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The global robotic process automation market size is expected to gain momentum by reaching USD 7.64 billion by 2028, as this technology allows manufacturing companies to implement automation with small-scale projects and then gradually scale up through their operations. This helps them in reducing their manufacturing times as well as their budget. This information is provided by Fortune Business Insights in its report titled “Robotic Process Automation 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 Forecasts, 2021-2028”, mentions that the market stood at USD 1.29 billion in 2020 and is projected to exhibit a CAGR of 25.0% during the forecast period.
Microsoft Acquired Softomotive
In May 2020, Microsoft Corporation announced the acquisition of Softomotive to widen its robotic process automation capabilities in Microsoft Power Automate. Furthermore, Microsoft is making robotic process automation (RPA) accessible to everyone so that end-users can create bots for automating their manual business processes.
Increasing Demand for RPA Bots to Drive Market Growth
During COVID time, demand for registration processes increased dramatically for testing. Since the registration process takes a huge amount of time, hospitals and other health centers started using RPA solutions for their front desk operation processes. For instance, a report by the Annals of Internal Medicine 2020 stated that in the United States, around 32% of hospitals spend on advanced solutions to manage their administrative services. Additionally, these RPA bots are known to schedule patients’ appointments for their visits to doctors. These also help organize medical supplies, avoid delays, and thus help in stocking critical supplies for the ease of management. Such factors are expected to drive the robotic process automation market growth.
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Key Players Focus on Partnerships & Collaborations to Brighten Their Market Prospects
The market is experiencing healthy competition among key players focusing on developing and launching new products, forming partnerships to widen their product portfolio, and further boost sales revenues. For instance, in March 2021, Automation Anywhere made collaboration with Google Cloud to boost up the adoption of automated technology within the organization across the globe. Through this partnership Automation Anywhere Automation’s 360 platform can be easily accessed on Google Cloud and help in mutually developing Artificial Intelligence (AI) and RPA powered solutions. Such strategies will contribute to the growth of the market during the forecast period.
List of Key Players Profiled in the Report
Further Report Findings
Table of Segmentation
Value (USD billion)
Deployment, Operation, Application, Industry, and Geography