Robotic Process Automation Market is valued at USD 2715.75 Million in 2020 and is expected to reach USD 18339.95 Million in 2027 with a CAGR of 31.07% over the forecast period. The global robotic process automation market is expected to grow at significant growth rate due to number of driving factors.
Increasing application for business process automation (BPA) through the use of artificial intelligence (AI) and software robots, growing industrial adoption of digital technology and innovative new technologies are the major driving factors for robotic process automation market.
Robotic process automation (RPA) is the application of software robots or artificial intelligence (AI) to automate repetitive routine tasks mainly performed manually be skilled workers. These RPA systems develops action list by observing the user perform that task in the applications graphical user interface (GUI), then perform automation by repeating those tasks directly in GUI. This in turn lowers the barrier to application of automation in products that may not able to be used through application programming interfaces (APIs). This permits any developer to configure computer software or a robot to match and integrate actions of a human using digital systems. RPA robots uses the user interface to capture data and manipulate applications. They interpret, trigger responses and communicate with other systems by which they able to perform variety of repetitive tasks.
Global robotic process automation market report is segmented based on type, process, application and by regional & country level. Based on type, global robotic process automation market is classified as software and service. Based upon process, global robotic process automation market is classified into automated solution, decision support & management solution, and interaction solution. Based upon application, global robotic process automation market is classified into bfsi, manufacturing, pharma & healthcare, retail, Telecom & IT and others.
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2020:||USD 2715.75 Million|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2027:||USD 18339.95 Million|
|Tables, Charts & Figures:||175|
|Robotic Process Automation Companies||UiPath, Automation Anywhere Inc., NICE, Blue Prism, Celaton Ltd., Pegasystems, Kofax, NTT Advanced Technology Corporation, Redwood Software, Genpact Ltd, EdgeVerve, IPsoft Inc. Verint Systems Inc., Xerox Corporation and others.|
|Segments Covered||By Type, By Process, By Application|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
Main advantage of RPA is it permits enterprises to automate at low cost and less time compared to previous system. Other than that, it is non-intrusive in nature and controls the existing infrastructure without making disruption to original systems, which would be difficult and costly to replace, which in turn attracts the end users to use RPA systems instead of other systems. It is estimated that more than 50 percent of business enterprises have adopted RPA system and in another 5 years it is going to be saturated and is currently fastest growing enterprise software due to its usefulness.
According to The National Association of Software and Services Companies (NASSCOM), RPA implementation can help companies with a “cost reduction of 35-65 per cent for onshore process operations and 10-30 per cent in offshore delivery and an investment recovery period as short as 6-9 months. Additionally, according to the Institute for Robotic Process Automation, an RPA software robot costs only one-third the price of an offshore full-time employee (FTE) and one one-fifth the price of an onshore worker. Other than that, an RPA software robot is capable of performing a list of more than 600 actions in a given sequence, which helps the employees to utilize their time in more productive work of a business. RPA is used in many industries, but the main users of this system are banks, insurance companies, telcos and utility companies. As the number of usability are being explored for many other applications in varied industries, the RPA market is expected to have high growth rate in forecasting period. However, the length of time to install robotic automations and the amount of maintenance required to keep them running are restraining the market up to some extent.
Robotic Process Automations are usually utilized as actuators and sensors, and their associated ""stimulus"" and ""response"" is depicted in (Table 1). Major advantages of Robotic Process Automation actuators and sensors include high energy density, fast response, compact size, and fewer moving parts. Robotic Process Automations are usually utilized as actuators and sensors, and their associated ""stimulus"" and ""response"" is depicted in (Table 1). Major advantages of Robotic Process Automation actuators and sensors include high energy density, fast response, compact size, and fewer moving parts. Robotic Process Automations are usually utilized as actuators and sensors, and their associated ""stimulus"" and ""response"" is depicted in (Table 1). Major advantages of Robotic Process Automation actuators and sensors include high energy density, fast response, compact size, and fewer moving parts. Robotic Process Automations are usually utilized as actuators and sensors, and their associated ""stimulus"" and ""response"" is depicted in (Table 1). Major advantages of Robotic Process Automation actuators and sensors include high energy density, fast response, compact size, and fewer moving parts.
For instance, a major US revenue cycle management (RCM) service provider have adopted RPA solution which fully automate the eligibility and benefits confirmation process. The system, running 22 hours a day, five days a week had 23 software bots automatically extract patient appointment lists from every healthcare provider’s practice portal across all provider locations, arrange the appointments for further processing and collect appointment details by accessing different applications and screens, which helps the company a lot in terms of efficiency. Such type of positive results has increased the demand of RPA in this region. Europe is the second largest market of RPA due to increasing adoption of automation as well as government policies supporting automation technology. For instance, In December 2019, NHS Wales announced it had started using RPA in partnership with human to modernize the prescription process and to manage complex medicines more effectively, giving back pharmacists valuable time to dedicate to pressing clinical work. In case of Asia-Pacific, it is expected to have fastest growth rate due to increasing awareness about automation, growing demand for business process automation in BPOs in China & India as well as rapid growth of economy.
In recent years, companies are rapidly moving towards technological advancement in their workspace. Industries around the world are turning to automation to become faster and more responsive in the face of increased demand and rapidly changing environments. From handling high volumes of testing results to associate the increased need in call centres to preparing and allowing a remote workforce, organizations understand the benefits of automating right now. Remote processing automation solutions give the impression in many business sectors, including financial services, healthcare, human resources, and retail. Robotic process automation tools are widely used for the configuration of task automation. These tools are essential for automation of the repetitive back-office processes. Due to the fast-adopting nature of user numbers of tools or software’s are available in the market and they are creating trends in various sectors.
Some of the major robotic process automation tools or software in trending are as follows:
Some of the growing application trends of robotic process automation are: -
Smart Process Automation (SPA): The recent advancements achieved in IT trends are a clear indication of the evolution of robotic process automation into a further advanced and highly sophisticated form of smart process automation. Smart process automation is supposed to be an addition to robotic process automation. The purpose of smart process automation can be accounted for as an advanced extension of robotic process automation with the incorporation of highly advanced technologies. This makes it possible to create refined automation models. It is to automate the unstructured data work that robotics is incapable of managing all by itself. Additionally, the prior generation of robotic process automation was equipped for automating structured data, with a pre-characterized set of rules. SPA permits robotic process automation bots to profit by the capacities of the total automation circle including artificial intelligence, enormous information, big data, machine learning, and more.
Middle East and Africa
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