The global robotic process automation market size is estimated to grow at a CAGR of 29.5% between 2018 to 2026. The growth in this market is mainly attributed to the demand for robotic process automation as there is constant need to automate complex procedures of handling the business processes across multiple industry sectors. This demand has pushed the market significantly and the market is estimated to reach USD 8,781.2 million by 2026.
Adoption of robotic process automation services provides organizations several benefits in terms of reduction in costs, improved efficiency, ensuring regulatory compliance, elimination of human errors. It enables greater control and secure environment by providing the capability to combine multiple systems, delivery of complex processes, merging with conventional business processes. RPA is a method to automate processes which are complex and expensive in general. However, deployment of automated processes does not eliminate BPMs but provide automation for overlapping processes.
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The purpose for deployment of configured robots is to execute steps in a similar way as a human user. These standardized tasks include handling processes which are repetitive in nature. A major benefit organization have through RPA deployment is reduction in operational expenditure (OPEX). As there is constant pressure on organizations to minimize OPEX, they are expected to capitalize by acquiring this technology during the forecast period. Furthermore, robotic process automation along with reduction in operational costs also guarantees higher accuracy in processes.
The organizations in the financial markets typically require cost efficiency, high levels of accuracy, and speed that performs better than human workforce. To modify and alter the business processes, major financial organizations are moving towards robotic process automation and artificial intelligence with cognitive automation. The benefits of transforming their businesses into the digital form by integrating automated IT-driven processes and artificial intelligence are identified by the influence of technology. Countries such as India, and China where major off-shoring takes place, have reduced the cost of the back-office operations, which is proving to be the key strategy for the capital markets.
By Organization Size
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Small and medium sized businesses (SMBs) are estimated to have more than 30% of the market share during 2017. SMBs are establishing their innovative programs by accelerating product offerings and new service by deploying RPA. Previously, due to time-consuming programming and complex handling, most of the enterprises were reluctant to implement the robotic software or the use of robots in their business processes. However, to achieve better scalability and to increase efficiency, the enterprises are expected to increasingly focus on using RPA technology, its solutions and introducing training programs for its implementation.
Large enterprises are using RPA to its maximum extent to gain advantage and manage huge amount of data. To achieve proper management of large data and resources, increased productivity and high output RPA is being implemented. The automated solutions market for robotic process automation is anticipated to expand at a higher growth rate. This sector is increasing the usage of robotics to reduce costs with increased efficiency. The BFSI sector, have been implementing robotics process automation for speeding up business processes and to improve competence. Through the adoption of RPA and artificial intelligence the banking industry is driving at full speed into the digital age which is the effect of the constant technological change.
Gaining insights into customer expectations is crucial for majority of the retailers, hence they focus on analyzing huge volumes of big data. Robotic automation combined with analytics which include cloud assistance for solving crucial problems related to logistics and inventory management has become easier. To accurately and quickly execute repetitive and routine tasks such as accounts receivable, HR compliance, and month-end close, robotic process automation (RPA) applications are of major help to the retailers.
This robotic process automation (RPA) market report includes a detailed section for regional analysis and forecasts. It includes market size estimates and forecasts for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa regions. North America market analysis section provides further insights into U.S., and Canada while Europe regional analysis section includes Germany, UK, Italy, France, Spain, Belgium, and Netherlands. Asia Pacific regional market for robotic process automation includes sub segments for China, Japan, India, South Korea, Singapore, and Malaysia.
North America region accounted for the major market share in robotic process automation market during and over the forecast period is expected to maintain its domination position. The increased demand for robotic process automation in this region is attributed to increase of automation in sectors such as electronics, healthcare, retail, education, services, and government.
Due to the constant need of organizations for advanced solutions related to business automation, companies operating in this market are extensively focused on enhancing their offerings to cater the demand of end users from multiple industry verticals.
Some of the major players in robotic process automation (RPA) market include Blue Prism Group Plc (UK), Celaton Ltd. (UK), Kofax Ltd. (U.S.), Xerox Corporation (U.S.), Verint Systems Inc. (U.S.), Automation Anywhere Inc. (U.S.), Ipsoft, Inc. (U.S.), Redwood Software (Netherlands), UiPath (U.S.), Pegasystems Inc. (U.S.), Daythree Business Services Sdn Bhd (Malaysia), Kryon Systems (Israel), Softomotive (UK).