The Global Robotic Process Automation (RPA) Market Size is forecast to grow to more than 13 billion U.S. dollars by 2027, an increase of more than 12 billion compared to 2020. RPA is a type of business process automation based on software robots or bots that perform menial business tasks to expedite enterprise operations and reduce costs. The Robotic Process Automation (RPA) Market Size is projected to expand at a compound annual growth rate (CAGR) of 38.2% from 2022 to 2027
Robotic Process Automation (RPA) is an emerging technology across various industries as it has the capability to run businesses smoothly amid the pandemic; companies are relying on digital systems to automate their both back-end and front-end processes. Thus, the demand for advanced software for automating the process is rising. As RPA technology allows quick automation of processes in less time, it is considered one of the finest software to boost work from home and remote location productivity and is expected to boost the market growth during the forecast period.
The Global Robotic Process Automation (RPA) Market Size showed crucial growth in recent years and is anticipated to witness a steep rise by generating an estimated revenue of US$ xx. xx over the forecast period. According to the latest study conducted by our analysts and industry experts, the global market is expected to grow at a CAGR of 26.34% during the forecast period, that is 2017-2025.
Global Robotic Process Automation (RPA) Market Growth Opportunities (Revenue, Growth) By 2017-2027
Companies Profiled in the Market: Automation Anywhere (California, U.S.), Blue Prism PLC (Warrington, U.K.), IPsoft Inc. (New York,U.S.), Kofax, Inc. (California,U.S.), Nice Systems Ltd. (Ra'anana, Israel), NTT Advanced Technology Corporation (Kanagawa, Japan)., Pegasystems, Inc. (Massachusetts,U.S.), Redwood Software (Houten, Netherlands), Uipath SRL (New York,U.S.), OnviSource, Inc. (Texas, U.S.)
Robotic process automation is the technology that allows employees in a company to design computer software to capture and elucidate current applications for processing a transaction, operate data, and communicating with other digital systems. Most of the company uses labour for general knowledge process work, where people are performing highly transactional process functions. With the help of this software it will help to increase their capabilities and save money and time. The industrial robots are developing the manufacturing industry by creating higher production rates and improved quality, Robotic process automation are reform the way we think about administer, IT , workflow process, and back office work. Also it provides improvement in accuracy and increased productivity in transaction processing while it upraises the nature of work by removing people from repetitive tasks.
In 2017 the global robotic process automation market size was valued at USD 357.5 million, and is anticipated to grow at a CAGR of 26.34% over the forecast period. Due to increasing demand for business process automation through the use of artificial intelligence and software robots is expected to be the key factor of increasing growth which will accelerate the market in upcoming period.
Furthermore, its ability to learn the countless skills without human intervention while consistently carrying out prescribed functions and scaling up or down to meet the demand and is expected to augment the market demand. The role of technology is emerging continuously faster. The last few decades expected various waves of technology that significantly accelerate the business growth.
Development in technology has triggered businesses to overcome new challenges aimed to cope up with changing market demand and needs. In recent past, the adoption of automation has captured the attention of large organizations. This can be attributed to its ability to deliver operation coupled with significant value addition from the resources. The organizations worldwide are constantly looking to identify processes that can be automated to enhance productivity.
Based on application, in 2017 BFSI application segment accounted for the largest revenue share, and is projected to continue to accelerate the market over the forecast period. Application of this technology is anticipated to be high in the BFSI sector because of the automation of business tasks, such as data entry, compliance regulations, and assembly and formulation, which results in increased speed and efficiency.
It also offers tremendous opportunities in various industries by offering better facilities and optimizing an existing business process. Pharma & healthcare segment is anticipated to expand at the highest CAGR of xx.xx% in the upcoming era. RPA provides an opportunity to reorganize the administrative processes for the segment by replacing monotonous tasks that hinder the information flow.
Apart from this, enhancing adoption of automation software by enterprises is also accelerating the growth of the robotic process automation market. Growing advancement in automated business process technologies has led to low cost and easy availability of automation software in the market. Such software has attracted the attention of small and medium, large enterprises, with limited budget for business automation transformation.
North America led the in 2017 and the trend is anticipated to continue over the upcoming period. This is due to the increased perforation of automation and process management solutions across the region. Moreover, the virtual workforce industry is also evolving, with a number of agencies, such as 10up and append to, due to this the U.S market growth will increase. Europe Market held the significant growth in 2017 in terms of volume, Due to increasing capacity in automobile sector, development of new technology, new investment, are the major contributing factors to drive the automobile robotic process automation market at the higher extent during upcoming timeline.
Global Robotic Process Automation (RPA) Market Size, Share Analysis By Region 2021
Asia Pacific is anticipated to be the fastest-growing region over the upcoming period. It was valued at USD46 Million in 2017. Automation includes machine learning, robots and AI has the tremendous market growth in the Asia Pacific region. Rising awareness about automation in the region is also expected to accelerate the market demand in the upcoming era. Furthermore, increasing demand for BPA solutions in BPO sectors in China and India is contributing to the regional growth.
Key players of robotics automation market companies include Automation Anywhere, Inc.; Blue Prism Group Plc; Be Informed B.V.; Jacada, Inc.; and OpenSpan. Nice Systems Ltd., Pegasystems Inc., Ipsoft, Inc., Celaton Ltd., Redwood Software, UiPath SRL, Verint System Inc., Xerox Corporation, and IBM Corporation.
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