The global robotic process automation market size is poised to hit USD 10.5 billion by 2027, expanding at a CAGR of 33.4% from 2020 to 2027.
Robotic process automation (RPA) offers a proven solution for enterprises that are hampered by challenges and inefficiencies associated with legacy business systems. RPA enables organizations to automate structured functions and allows increased focus on core business activities. Increasing adoption of automation software and services has enabled organizations to meet consumer expectations and offer enhanced customer management.
The role of technology and its integration within the organizations is evolving at a faster pace. The ever-increasing regulatory changes and the compliance functions are reducing the speed of work done by employees. This has resulted in the adoption of robotics process automation to manage the compliance functions in a better manner than employees. This, in turn, is contributing towards reduction in cost and safeguarding organization from non-compliance. The RPA industry is growing at an unprecedented rate because of the high levels of efficiency and productivity being achieved by automation. Companies like Automation Anywhere, UiPath, and Blue Prism happen to be the leading players in the RPA market. The players in the market are concentrated on developing improved and cost-effective solutions and offering enhanced customer experience. Automation Anywhere offers a complete digital workforce portfolio, featuring, Bot Store, Digital Workers, RPA mobile app, and IQ Bot. The company is focused on offering a better and comprehensive product portfolio to its customers.
The service segment accounted for more than 60% revenue share of the robotic process automation market in 2019 and is anticipated to continue its dominance over the forecast period. With intense competition, service providers are continuously enhancing advisory, consulting, and training services. Such continuous development assists the user to achieve reduced costs and increased scalability. For instance, robotic process automation services implementation identifies the automation opportunities, optimizes the identified processes, builds a business case, focuses on right vendor selection, and takes a step for pilot project deployment. Such methods strengthen the core of RPA and result in the successful implementation of the platform.
The software segment is expected to expand at 38.7% CAGR over the forecast period owing to the demand for adoption of RPA to tackle remote working issues and reduce the company expense on additional employees. The leading vendors provide software/ platform license based on enterprise requirement to automate the processes. For instance, the UiPath RPA platform includes UiPath studio, UiPath robots, attended robots, unattended robots, non-production robots, and UiPath orchestrator, and the user can get the license for either a single user called named user or for multiple users called concurrent user. The pricing model varies across each vendor, and enterprises can get customized solutions as per their industry requirement.
The consulting segment accounted for the largest market share of over 42% in 2019. The growth is attributed to rising awareness about automation among organizations. Organizations are focused on adopting robotic process automation solutions to provide enhanced solutions to customers. Thus, the demand for consulting services is anticipated to grow significantly over the forecast period.
The robotic process automation services ensure infrastructure management by continuous development of application management services and related consulting. These services are vital for the integration and development of a robust automation environment. Increased adoption of these solutions is propelling the growth of the consulting and implementation services in the market for robotic process automation. RPA providers are offering customer-specific solutions. Thus, the implementation service segment plays an important role in market growth over the forecast period.
The on-premise segment accounted for the largest market share of over 90% in 2019. Traditionally, the deployment of robotic process automation was initiated in large-scale enterprises, which enabled the RPA vendors in building use cases. As these organizations were skeptical about the exposure of their data and information, it led to large-scale deployment of on-premise based offerings. Also, it is an expensive affair for providing a robust technical environment for on-premise deployment; the organizations are anticipated to move to cloud-based deployment, which also enables them to improve the speed of execution.
The cloud segment is projected to exhibit the highest CAGR of 43.2% from 2020 to 2027. The growth is attributed to the increasing adoption of cloud-based solutions. RPA on cloud offers an added advantage of the ease of deployment, lower infrastructure cost, and lesser upgrade and maintenance costs. Customers are inclining more towards cloud-based deployment over on-premise as it can deal with the cybersecurity concerns in a robust manner. Furthermore, the cloud-deployed robotic process automation enables flexibility in scaling the operations and helps in gaining real-time access to data regardless of the location of the employees.
The large enterprise segment led the market and accounted for more than 67% share of the global revenue in 2019. Increasing demand for autonomy has propelled virtual workforce acceptance and adoption among large enterprises. The adoption of RPA among large enterprises enables them to rely on automation for improved efficiency, reduced costs, reduced human errors, and enhance regulatory compliance. The vendors are assisting their existing clients with an extended licensing period at no additional cost that highlights the importance of RPA during the pandemic. For instance, in April 2020, FPT software extended the licensing of its product akaBot by up to three months for its existing client. Additionally, in April 2020, UiPath offered free software to the healthcare sector and its Automation HUB at no cost to enterprises.
The SME segment is projected to witness the highest CAGR over the forecast period. With the implementation of RPA, SMEs can improve their productivity and hence gain a competitive edge. In the recent past, there has been an upsurge in the awareness regarding the benefits of using automation among SMEs. Higher adoption of robotic process automation in BPOs is expected to provide growth avenues in the emerging economies. However, several small and medium-sized organizations have limitations, in terms of cost and human resources; hence they are focused on keeping their operations as lean as possible. This has resulted in the leveraging of robotic process automation among small enterprises for transitioning from human workers to automation.
The BFSI application segment led the market and accounted for more than a 29% share of the global revenue in 2019. RPA implementation is expected to be higher in the BFSI sector due to the increasing automation of business tasks, such as data entry, compliance regulations, and assembly and formulation, which results in increased speed, efficiency, and comprehensive insights. Financial service organizations are coping with an ever-increasing number of data volumes and transactions structured around legacy systems that are hard to integrate. The implementation of robotic process automation is enabling the organizations to realign resources intended to focus on high-value customers and strategic roles.
The pharma and healthcare segment is projected to expand at the highest CAGR over the forecast period. RPA solutions are increasingly being adopted in the healthcare industry as the sector is characterized by labor-intensive activities and demanding patient data compliances along with the ever-increasing amount of data processing. Healthcare service organizations are using smart tools to implement fast automation for processes such as admissions and discharge, clinical data interoperability, and health plans.
The implementation of RPA is expected to assist the hospital management in covering complicated and time-consuming processes, including data flow between departments, paperwork digitization, laboratory work, and human resources. In April 2020, Automation Anywhere, Inc. launched intelligent automation solutions to help healthcare organizations, enterprises, and government implement remote working and business continuity programs. Furthermore, increasing work pressure in the pharma and healthcare sector owing to the pandemic is expected to boost the adoption of RPA solutions to minimize the time consumed in redundant tasks.
North America dominated the market and accounted for over 37% share of global revenue in 2019. This can be attributed to the increased penetration of automation and process management solutions across the region. Additionally, a strong inclination of SMEs for adopting RPA within their business functions such as accounting/finance, human resource-related processes, and procurement has contributed significantly towards market growth. The U.S. government has realized the benefits of the RPA tool and has encouraged all other government agencies to implement robotic process automation, which has fostered market growth.
The Asia Pacific region is expected to witness the highest CAGR of 43.3% over the forecast period. Automation, which includes machine learning, robots, and AI, are the frontiers for market growth in the region. Rising awareness about automation in the region is expected to boost demand. Furthermore, increasing demand for business process automation solutions in the BPO sector in China and India is contributing to regional growth. However, SMEs in Indian are more concerned about data security and have affordability issues that prove to be challenging for the RPA vendors. Additionally, the lack of training for RPA among the SMEs in Japan proves to be a concern while implementing the technology. However, enhanced awareness within the region is anticipated to boost the growth of the market for robotic process automation.
The Robotic Process Automation market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Robotic Process Automation market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Robotic Process Automation market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Robotic Process Automation market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Robotic Process Automation market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Robotic Process Automation market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Robotic Process Automation market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Robotic Process Automation industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Robotic Process Automation market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Robotic Process Automation market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Robotic Process Automation market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Robotic Process Automation market. These factors have benefited the growth of the global market for Robotic Process Automation. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Robotic Process Automation. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
Prominent participants in the market for robotic process automation offer sophisticated solutions for automation of back-office processes with a cost-effective and efficient software robot platform to deliver complex services securely and adapt business processes with greater control.
These companies include UiPath; Automation Anywhere, Inc.; NICE; Blue Prism; Pegasystems; Kofax; NTT Advanced Technology Corporation; Genpact Ltd; EdgeVerve; and IPsoft, Inc.
Middle East & Africa
In this study, the years considered to estimate the market size of Robotic Process Automation are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.
Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
The study objectives of this report are:
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