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Robotic Process Automation Market to Exhibit 25.0% CAGR between 2021 and 2028; Ability to Perform Repetitive Task without Human Intervention to Augment Market Growth

October 25, 2021 | Information & Technology

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.


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


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


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.


Industry Development



  • November 2020 – Pegasystems, Inc. launched Pega RPA Auto-balancing to strengthen its digital transformation. The new solution makes use of artificial intelligence (AI) for optimizing the bot’s workload management without any kind of human intervention. 


List of Key Players Profiled in the Report



  • Automation Anywhere (California, U.S.)

  • Blue Prism PLC (Warrington, U.K.)

  • IPsoft Inc. (New York, U.S.)

  • Kofax, Inc. (California, U.S.)

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

  • NTT Advanced Technology Corporation (Kanagawa, Japan)

  • Pegasystems, Inc. (Massachusetts, U.S.)

  • Redwood Software (Houten, Netherlands)

  • Uipath SRL (New York, U.S.)

  • OnviSource, Inc. (Texas, U.S.)


Further Report Findings



  • North America is expected to hold the largest robotic process automation market share during the forecast period. This is because the government is promoting all the enterprises in the region to adopt automated processes. The region stood at USD 471.3 million in 2020.

  • Asia Pacific is expected to showcase a significant rise in the market. This is attributable to the increased adoption of Industry 4.0 in industrial applications in the region.  Moreover, China and Japan are expected to dominate with the maximum market share in the market.

  • By application, administration and reporting, customer support, data migration & capture extraction, analysis, and others. Out of these, the capture & extraction segment held a market share of 16.4% in 2020 because it offers customers instant and fast solutions to their queries.


Table of Segmentation






















































  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

    • U.S. (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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