPA system have led to a wider product adoption, which in turn will aid the growth of the market in the coming years.
Increasing Company Mergers Will Aid Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Company collaborations and mergers are a growing robotic process automation market trend among major companies across the world. The report highlights a few of the major company collaborations of recent times and gauges their impact on the growth of the market. In March 2019, The Nice System Ltd. announced the acquisition of CallVU. Through this acquisition, the company plans to offer a digital customer engagement. Furthermore, the company will be able to implement an IVR system, which will help improve customer experience.
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Use of AI Will Yield Exceptional RPA Products; Subsequently Aiding Market Growth
The use of advanced technologies such as artificial intelligence and the internet of things (IoT) will better the overall performance of RPA products, as well as improve the system efficacy. Artificial intelligence has allowed flexible applications and helped explore the untapped potential and benefits of RPA within a business. The availability of open-source RPA derivatives as well as software will constitute an increase in the overall RPA market size in the coming years. Low costs of products, coupled with the need for lesser human labor will lead to a wider product adoption in the coming years.
Major Players Are Collaborating with Cognitive Technology Providers
Collaborations with cognitive technology operators are proving vital for major businesses in the RPA market. Through acquisitions and mergers with these providers, companies can offer exceptional services, that will help them establish a formidable position in the market. A few of the leading companies in the robotic process automation market include:
Further Report Findings:
The global RPA market is segmented on the basis of:
2015 - 2026
2019 - 2026
2015 - 2017
Value (USD billion)