Robotic Process Automation (RPA) Market Reached USD 7.46 Billion in 2028; Surging Advancements in Machine Learning (ML) and Artificial Intelligence (AI) to Boost Growth: Fortune Business Insights™
List of companies that stand out in the market: Automation Anywhere (California, USA), Blue Prism PLC (Warrington, Great Britain), IPsoft, Inc. (New York, USA), Kofax, Inc. (California, USA), Nice Systems Ltd ( Ra’anana, Israel), NTT Advanced Technology Corporation (Kanagawa, Japan), Pe gasystems, Inc. (Massachusetts, USA), Redwood Software (Houten, Netherlands), Uipath SRL (New York, USA)), OnviSource, Inc. (Texas, USA), EdgeVerve Systems Limited (Karnataka, India), HelpSystems (Minnesota, USA)
Pune, India, May 6, 2021 (GLOBE NEWSWIRE) – The global Robotic Process Automation (RPA) market is estimated at $ 7.64 billion in 2028. Fortune Business Insights ™ provides this information in its report, titled Robotic Process Automation (RPA) Market Size, Share, and COVID-19 Impact Analysis, By Deployment (On-Premises, Cloud), By Operation (Rule-Based, Knowledge-Based), By Application (Administration and Reporting, Customer Support, Data Migration and Capture Extraction, Analysis, Others), By Industry (Retail, Manufacturing and Logistics Industry, BFSI, Healthcare, IT and Telecom, Hospitality, Others) and Regional Forecasts, 2021-2028 ”According to the report the world market stood at $ 1.29 billion in 2020 and is expected to have a CAGR of 25.0% in the forecast period 2021-2028.
The rapid advances in machine learning (ML) and artificial intelligence (AI) are expected to spur market growth in the foreseeable future. For example, Kryon Systems and the Institute for RPA and Artificial Intelligence (IRPA AI) have worked together to provide corporate executives with additional advisory services on assembling the technologies. It is expected that this will drive demand for robotic process automation in the market in the near future.
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Effects of COVID-19
The global outbreak of the COVID-19 pandemic affected most industries and sectors. Strict state rules have been imposed on transportation and other services. As the virus worsened, lockdowns were announced in many regions to contain the spread of the coronavirus, disrupting the global supply chain. Several factories had to close units and plants as they faced heavy losses during the pandemic. Companies also had to lay off employees as units were forced to close, causing a financial crisis for everyone.
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The report offers a holistic assessment based on in-depth market research. In addition, it offers an in-depth analysis of current market trends and future opportunities. The report highlights the market drivers and restraints. Additionally, key players and their novel strategies to thrive and dominate as prominent players in the market are shared in the report. A detailed study of regional dynamics and their impact on the market is observed in the report.
Based on the deployment, the global market is divided into on-premise and cloud. Depending on the application, the market is divided into rule-based and knowledge-based.
By Application: The market is segmented into Administration and Reporting, Customer Support, Data Migration and Capture Extraction, and Analysis, among others. Among these, the administration and reporting segment held the bulk of the RPA market share due to the speed and efficiency of the software to maximally automate the work of the administration along with the finance department. Regionally, the market is divided into North America, Europe, Asia-Pacific, South America as well as the Middle East and Africa.
Drivers and restrictions
The demand for Robotic Process Automation has increased due to its ability to manage complex and unstructured information. To push the boundaries of business processes, companies are actively fusing artificial intelligence along with cognitive technologies with robotic process automation. For example, AntWork launched ANTstein in May 2020, an integrated platform from AI, RPA and ML. This development offers maximum robot utilization, information on all types of data and many other services.
North America conquers the market with positive government support
North America totaled USD 471.3 million in 2020 and is expected to maintain its leading position and hold the majority of the shares in the global robotic process automation market. This is due to the active introduction of automated technologies and processes in small, medium and large companies. In addition, the US government is promoting the use of automated services for all types of government agencies to do their jobs with ease.
Significant growth is expected in the Asia-Pacific region due to the increasing adoption of automation technologies in industrial sectors. It is estimated that developing countries like China and Japan retain their dominance as they hold maximum market shares.
Europe ranks third due to the growing adoption of these automated tools by small industry manufacturers in the region. This factor is intended to stimulate market growth in Europe.
New technology is being introduced by key players to fuel market growth
The prominent players are pursuing several strategies to strengthen their position as leading companies in the market. One of these key strategies is the regular introduction of innovative products with detailed market and target group studies. Another essential strategy is the acquisition of companies in order to strengthen the brand value with the users.
Automation Anywhere (California, USA)
Blue Prism PLC (Warrington, United Kingdom)
IPsoft, Inc. (New York, USA)
Kofax, Inc. (California, USA)
Nice Systems Ltd (Ra’anana, Israel)
NTT Advanced Technology Corporation (Kanagawa, Japan)
Pegasystems, Inc. (Massachusetts, USA)
Redwood software (wood, Netherlands)
Uipath SRL (New York, USA)
OnviSource, Inc. (Texas, USA)
EdgeVerve Systems Limited (Karnataka, India)
HelpSystems (Minnesota, USA)
FPT software (Hanoi, Vietnam)
Xerox Corporation (Connecticut, USA)
Location map Daythree Business Services Sdn Bhd (Selengor,
Kryon Systems (New York, USA)
Softomotive (London, United Kingdom)
Genpact Ltd. (New York, USA)
KPMG (Amstelveen, Netherlands)
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