The latest market report published by Credence Research, Inc. “the global robotic process automation market was US$ 898.3 Mn in 2018 and is expected to reach US$ 10,781.0 Mn by 2027”, growing at a CAGR of 31.8% from 2019 to 2027.
In the epoch of digital transformation, Robotic Process Automation (RPA) has carved out a niche, affirming its potency as a catalyst in reshaping the operational landscape of various industries. The RPA market, escalating with rapid pace, is steering organizations towards unprecedented productivity, efficacy, and innovation, by automating mundane, repetitive tasks and allowing the human workforce to focus on more strategic, analytical, and creative endeavors.
RPA has gained prominence for its ability to mimic human interactions with digital systems. It carries out repetitive, rule-based processes by interacting with user interfaces, thereby mitigating the burden on human operators. From data entry, extraction, and migration to managing emails and processing transactions, RPA robots facilitate numerous administrative and clerical tasks with unparalleled accuracy and speed.
The financial sector is one of the predominant adopters of RPA, leveraging the technology to handle tasks such as account maintenance, transaction processing, and compliance reporting. Similarly, the healthcare industry employs RPA bots for patient scheduling, billing, and claims processing, ensuring reduced errors and enhanced patient experience. The spectrum of RPA’s applicability extends to various other domains like retail, telecommunication, and manufacturing, indicating its versatile utility.
While the advantages of RPA are multifaceted, including improved accuracy, cost efficiency, and customer service, its implementation is not without challenges. The integration of RPA requires a meticulous understanding of existing processes, strategic planning, and a culture that is conducive to change. Ensuring that RPA is embedded seamlessly within organizational structures and processes necessitates an inclusive approach that combines technological upgrades with skilling and re-skilling of the workforce.
Browse Full Report: https://www.credenceresearch.com/report/robotic-process-automation-market
The expanding horizon of the RPA market beckons businesses to explore, adapt, and innovate, ensuring they do not just navigate through the digital wave but ride ahead of it, scripting success stories that intertwine technology, strategy, and growth.
List of Companies Covered:
UiPath
Automation Anywhere Inc.
Blue Prism Ltd.
NICE
Pegasystems Inc.
Kofax Inc.
NTT Advanced Technology Corporation
EdgeVerve Systems Ltd.
ActiveOps Ltd.
HelpSystems
Others
Market Segmentation
Segmentation Solution Segment (2017-2027; US$ Mn)
Software
Services
Consulting
Implementation
Training
Automation Type Segment (2017-2027; US$ Mn)
Attended
Un-attended
Hybrid
Deployment Type Segment (2017-2027; US$ Mn)
On-cloud
On-premise
Enterprise Size Segment (2017-2027; US$ Mn)
Large
SMEs
Industry Verticals Segment (2017-2027; US$ Mn)
BFSI
Telecom
Retail
Healthcare
Manufacturing
Others
Geography Segment (2017–2027; US$ Mn)
North America (U.S. and Rest of North America)
Europe (U.K., Germany, France, and Rest of Europe)
Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
Rest of World (Middle East & Africa (MEA), Latin America)
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