Robotic Process Automation (RPA) Market to Reach $6.81 Billion by 2026; Increasing Investment in Cloud Integration Will Bode Well for Market Growth, says Fortune Business Insights™
Pune, May 29, 2020 (GLOBE NEWSWIRE) – The global robot process automation market is expected to be reached $ 6.81 billion by the end of 2026. The market will benefit from increasing product applications in various industries. According to a report by Fortune Business Insightsentitled “Robotic Process Automation (RPA) Market Size, approval and industry analysis, by deployment (on-premise, cloud), by application (administration and reporting, customer support, data migration and capture extraction, analysis and others), by operation (rule-based, knowledge-based), by industry (retail, manufacturing and logistics industry, BFSI, healthcare, IT and telecommunications, hospitality and others) and regional forecast, 2019-2026The market was worth it USD 1.39 billion in 2018 and will exhibit one CAGR of 22.3% in the forecast period 2019-2026.
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An overview of the impact of COVID-19 on this market:
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A robotic process automation system uses an automated bot, or ARM, that performs multiple tasks and performs numerous activities. The RPA is a combination of hardware devices built into certain software. The system is used to perform repetitive tasks and then reduce the overall time it takes to complete operations. The high investments in the integration of advanced concepts have enabled applications in numerous areas. The use of concepts such as data learning and machine algorithms opens up great potential for companies operating in the market. The use of RPA systems in healthcare facilities as well as other business organizations around the world will have an impact in favor of market growth. The presence of several large companies will have a direct impact on the growth of the overall market in the coming years.
Knowledge-based operations segment to see rapid growth
The introduction of robotic process automation systems has enabled applications in various industries. Based on the operational analysis, the market is segmented on the basis of rule-based and knowledge-based operations. With the use of cognitive technologies in conjunction with RPA systems, the knowledge-based operations segment is expected to see rapid growth in the years to come.
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North America becomes dominant; Several large companies present to support growth
The report analyzes the current market trends in North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. Among these regions, the market in North America is expected to play a dominant role in the coming years. The increasing investments of large companies in this region in the implementation of RPA systems will be a good sign of the growth of the regional market. The ability of RPA systems to reduce overall system costs and then increase product efficiency is a major reason this product is widely used in several countries in North America. Additionally, the presence of several technology giants in the US will help the market grow. As of 2018, the market was valued at $ 0.54 billion in 2018, and that value is expected to continue to grow in the years to come.
List of Companies featured in Robotic Process Automation (RPA) Market research report reads:
- Automation everywhere
- Blue prism PLC
- IPsoft Inc.
- Kofax, Inc.
- Nice Systems Ltd.
- NTT Advanced Technology Corporation
- Pegasystems, Inc.
- Redwood software
- Uipath SRL
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Detailed table of contents
- Definition according to segments
- Research approach
- Market dynamics
- Drivers, Limitations, and Opportunities
- New trends
- Important insights
- Macro and microeconomic indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Robotic Process Automation (RPA) Market Analysis, Insights, and Forecasts, 2015-2026
- Main results / summary
- Market size estimates and forecasts
- By providing
- After application (value)
- Administration and reporting
- Customer service
- Data migration and capture extraction
- Others (compliance, strategy, etc.)
- After operation (value)
- Rule based
- Knowledge based
- By industry (value)
- Manufacturing and logistics industry
- Health care
- IT and telecommunications
- Others (Government, Energy & Utilities)
- By geography (value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
Table of contents continued … !!!
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