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The global robotic process automation market size was USD 1.03 billion in 2019 and is projected to reach USD 6.10 billion by 2027, exhibiting a CAGR of 24.9% during the forecast period.
Robotic process automation (RPA) is emerging as a disrupting technology across industries and geographies with the capabilities of performing immense amounts of operations in desktop as well as cloud environments. The benefits of RPA such as enhanced accuracy, cost saving, compliance, and scalability are quantifiable and are positively impacting multiple financial service areas including audit savings and error reduction. It further unlocks greater return on investment by enabling incremental revenue opportunities, easing digital transformation, and freeing resources to emphasize process improvements.
Advancements in artificial intelligence (AI) and machine learning (ML) have enabled RPA to dive forward since its emergence. In November 2019, large enterprises like Microsoft entered the RPA market, making some changes to its power platform.
Companies to Focus on Deployment of RPA to Reduce COVID-19 Impact on Business Operations
The widespread lockdown is impacting businesses as physical stores and branches are being shut down. To continue the business, companies are greatly relying on the digital medium to automate both back-end processes and front-end processes. They are adopting advanced software like robotic process automation to transform their engagements with employees, suppliers, customers, and other stakeholders and mitigate the impact of COVID-19 pandemic on their businesses.
The RPA software enables businesses to provide improved customer support, stay connected across systems and teams, and offer stability in times of uncertainty. As this software allows quick automation of processes in less time, it is considered as one of the finest software to boost work from home productivity.
Certain sectors like retail, hospitality, and manufacturing are hardest hit by the pandemic. These sectors are seeking new technologies to understand customer behavior, and are also looking for new models for engaging them. RPA benefits are expected to improve the business situations and help companies to overcome economic recession.
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Rising Number of COVID-19 Cases to Increase the Demand for RPA in Healthcare
As the number of cases for COVID-19 rises, the demand for testing and registering the cases also increases. The time taken by the staff personal for conducting all the processes starting from registration to discharge is usually high. Therefore, hospitals have started deploying robotic process automation bots for front desk operations like registering the cases, tracking health records, maintaining status for the treatment, among others.
RPA bots automatically schedule the patients’ requests for appointments, thereby, offering 24/7 booking service for patients. These bots further assist in handling increased volume of medical supplies, while avoiding delays or stock-outs in critical supplies, and easing the strain on procurement teams.
The market is expected to experience positive growth in the forthcoming years. Businesses from all industries are investing in this technology to seamlessly streamline their business processes. Further, the influence of RPA on the organizations is anticipated to be greater during the forecast period.
Increasing Adoption of Artificial Intelligence and Cloud-Based Solutions to Surge Demand for RPA
Robotic process automation is in demand by organizations to handle complex unstructured information and automate any business functionality from end to end. Companies are combining artificial intelligence as well as cognitive technologies with RPA to extend the horizons of business process automation. These tools automatically observe the work activities, recognize optimal workflows, and suggest an automation path to the business.
RPA combined with artificial intelligence access unstructured information such as audio, video, and human chat conversation to make end-to-end automation possible. Furthermore, rising deployment of PaaS, IaaS, and SaaS offerings for cloud computing, customer relationship management, co-operative robot learning, resource management, and network connectivity, among others is expected to boost the demand for these solutions.
Digital Transformation Efforts by Industries to Drive the RPA Adoption
The robotic process automation is adopted by almost every industry for seamless and automated business processes. However, the demand for this tool is high from banks, insurance, utility and telecom companies. These companies usually have many legacy systems and therefore prefer RPA solutions for automation and integration of functionality. By using this tool, businesses can boost their digital transformation initiatives and unlock the cost allied with past technology investments.
Besides, software bigwigs such as Microsoft Corporation, IBM Corporation, and SAP are acquiring or partnering with RPA software providers. These factors are indirectly creating awareness of this software amongst their customer base. On the other hand, new vendors are grabbing the opportunity by adopting RPA for digital business demands such as real-time analytics and event stream processing.
Infrastructure and Customization Issue Associated with RPA to Impede Market Growth
For deploying an RPA solution, a company needs to have proper infrastructure and a professional team to look after all the processes. Setting up infrastructure and hiring professionals or training existing employees, and installing thousands of bots is difficult, complex and expensive.
The platform on which RPA bots works often changes, and the required flexibility isn’t always configured into the bots. Therefore, many organizations avoid deploying RPA for their businesses. Additionally, as this is a tool that requires unique identity and latest technology, it is difficult to implement customization as per the company’s requirement. This is expected to hinder the growth of the global market during the forecast period.
Cloud Based Solutions to Exhibit Highest CAGR Owing to its Lower Deployment and Operational Cost
The deployment segment is categorized into On-premises and Cloud.
Among these, the on-premises segment captures the highest market share as it allows organizations to have in-house ownership. However, the cloud segment is expected to be the fastest growing segment in the forthcoming years owing to benefits such as lower infrastructure cost, ease of deployment, and minimum upgrade, along with low maintenance costs. Organizations are inclining towards cloud-based solutions to gain flexibility in scaling the operations
Rule-Based Operation to Capture the Highest Share Due to its Ability to Performs Repetitive Task without Human Intervention
The operation segment is bifurcated into Rule-based and Knowledge-based operations.
Among these, the rule-based operation segment held the largest market share in 2019 as it efficiently performs repetitive tasks within workflow and process-related applications with less or no human resources intervention. While, knowledge based operation is anticipated to grow with the highest CAGR during the forecast period. Currently, the adoption of this operation is low compared to its counterpart and is likely to experience a high adoption after the integration of RPA with cognitive technologies.
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Administration and Reporting Segment to Hold Maximum Market Share Owing to its Ability to Automate Most of the Work of Administration and Finance Department
The application segment is sub-segmented into Administration and Reporting, Customer support, Data migration & capture extraction, Analysis, among others.
Among these, the administration and reporting segment captures the maximum share as RPA software can quickly and efficiently automate most of the work of the administration and finance department. Thereby, freeing up the team to focus on adding value and supporting business growth. However, the analysis segment is expected to exhibit the highest CAGR during the forecast period as it helps companies to analyze operations like service trend, invoice, reports, and other day to day work.
The growing adoption of RPA for customer support applications such as updating client profiles, resolving customer disputes, sending shipping and other related notifications, among others is fueling the demand for RPA solutions. Likewise, in data migration & capture extraction, it fulfills the demand of customers for instant and fast solutions to their queries. It extracts the essential data that is required for handling the queries from the database with less time. This reduces the time required to solve customer queries that creates a good impression on the customer.
BFSI Segment to Augment Highest Market Share Owing to Rising Use of RPA for Regulatory Reporting and Balance Sheet Reconciliation
The industry segment is categorized into Retail, Manufacturing and Logistics Industry, BFSI, Healthcare, IT and Telecom, Hospitality, and Others.
Among these, the BFSI segment held the largest market share in 2019 as RPA is deployed by banking and insurance companies for regulatory reporting and balance sheet reconciliation. This tool helps BFSI companies to monitor and control various interfaces, and ensures seamless execution of transactions.
The healthcare sector is anticipated to showcase the highest CAGR in the forthcoming years. This is ascribable to factors such as the healthcare departments focusing on utilizing this tool to implement accurate and fast automation processes such as clinical data interoperability, admissions and discharge, and health plans.
North America Robotic Process Automation Market Size, 2019 (USD Million)
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Geographically, the market is fragmented into five major regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. They are further categorized into countries.
North America accounts for the major market share owing to the growing adoption of automation and process management solutions by large as well as small and medium enterprises. Additionally, the U.S. government encourages all the other agencies to deploy these solutions to smoothen their work process. This is expected to foster the growth of the global robotic process automation market in the region.
Asia Pacific is anticipated to be the fastest growing region during the forecast period. This is attributable to the growing demand for automation from almost all the industries in the region. Furthermore, the growing adoption of Industry 4.0 in industrial applications is anticipated to bolster the RPA industry growth in the region.
Similarly, the demand for RPA tools from European countries such as the U.K. and Germany is high. Manufacturing companies in these countries have been quick to adopt the RPA solutions as it enables them to implement automation with small-scale projects and then gradually scale up through their operation.
The Middle East and African countries are slow in the adoption of robotic process automation compared to other regions, mainly due to limited industrial investments. However, according to the Middle Eastern RPA and automation forum, industries in this region are planning to invest in the RPA technology to attain cost reductions and enhance the efficiency of processes.
UiPath is Revolutionizing its Services to Maintain its Dominance in the Industry
UiPath provides a complete software platform to enable organizations to efficiently automate their business processes. In the current crisis, the company is offering its RPA platforms to its customers and delivering timely support as businesses are transitioning to new operating models. The company has been receiving enormous investments since past few years. For instance, in 2018, Accel and Kleiner Perkins Caufield invested around USD 153 million in the company.
Major Companies are Collaborating with Cognitive Technology Providers to Offer Advanced Robotic Process Automation Solutions
The global market is highly competitive and is characterized by the presence of a large number of small and large vendors. The main aim of the companies is to provide diverse solutions to cater the needs of each customer. They are further expanding their operations by collaborating with cognitive technology providers and offering new solutions and services to their customers. For instance, in November 2018, UiPath partnered with DataRobot to offer automation and efficiency to business processes.
An Infographic Representation of Robotic Process Automation (RPA) Market
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The report offers qualitative and quantitative insights on Robotic Process Automation and the detailed analysis of market size & growth rate for all possible segments in the market.
Along with this, the report provides an elaborative analysis of market dynamics, emerging trends, and competitive landscape. Key insights offered in the report are the adoption by individual segments, recent industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, Porter’s five forces analysis, business strategies of leading market players, macro and micro-economic indicators, and key industry trends.
Value (USD Billion)
As per our (Fortune Business Insights) study, the global RPA market is predicted to reach USD 6.10 billion by 2027 with a CAGR of 24.9 % (2020 -2027).
In 2019, the market value stood at USD 1.03 billion.
The market is projected to grow at a CAGR of 24.9% during the forecast period (2020-2027).
Analysis segment is anticipated to see highest growth rate during the forecast period.
North America dominated the market owing to growing adoption of automation and process management solutions by large as well as small and medium enterprises.
BFSI segment leads the market owing to rising use of RPA for regulatory reporting and balance sheet reconciliation
Infrastructure and customization issues associated with RPA to restrict the market growth.
Digital transformation efforts by industries are driving the growth of the market.
Some of the key players in the market are Uipath SRL, Blue Prism PLC, Automation Anywhere, Nice Systems Ltd., Kofax, Inc. among others.
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