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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.
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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:
A Noteworthy Industry Development-
Further Report Findings-
The global market is segmented into:
Value (USD billion)
Deployment; Operation; Application; Industry; and Geography