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Robotic Process Automation Market Size, Revenue, CAGR and Forecast by 2028

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New Report Study on “Robotic Process Automation Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028”.

The global Robotic Process Automation market size is expected to be worth around US$ 25.60 billion by 2028 from at US$ 1.42 billion in 2020 and is anticipated to grow at a CAGR of 40.8% during forecast period 2021 to 2028.

In this study, the years considered to estimate the market size of Robotic Process Automation are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2028

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Growth Factors

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 repetitive tasks across industries has resulted in accelerated work, reduced human error, and increased throughput. The combination of RPA with cognitive technologies such as speech recognition, and Natural Language Processing (NLP) is capable of handling higher-order tasks with (AI) assistance without humans’ decision-making capabilities. RPA was designed to reduce repetitive tasks 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.

Report Highlights

The service segment accounted for more than 60% revenue share of the robotic process automation market in 2019 and is anticipated to continue its dominance over the forecast period. With intense competition, service providers are continuously enhancing advisory, consulting, and training services. Such continuous development assists the user to achieve reduced costs and increased scalability.

The software segment is expected to expand at 38.8% CAGR over the forecast period owing to the demand for adoption of RPA to tackle remote working issues and reduce the company expense on additional employees. The leading vendors provide software/ platform license based on enterprise requirement to automate the processes.

The consulting segment accounted for the largest market share of over 42% in 2019. The growth is attributed to rising awareness about automation among organizations. Organizations are focused on adopting robotic process automation solutions to provide enhanced solutions to customers. Thus, the demand for consulting services is anticipated to grow significantly over the forecast period.

The robotic process automation services ensure infrastructure management by continuous development of application management services and related consulting. These services are vital for the integration and development of a robust automation environment. Increased adoption of these solutions is propelling the growth of the consulting and implementation services in the market for robotic process automation.

The on-premise segment accounted for the largest market share of over 90% in 2019. Traditionally, the deployment of robotic process automation was initiated in large-scale enterprises, which enabled the RPA vendors in building use cases. As these organizations were skeptical about the exposure of their data and information, it led to large-scale deployment of on-premise based offerings.ed to move to cloud-based deployment, which also enables them to improve the speed of execution.

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The cloud segment is projected to exhibit the highest CAGR of 43.5% from 2020 to 2027. The growth is attributed to the increasing adoption of cloud-based solutions. RPA on cloud offers an added advantage of the ease of deployment, lower infrastructure cost, and lesser upgrade and maintenance costs. Customers are inclining more towards cloud-based deployment over on-premise as it can deal with the concerns in a robust manner.

The large enterprise segment led the market and accounted for more than 67% share of the global revenue in 2019. Increasing demand for autonomy has propelled virtual workforce acceptance and adoption among large enterprises. The adoption of RPA among large enterprises enables them to rely on automation for improved efficiency, reduced costs, reduced human errors, and enhance regulatory compliance. The vendors are assisting their existing clients with an extended licensing period at no additional cost that highlights the importance of RPA during the pandemic.

The SME segment is projected to witness the highest CAGR over the forecast period. With the implementation of RPA, SMEs can improve their productivity and hence gain a competitive edge. In the recent past, there has been an upsurge in the awareness regarding the benefits of using automation among SMEs. Higher adoption of robotic process automation in is expected to provide growth avenues in the emerging economies.

The BFSI application segment led the market and accounted for more than a 29% share of the global revenue in 2019. RPA implementation is expected to be higher in the BFSI sector due to the increasing automation of business tasks, such as data entry, compliance regulations, and assembly and formulation, which results in increased speed, efficiency, and comprehensive insights.

The pharma and healthcare segment is projected to expand at the highest CAGR over the forecast period. RPA solutions are increasingly being adopted in the healthcare industry as the sector is characterized by labor-intensive activities and demanding patient data compliances along with the ever-increasing amount of data processing.

The implementation of RPA is expected to assist the hospital management in covering complicated and time-consuming processes, including data flow between departments, paperwork digitization, laboratory work, and human resources. In April 2020, Automation Anywhere, Inc. launched intelligent automation solutions to help healthcare organizations, enterprises, and government implement remote working and business continuity programs.

North America dominated the market and accounted for over 37.01% share of global revenue in 2019. This can be attributed to the increased penetration of automation and process management solutions across the region. Additionally, a strong inclination of SMEs for adopting RPA within their business functions such as accounting/finance, human resource-related processes, and procurement has contributed significantly towards market growth.

The Asia Pacific region is expected to witness the highest CAGR of 43.5% over the forecast period. Automation, which includes machine learning, robots, and AI, are the frontiers for market growth in the region. Rising awareness about automation in the region is expected to boost demand. Furthermore, increasing demand for business process automation solutions in the BPO sector in China and India is contributing to regional growth.

Key Players

  • UiPath
  • Automation Anywhere
  • Blue Prism
  • NICE
  • Pegasystems
  • NTT Advanced Technology Corporation
  • EdgeVerve Systems Limited
  • FPT software
  • OnviSource, Inc.
  • HelpSystems

Market Segmentation

  • Type Outlook 
    • Software
    • Service
  • Service Outlook
    • Consulting
    • Implementing
    • Training
  • Deployment Outlook 
    • Cloud
    • On-Premise
  • Organization Outlook 
    • Large Enterprise
    • Small and Medium Enterprises (SMEs)
  • Application Outlook
    • BFSI
    • Pharma & Healthcare
    • Retail & Consumer Goods
    • Information Technology (IT) & Telecom
    • Communication and Media & Education
    • Manufacturing
    • Logistics, and Energy & Utilities
    • Others
  • Regional Outlook 
    • North America
      • The U.S.
      • Canada
    • Europe
      • France
      • Germany
      • The U.K.
    • Asia Pacific
      • China
      • India
      • Japan
      • ANZ
      • Singapore
      • ASEAN
    • Latin America
      • Brazil
      • Mexico
    • Middle East & Africa (MEA)

Reasons to Purchase this Report:

– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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Steve Robber

My name is Steve Robber, I’m the Owner of Market Stats News. Steve has served in many positions at various organizations for the past seven years. Currently he is an Author at Finance.Yahoo. Contact us for a free news publication, we look forward to speaking with you!

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