The global robotic process automation (RPA) market size is anticipated to reach USD 25.56 billion by 2027, with a CAGR of 40.6%, according to a new report by Million insights. The rapid growth and deployment of Artificial Intelligence (AI) are encouraging organizations to integrate their business models with new technologies. The RPA application technologies provide fast, flexible and intelligent automation by combining with machine learning, computer vision, virtual agents and NLP technologies. These technologies have various applications such as self-driving cars, RPA and industrial robots etc.
Additionally, it helps in automating the repetitive processes and mundane works. Further, it improves the customer experience and enhanced the productivity of the business. Thus, expected to boost the market growth in the forthcoming years. The rising volume of data and requirement for storing and managing the data across different industries such as retail, BFSI, telecom, manufacturing, healthcare and automotive are also expected to increase the adoption of RPA solutions.
The rising number of IT companies across the world are generating huge demand for the RPA solution. It can help the IT operation team, in automating the different projects, like application and software development lifecycle management. Additionally, it supports various other functions, such as ticket management, asset tracking, software monitoring and user management. RPA solutions help IT operation teams in monitoring and managing the IT lifecycle as well as improves the customer experiences while reducing the operational costs. Further, in application and software development and lifecycle processes, RPA offers a flexible solution to users, so that they can speed up the various development tasks like test automation.
Automation in banking sectors saves the valuable time of the employees and helps them on concentrating more valuable projects and tasks. Banks are deploying RPA solutions on the back-office process, in order to mitigate the risks while deploying it at front-end processes. Additionally, it allows banks to focus on the key areas and help them in developing a roadmap for the deployment of RPA solution. Moreover, the middle and back offices get higher benefits from the automation systems as compared to the front office. Furthermore, the rising competition in the banking sector is forcing players to improve customer services and reduce operational costs by deploying RPA technology. This is, expected to drive the segment growth in the upcoming years.
RPA solutions tools allow organizations to make better decisions, enhance operational efficiency, customized the services, reduce operational costs and improve customer services. Large organizations have various business segments in different industries. Therefore, the demand for RPA solutions among large organizations is very high. More importantly, RPA solutions can be customized according to the business requirements, which are expected to attract the customers, as a result expected to fuel the growth of robotic process automation market.
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Further key findings from the report suggest:
• RPA market is projected to generate a revenue of USD 25.56 Billion by the end of 2027. The growing demand for automating the business process, in order to save time and minimizes the operational cost are expected to propel the market growth during the forecast period, 2020 to 2027.
• The key players in the market are Blue Prism, Pegasystems, HelpSystems, UiPath, NICE, Automation Anywhere, OnviSource, Inc. EdgeVerve Systems Limited, KOFAX INC., and FPT software.
• The BFSI segment is expected to see the fastest growth during the forecast period, owing to the rising number of private banking & financial institutions and growing need for automating the mundane and repetitive tasks.
• North American market held the largest market share and accounted for more than 37% in 2019, owing to the strong presence of leading players and high adoption of RPA technology in the large enterprises.
Million Insights has segmented the global robotic process automation market on the basis of type, service, deployment, organization, application and region:
Robotic Process Automation Type Outlook (Revenue, USD Million, 2016 - 2027)
Robotic Process Automation Service Outlook (Revenue, USD Million, 2016 - 2027)
Robotic Process Automation Deployment Outlook (Revenue, USD Million, 2016 - 2027)
Robotic Process Automation Organization Outlook (Revenue, USD Million, 2016 - 2027)
• Large Enterprise
• Small and Medium Enterprises (SME)
Robotic Process Automation Application Outlook (Revenue, USD Million, 2016 - 2027)
• Pharma & Healthcare
• Retail & Consumer Goods
• Information Technology (IT) & Telecom
• Communication and Media & Education
• Logistics, and Energy & Utilities
Robotic Process Automation Regional Outlook (Revenue, USD Million 2016 - 2027)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa