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%
Global Robotic Process Automation Market, By Process (Automated Solution, Decision Support And Management Solution, and Interaction Solution), By Operation (Spend Analysis, E-Sourcing, E-Procurement, Contract Management, and Supplier Management), By Type (Tools, Services, and Travel & Logistics), By Industry (BFSI, Healthcare & Pharmaceuticals, Manufacturing & Logistics, IT & Telecommunication, Retail, Travel, Hospitality, Transportation, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
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%.
The latest progression in the digitization has had a substantial influence on the white-collar jobs or professional jobs as well as on the products and the associated technology. It has been projected that in the coming couple of decades, 47% of the jobs will be replaced by computerized or robotic labor.
RPA, acronym for robotic process automation, is a specific kind of digitization and implementing such innovation can prove extremely beneficial in raising the organisation’s added value over the forthcoming years.
Robotic process automation with alternative names like intelligent or smart automation can be comprehended as an innovative technology which can be given priority in order to achieve a chain of tasks, comprising instigating responses, data manipulation, and carrying out essential communication with other processes and systems, which primarily needed human intervention.
The accelerated need of organizations to computerize and automate repetitive and structured operations and techniques to aim their attention on core business activities and mitigate operation efforts and time is majorly expected to drive the growth of the global robotic process automation market in the near future.
By the same token, the increasing demand for automation of excess or unnecessary functions or work in the business process, in the present-day world, coupled with Machine Learning (ML) and Artificial Intelligence (AI) advancements is estimated to propel the market growth of the global robotic process automation market over the forthcoming years.
In addition to that, robotic process automation is also finding application in BPOs all across the world, which is further expected to positively fuel the growth of the RPA in the global markets, thereby boosting the growth of the global robotic process automation market over the forecast period.
However, the inadequacy of awareness with regard to the utilization and practice of robotic process automation and employment of conventional approaches and practices for business processes in emerging economies is likely to hamper the growth of the global robotic process automation market in the coming years.
Furthermore, due to shortage of funds assigned for R&D activities and efforts, the majority of the SMEs around the world are not able to afford RPA software and services, which further slows down the growth of the global robotic process automation market.
MMC Study identifies some of the key participating players in the robotic process automation market globally are Automation Anywhere, Blue Prism, Celaton Ltd, Ipsoft, Nice Systems Ltd., Pegasystems, Redwood Software, Uipath, Verint, Xerox Corporation, among others.
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