The global robotic process automation market size is expected to reach USD 25.66 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 40.6% over the forecast period. The organization's need to automate structured, repetitive processes to focus on core business activities and reduce operation time and effort is anticipated to drive the growth. The Robotic Process Automation (RPA) can be implemented across various business departments to automate numerous processes such as employee, customer, vendor onboarding, payroll processing, order processing, and report aggregation.
The
integration of technology to automate the repetitive task across industries has
resulted in accelerated work, reduced human error, and increased throughput.
The combination of RPA with cognitive technologies such as speech
recognition, machine learning, and Natural Language Processing (NLP) is
capable of handling higher-order tasks with Artificial Intelligence (AI)
assistance without humans' decision-making capabilities. RPA was designed to
reduce the repetitive task by following a set of predefined procedures that do
not require knowledge or insights, while the integration of AI allows RPA
softbots to function as a knowledge-based dynamic system-to work beyond an
automated cognitive system. The application of RPA from the bill of materials
to customer query handling with the intelligence of AI has led to a high growth
trajectory of the RPA market.
The
COVID-19 pandemic effect has resulted in inclination towards cost saving by
reducing the number of employees involved in performing the redundant task or
improving the efficiency of its workforce using automation software.
Specifically, the adoption of robotic process automation has increased in small
and medium organizations that need to monitor its cost and human resource more precisely
to save on additional and unwanted expenses. The significant benefit of RPA for
SMEs includes improved employee and customer satisfaction, enhanced compliance,
and accelerated productivity gains with reduced cost and time. Moreover, large
enterprises are also adopting RPA to improve their business operation due to
the implication of remote working that has affected the overall company
business. Hence, changing workforce dynamics is expected to increase the
adoption of RPA over the forecast period.
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Robotic Process
Automation Market Report Highlights
- Robotic Process Automation
market is anticipated to reach USD 25.56 Billion by 2027. The higher
demand for automating the process to save time and reduce operational cost
is driving the market growth over the forecast period.
- The BFSI segment is
anticipated to grow at a CAGR of 40.1% over the forecast period.
- North America held the
dominant market share of approximately 37% in 2019. Asia Pacific, on the
other hand, is anticipated to exhibit the fastest CAGR over the forecast
period.
- Some of the major players
present in the market are UiPath, Automation Anywhere, Blue Prism, NICE,
Pegasystems, KOFAX INC., NTT Advanced Technology Corporation, EdgeVerve
Systems Limited, FPT software, OnviSource, Inc. and HelpSystems. These
major players in the RPA market exhibit robust product offerings and
presence across the world.
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Robotic Process
Automation Market Segmentation
Grand View Research 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)
- Software
- Service
Robotic Process
Automation Service Outlook (Revenue, USD Million, 2016 - 2027)
- Consulting
- Implementing
- Training
Robotic Process
Automation Deployment Outlook (Revenue, USD Million, 2016 - 2027)
- Cloud
- On-Premise
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)
- BFSI
- Pharma & Healthcare
- Retail & Consumer Goods
- Information Technology (IT)
& Telecom
- Communication and Media
& Education
- Manufacturing
- Logistics, and Energy &
Utilities
- Others
Robotic Process
Automation Regional Outlook (Revenue, USD Million 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- ANZ
- Singapore
- ASEAN
- Latin America
- Brazil
- Mexico
- Middle East & Africa
List of Key Players
of Robotic Process Automation Market
- UiPath
- Automation Anywhere
- Blue Prism
- NICE
- Pegasystems
- KOFAX INC.
- NTT Advanced Technology
Corporation
- EdgeVerve Systems Limited
- FPT software
- OnviSource, Inc.
- HelpSystems
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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