In a recently published research report by QY Research, titled, “Global Robotic Process Automation (RPA) Market”, analysts have studied various factors affecting the market growth. The report is a detailed collation of data with respect to the various areas of the market. It discusses the increasing popularity of the robotic process automation market among organizations. The report further evaluates the improved ways robotic process automation has brought to businesses and organizations.
In 2018, the global robotic process automation (RPA) market size was valued at US$477 mn and it is expected to reach US$1930 mn by the end of 2025, rising at a CAGR of 21.3% between 2019 and 2025.
Industries are Moving Towards Robotic Process Automation to Replace Traditional Business Processes
Robotic process automation (RPA) technology is increasingly being adopted by organisations and large businesses around the world to boost productivity, save time, and money. The RPA software is used by companies to perform high-volume transaction and other data functions as it allows users to communicate with other digital systems, process transactions, manipulate data, and trigger feedback. This technology uses software which has artificial intelligence and machine learning capabilities. It has replaced humans from repetitive and dull tasks in organizations thus reducing scope for errors.
The major benefits from RPA is increased employee productivity, versatility, quality, consistency, improved analytics, organized IT support and management, and cost effectiveness. It is being adopted in various industries such as industrial robotics, financial robo-advisors, robotic technology, and healthcare automation.
Today, the organisations are increasingly installing RPA to replace traditional business processes and create ease in their operations, which is leading to increasing demand for robotic process automation systems. Rising adoption of automation processes in logistics industry and BPO sector is expected to provide opportunities for the market growth.
Small and Medium-sized Enterprises to Remain Key Users of RPA over Forecast Period
The global robotic process automation (RPA) market is segmented into product type and user application. The product type includes software, and services. RPA provides efficiency by increasing the quality of services and eliminating potential for human error. The application segment includes small, and medium-sized enterprises, and large Enterprises. The small and medium-sized enterprises are expected to provide market growth as tight budgets in SMEs can be aided with implementation of RPA.
North America to Dominate RPA Market as Users Focus on Operational Efficiency
North America accounts for the largest share global robotic process automation market since 2017. This is due to early adoption of new technology in the region. Europe is another key region in the global market as there is increasing preference for robotics. Asia Pacific on the other hand hold the highest potential for the market in the future due to increased demand for IT robotic automation. The Middle East & Africa is likely to favour the robotic process automation (RPA) to decrease offshore outsourcing. South America is expected to generate opportunities by improving quality and productivity by enterprises and governments from increasing emphasis from robotic process automation.
Manufacturers to Introduce Innovative Technologies in Robotic Process Automation Market
Blue Prism is a major player in Robotic Process Automation (RPA) market announced integration with Oracle to deliver advanced RPA. This platform will be a collaboration of machine-learning and artificial intelligence (AI) to play a critical role in enterprise applications. It will accelerate the speed and accuracy of data integration by optimizing workloads through digital workforce.
Manufacturers are bringing about innovative and advanced technology in RPA. The other major companies in this field are Automation Anywhere, Blue Prism, Kofax, Kryon Systems, NICE, Pegasystems, Thoughtonomy, UiPath, Softomotive, and WorkFusion.