The global Robotic Process Automation market is growing rapidly. Every year, more and more organizations are onboarding RPA solutions to achieve operations efficiency.
The implementation of Robotic Process Automation has started to make sense for organizations of all sizes. Whether it's a small or big enterprise, RPA technologies are helping businesses reinvent how they operate.
In this article, we'll have a look at the Robotic Process Automation (RPA) market size, the industry analysis of RPA, and the Robotic Process Automation market growth.
It will enable you to get a better understanding of how large the RPA services market size is and why you should get on the journey of implementing RPA.
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Robotic Process Automation Market: Report by MarketsandMarkets
The latest report on Robotic Process Automation market analysis by MarketsandMarkets estimates that the global Robotic Process Automation (RPA) market will reach $ 2.467 billion by 2022.
The Robotic Process Automation market growth is estimated at a CAGR of 30.14% between 2017 to 2022.
With Robotic Process Automation (RPA), your enterprise can complete rule-based tasks, including the processing of transactions, triggering responses and communicating with other digital systems.
The report also estimates an intelligent convergence of Robotic Process Automation with traditional business processes. There will be immense growth of Robotic Process Automation market size in banking and financial services, business process outsourcing, and human resource outsourcing.
Robotic Process Automation Market: Report by Grand View Research
The report published by Grand View Research in July 2020 showcases the market size and trends in the Robotic Process Automation Market growth.
According to the report, the global Robotic Process Automation market size was valued at $1.4 billion. The projected compound annual growth rate from 2020 to 2027 is estimated to be 40.6%.
Because of the pandemic, remote work is becoming a new priority, allowing enterprises to focus more on Robotic Process Automation solutions for achieving operational efficiency. It is expected to reshape the business operations of organizations across the globe.
The report also delivers the following insights about the implementation of RPA:-
- RPA improves the effectiveness of operations by adapting and interpreting the existing application for processing a transaction, triggering responses, manipulating data, and communicating with other digital systems.
- RPA reduces the costs of processes that are repetitive in nature and were done manually by the employees. It can learn various skills without any interference from human personnel.
- Robotic Process Automation solutions can work in unison with legacy systems and efficiently automate complex traditional processes. However, it doesn't eliminate the need for business management and enterprise application integration.
- Companies that implement RPA Technology before COVID19 are successful in staying lean and have reaped the monetary benefits from its implementation.
The service sector accounted for 60% of the Robotic Process Automation services market size in 2019 and is expected to continue this dominance.
Considering the high demand, the Robotic Process Automation market in the software segment is expected to expand at a CAGR of 38.7%. According to the report, UiPath is one of the top Robotic Process Automation vendors for the global RPA market.
The largest Robotic Process Automation market share goes to the consulting sector, with 42% contribution in RPA services. RPA services ensure continuous development of application management and infrastructure management.
BFSI applications led the market in RPA implementation for applications with a whopping 29% share in the global RPA revenue in 2019.
Read the full report here.
Robotic Process Automation Market: Report by Market Research Future
According to the recent report by Market Research Future, the healthcare and pharmaceutical sector is expected to grow at the highest CAGR in the Robotic Process Automation market.
The current Robotic Process Automation market analysis shows the dominance of the banking and financial sector in RPA adoption.
The report estimates the Robotic Process Automation market growth at a CAGR of 29% between 2017 to 2023. The global Robotic Process Automation market size is expected to touch the $2.7 billion mark by 2023.
North America is the region with the highest Robotic Process Automation market share, owing to the quick adoption of technology and the move towards digital transformation.
However, Asia-pacific is estimated to be the fastest-growing region in terms of Robotic Process Automation market size. RPA is a cost-effective technology, and the development of Asian countries will bring a drastic transformation in the operations of their companies.
You can read the complete report here.
Robotic Process Automation Market: Report by Valuates
Valuates has a slightly more down to earth approach towards the Robotic Process Automation market as it estimates that the market will grow at a CAGR of 21.3% from 2019 to 2025.
UK, Germany, and Italy are strong manufacturing and automotive hubs, which will contribute highly to the Robotic Process Automation market growth.
In the coming years, the use of Artificial Intelligence will increase in combination with Robotic Process Automation technologies. Cognitive computing will help to improve business processes and eliminate redundancies in the process.
The leading sectors of Robotic Process Automation implementation include BFSI, Healthcare and Pharmaceuticals, Manufacturing & Logistics, IT & Telecom, Retail, Travel, Hospitality, and Transportation.
You can look at the complete report here.
Global Robotic Process Automation Market: Key Players
The Robotic Process Automation market share for its tools is heavily dominated by a few easy-to-use and feature-rich tools.
The key players in the Robotic Process Automation are trusted by millions of companies over the world. The RPA market leaders include: -
These Robotic Process Automation software are now the top priority of companies that are onboarding the digital transformation journey. They enable you to create bots without much programming knowledge and have a virtual workforce ready within a few days.
Here are 10 RPA tools that used the most for business process automation. Read now.
Global Robotic Process Automation Market: What's next?
It is expected that the demand for RPA solutions will grow for knowledge-based operations. The sector will witness rapid growth as it has the highest number of rule-based tasks that need automation.
On the other hand, COVID19 has also impacted how organizations look at Robotic Process Automation technologies. With the current situation, more companies are integrating virtual bots with their remote workforce for achieving operational efficiency as employees continue to work from home.
The telecom market will also witness significant growth in Robotic Process Automation amidst and after the pandemic. Companies now understand that the onboarding, common query resolution, server setup, etc. can be done with the help of software bots.
While people are scared about the technology eating their jobs, Robotic Process Automation market size is an indicator that there will be a huge demand for RPA experts, consultants and developers.
When organizations implement RPA in unison with its employees, they are going to make the most out of their processes. We help you in achieving operational excellence through automation of complex processes.
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