Robotic Process Automation (RPA) Market 2021 Global Market Share, Regional Growth Analysis, Upcoming Trends, Technology Updates and Development Analysis Research
The global Robotic Process Automation (RPA) Market size was valued at USD 1.57 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 32.8% from 2021 to 2027.
Latest added Robotic Process Automation (RPA) Market research study by MarketDigits offers detailed product outlook and elaborates market review till 2027. The market Study is segmented by key regions that is accelerating the marketization. At present, the market is sharping its presence and some of the key players in the study are Blue Prism, Pegasystems, IBM Corporation, NICE Systems, Kryon Systems, Cicero, Atos SE. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.
This report studies the Robotic Process Automation (RPA) Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the Robotic Process Automation (RPA) Market by companies, region, type and end-use industry.
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Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on ”Global Robotic Process Automation Market By Process (Automated Solutions, Decision Support and Management Solution, Interaction Solution), Operation (Rule Based, Knowledge Based), Type (Tool Based, Service Based), Industry (BFSI, Telecom and IT, Travel, Hospitality and Transportation, Retail and Consumer Goods, Manufacturing and Logistics, Healthcare and Pharmaceuticals, Others), Deployment (On-Premise, Cloud), Solution (Software, Service), Enterprise Size (Large Enterprises, Small and Medium Enterprises), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026″. Early buyers will get 10% customization on study.
To Avail deep insights of Robotic Process Automation (RPA) Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.
Unlock new opportunities in Robotic Process Automation (RPA) Market; the latest release from MarketDigits highlights the key market trends significant to the growth prospects, Let us know if any specific players or list of players needs to consider to gain better insights.
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Robotic process automation is the application of technology to configure computer software or a robot to capture and interpret existing applications for rule-based processing of transactions, manipulate data, trigger responses, and communicate with other digital systems. Robotic process automation deals with the application of smart software to carry out high-volume and repetitive tasks that usually take a lot of time for humans to accomplish, and which are typically monotonous to perform of robotic process automation market.
Convergence of robotic process automation (RPA) with traditional business processes
Business functions such as contact center outsourcing, banking, financial services & insurance (BFSI), business process outsourcing (BPO), procurement outsourcing, and human resources outsourcing (HRO) are currently experiencing rapid growth. Thus, there is an enormous market potential for robotic process automation across various business verticals owing to its ability to perform a variety of tasks such as account opening and closing, completing requests for quotation and proposals, IT systems testing and monitoring, and handling queries in the billing and customer service departments. Robotic process automation is highly useful in industries such as healthcare, BPO, banking, and insurance as these industries follow defined, repeated, and rule-based processes. The adoption of robotic process automation in various business processes has increased the number of strategic partnerships between robotic process automation market tool vendors and BPO and other service providers.
The following are the major objectives of the study.
- To define, describe, forecast, and segment the robotic process automation market on the basis of type, operation, process, and industry
- To forecast the robotic process automation market size, in terms of value, of segments with respect to four main regions (along with their respective countries), namely, North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
- To provide the RPA market statistics with detailed classifications, along with the respective market size
- To provide the impact analysis of the factors affecting the market dynamics such as drivers, restraints, opportunities, and challenges
- To analyze the competitive intelligence of players based on company profiles, key player strategies, and game-changing developments such as solution launches and acquisitions
- To strategically analyze the micromarkets1 with respect to the individual growth trends, prospects, and contribution to the total robotic process automation market
- To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for robotic process automation market leaders
- To analyze strategic developments such as joint ventures, mergers and acquisitions, new product developments, and R&D in the RPA market
The research methodology used to estimate and forecast the robotic process automation market begins with capturing data on key vendor revenue through secondary research, covering Institute for Robotic Process Automation (IRPA), press releases, investor relation presentations, annual reports, etc. Vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up approach is employed to arrive at the overall size of the global RPA market from the revenue of key players. After arriving at the overall market size, the total market is split into several segments and subsegments. These are further verified through primary research by conducting extensive interviews with people holding key positions—CEOs, VPs, directors, and executives. RPA market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments.
The robotic process automation market ecosystem comprises system integrators, software providers, and distributors. Players involved in the development of robotic process automation include Automation Anywhere (U.S.), Blue Prism (U.K.), Celaton Ltd (U.K.), IPSoft (U.S.), Nice Systems Ltd. (Israel), Pegasystems (U.S.), Redwood Software (U.S.), UiPath (Romania), Verint (U.S.), and Xerox Corporation (U.S.).
Scope of the Report:
Target Audience of the RPA Market Report:
- Associations, organizations, forums, and alliances
- Cloud service providers
- Customer experience solution providers
- Government bodies and departments
- Research organizations and consulting companies
- System integrators
- Technology consultants
- Value added resellers
- Workforce optimization solutions providers
“This study answers several questions for stakeholders; primarily, which market segments to focus on in the next two to five years for prioritizing efforts and investments.”
Scope of the RPA Market Report:
This research report categorizes the global robotic process automation market segmented on the basis of process, operations, type, industry, and region.
Robotic Process Automation Market, by Process
- Automated Solution
- Decision Support and Management Solutions
- Interaction Solutions
RPA Market, by Operations:
Robotic Process Automation Market, by Type
RPA Market, by Industry:
- Banking, Financial Services and Insurance
- Healthcare and Pharmaceuticals
- Manufacturing and Logistics
- Telecom and IT
- Retail and Consumer Goods
- Travel, Hospitality, and Transportation
- Others (Energy and utility, government, and academics)
Robotic Process Automation Market, by region:
- North America
- Asia Pacific (APAC)
- Rest of the World (RoW)
Critical questions which the report answers
- What are the various operations of robotic process automation and which one is best suitable for various industries?
- Which are the key players in the RPA market and how intense is the competition?
With the given market data, MarketDigits offers customizations according to the specific needs of companies. The following customization options are available for the report:
Detailed analysis and profiling of additional market players (up to five)
The robotic process automation market is estimated to be worth USD 2,467.0 million by 2022, at a CAGR of 30.14% between 2017 and 2022. The growth of this market is mainly driven by the ease of business processes provided by the robotic process automation, and convergence of robotic process automation with traditional business process industries.
The robotic process automation market has been segmented on the basis of process, operations, type, application, industry, and region. The robotic process automation tools market held the largest market share on the back of the growing demand for tool-based robotic process automation. This is attributed to the structured data format in various organizations. Robotic process automation (RPA) tools mainly work on the Optical Character Recognition (OCR), Optical Mark Recognition (OMR), text, audio, video, and other file formats. Records of the business processes are kept using these formats, so that they are easily recognizable by robotic process automation market to develop suitable business processes by reducing human effort and time.
The robotic process automation market for robotic process automation (RPA) held the largest market share owing to the growth of the banking, financial services, and insurance industry, which has been leveraging robotics process automation to improve competence and speed up business processes since 2010. Due to the high degree of flexibility and scalability of the solution, and greater requirement for data processing and workflow management, it has witnessed widespread deployment in different business environments. The availability of an automated solution that is viable for large-scale deployment in data management is a major driver for the robotic process automation market growth.
Robotic process automation market in the BFSI industry held the largest market share among all the industries. In the BFSI domain, multiple systems are linked to each other by interfaces to enable the flow of transaction-related data. Robotic process automation controls and monitors these interfaces, and ensures seamless execution of transactions and fill data gaps. Robotic process automation (RPA) improves the accuracy and efficiency of different the processes in the BFSI industry. These solutions also help in regulatory reporting and balance sheet reconciliation by collating data from multiple systems and conducting a host of validation checks to prepare information for a detailed analysis.
Banking, Financial Services, and Insurance
In the BFSI industry, multiple systems are linked to each other by interfaces to enable the flow of transaction-related data. Robotic process automation controls and monitors these interfaces to ensure seamless execution of transactions and to fix loopholes. Robotic process automation improves the accuracy and efficiency of different processes in the BFSI industry. These solutions also help in regulatory reporting and balance sheet reconciliation by collating data from multiple systems and conducting a host of validation checks to prepare information for a detailed analysis.
Telecom and IT
The IT and telecommunication as well as media industry is increasingly adopting robotic process automation (RPA) to reduce operational costs and improve overall customer satisfaction. The benefits of robotic process automation for IT and telecommunication companies include centralization and consolidation of request management systems for enhanced efficiency, improved transparency and visibility for service functions, automation of request service-level agreement (SLA) reporting, and reduction of manual efforts. It also helps in the reduction of errors and operational costs through the automation of processes which involve provisioning and de-provisioning of physical, virtual, and cloud-based systems.
Travel, Hospitality, and Transportation
The travel, hospitality, and transportation industry is increasingly incorporating robotic process automation market to enhance field work and improve access to organizational information on a real-time basis. In the hospitality industry, robotic process automation is preferred due to its various advantages, which include automation of housekeeping services, room service delivery and maintenance, management of reservations and rates, checking guests in and out of the property, assigning rooms and managing room inventories, catering to guest requests, and handling accounting and billing requirements. These advantages offered by robotic process automation solutions are expected to contribute toward the growth of the travel, hospitality, and transportation segment of the global robotic process automation market.
Critical questions the report answers:
- Where will all these developments take the industry in the mid to long term ?
- Which region is leading in RPA market ?
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The major restraints of the robotic process automation market are risk of data security, which hinders the implementation of robotic process automation in the financial domain, and the reduced potential of robotic process automation for knowledge-based business processes.
Robotic Process Automation Market players such as Automation Anywhere (U.S.), Blue Prism (U.K.), Celaton Ltd (U.K.), IPSoft (U.S.), Nice Systems Ltd. (Israel), Pegasystems (U.S.), Redwood Software (U.S.), UiPath (U.K.), Verint (U.S.), and Xerox Corporation (U.S.), etc., are focusing on new product launches, research and development, acquisitions, and collaborations to enhance their service offerings and expand business.
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