Robotic Process Automation (RPA) Market Predicted to Reach $19.53 Billion by 2027, Claims Allied Market Research
Portland, OR, Jan. 12, 2021 (GLOBE NEWSWIRE) – The global robotic process automation industry was $ 1.63 billion in 2019 and is projected to $ 19.53 billion by 2027, according to the report released by Allied Market Research achieve a CAGR of 36.4% from 2020 to 2027.
The increasing adoption of RPA technology by companies to improve their performance, capabilities and reduced operating costs due to the simplification of business processes, increased efficiency, and the inexpensive and highly profitable operation of RPA is fueling the growth of the global robotic process automation market. On the other hand, the risk of data insecurity and the lower potential of RPA in knowledge-based business processes impede market growth. In addition, the integration of new technologies into the automation of robotic processes is expected to offer lucrative opportunities in the coming years.
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- The increasing digitization and the reduction of the workforce lead to an increasing demand for robotic process automation.
- In addition, manufacturing companies have increased investment in the robot automation process to minimize the risks associated with coronavirus. Hence, the demand for robotic process automation is expected to increase after COVID-19.
In terms of components, the software segment accounted for the lion’s share of the global robotic process automation market in 2019, accounting for nearly three-fifths of the global robotic process automation market and is expected to maintain its leading position based on revenue over the forecast period. At the same time, the service segment is expected to have the highest CAGR of 38.2% from 2020 to 2027.
Based on the industry vertical, the BFSI segment dominated 2019 with more than a fifth of the global robotic process automation market and is expected to continue its highest contribution over the forecast period. On the other hand, the Healthcare & IT segment is expected to have the largest CAGR of 44.9% in the forecast period.
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Based on the region, the North American market accounted for more than two-fifths of the global robotic process automation market in 2019 and is expected to maintain its leading position during the forecast period. However, the market in the Asia-Pacific region is expected to have the highest CAGR of 41.0% from 2020 to 2027.
Key players in the report include Automation Anywhere, Inc., Blue Prism, EdgeVerve Systems Limited, International Business Machines Corporation, IPsoft Inc., Kofax Inc., NICE Ltd., Pegasystems Inc., UiPath, and WorkFusion, Inc.
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About allied market research:
Allied Market Research (AMR) is a full-service market research and management consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides unmatched quality of “market research reports” and “business intelligence solutions” to global corporations as well as medium and small businesses. AMR strives to provide business insights and advice to assist our clients with strategic business decisions and sustainable growth in their respective market domains. AMR offers its services in 11 industries including life sciences, consumer goods, materials and chemicals, construction and manufacturing, food and beverage, energy and energy, semiconductors and electronics, automotive and transportation, ICT and media, aerospace and defense, and BFSI .
We have professional corporate relationships with various companies and this helps us unearth market data which will help us create accurate research data tables and confirm the highest accuracy of our market forecasts. All of the data contained in the reports we publish are extracted through primary interviews with top officials from leading companies in the affected domain. Our secondary data acquisition methodology includes extensive online and offline research and discussions with knowledgeable professionals and industry analysts.
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