The report is titled as ‘Robotic Process Automation (RPA) Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the Robotic Process Automation (RPA) market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The Robotic Process Automation (RPA) market is expected to grow at a significant rate in the near future.
The global Robotic Process Automation (RPA) market is estimated to reach at a value of US$ 1.6 Bn by the end of 2020 and expected to reach at a value of US$ 6.9 Mn by 2028 with a significant CAGR of 19.9%.
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Robotic Process Automation (RPA) Introduction
Robotic process automation (RPA), more commonly known as smart automation or intelligent automation, can be perceived as advanced technologies that can be prioritized to accomplish a string of tasks, including triggering responses, data manipulation, and generating crucial communication with other systems and processes, which originally required human intervention. RPA consists of two distinct types – automation of regular office work and automation of modern intelligent processes via mediums such as Artificial Intelligence (AI). To put it in another way, robotic process automation or RPA can be comprehended as the introduction of digital workers in the corporate organization for the purpose to carry out and perform the work that only human workers were formerly considered capable of doing.
In addition to that, the leading players of the global markets are also aiming their attention to improve their offerings, via adding new and advanced attributes, including workload management, credential management, automation lifecycle management, SLA-based automation, and Citrix automation, as well as introducing latest data APIs. These modifications are further projected to attract newer industries that are looking for higher security and operational capabilities.
Robotic Process Automation (RPA) Market Dynamics
The enormous rise in acceptance and adoption of on-premise RPA solutions by organizations across the world that are pursuing to economize costs by turning a huge volume of processes to be automated through robotic process automation or RPA owing to several benefits it has to offer, comprising compliance, improved accuracy, cost-effectiveness, as well as scalability is measurable, which further leaves a positive impact on various financial services such as error reduction and audit savings, is majorly boosting the growth of the global robotic process automation (RPA) market. In addition, businesses and organizations are shifting to RPA solutions in order to have adequate IT support for keeping up with the infrastructure. Such factors positively fuels the demand of RPA in the global market, thus the global market of RPA is projected to grow rapidly in the near future.
Moreover, the rapid emergence and advancements in technologies like machine learning (ML) and artificial intelligence (AI) is also offering numerous growth opportunities for RPA solutions in the years to come, therefore estimated to propel the growth of the global robotic process automation (RPA) market over the forecast period.
In addition to that, subsequent to 1990s, many businesses and firms are increasingly outsourcing their white-collar work to emerging or developing countries across the world, where labor cost is low in order to reduce their additional operational costs. However, there has been a rise in the labor cost of developing countries as well, which compelled the businesses and organisations to incline towards advanced automation technologies.
With the same token, the automation of white-collar work through RPA, employing technologies like robotics and AI is accelerating the efficiency and effectiveness of work. Owing to which, the RPA is witnessing great demand in the global markets in the present-day world, which is further anticipated to give a positive push to the overall growth of the global robotic process automation (RPA) market over the coming years.
However, the employment of RPA solutions initially requires an appropriate infrastructure as well as skilled and experienced workforce to carry out all the processes in a right manner, which is likely to restrain the growth of the global RPA market in the given timeframe.
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Robotic Process Automation (RPA) Market Segmentation
The global Robotic Process Automation (RPA) market is segmented on the basis of process, operations, type, industry and region. On the basis of the process, the Robotic Process Automation (RPA) market is segmented into Automated Solution, Decision Support And Management Solution, and Interaction Solution. The operations segment is divided into Spend Analysis, E-Sourcing, E-Procurement, Contract Management, and Supplier Management. Furthermore, the type segment is divided into Tools, Services, and Travel & Logistics. On the basis of industry, the market is bifurcated into BFSI, Healthcare & Pharmaceuticals, Manufacturing & Logistics, IT & Telecommunication, Retail, Travel, Hospitality, Transportation, and Others.
By Process
- Automated Solution
- Decision Support and Management Solution
- Interaction Solution
By Operations
- Spend Analysis
- E-Sourcing
- E-Procurement
- Contract Management
- Supplier Management
By Type
- Tools
- Services
- Travel & Logistics
By Industry
- BFSI
- Healthcare & Pharmaceuticals
- Manufacturing & Logistics
- IT & Telecommunication
- Retail
- Travel
- Hospitality
- Transportation
- Others
Robotic Process Automation (RPA) Market Key Players
The global Robotic Process Automation (RPA) market is dominated by Automation Anywhere, Blue Prism, Celaton Ltd, Ipsoft, Nice Systems Ltd., Pegasystems, Redwood Software, Uipath, Verint, Xerox Corporation, among others.
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