The worldwide robotic process automation market size was estimated to grow at a CAGR of 37.8% between 2018 and 2026. The demand for the robotic process automation is increasing owing to the need to automate the complex procedures of handling the business processes. This demand has pushed the market significantly and the RPA market is estimated to reach USD 7,288 million by 2026.
To reduce costs, improve efficiency, enhance regulatory compliance, and minimize human errors, organizations are increasingly adopting robotic process automation (RPA). The technology is contributing to the service organizations and establishes a way to combine multiple systems, adapt business processes, and deliver complex services securely, with greater control. Thus, it offers a means to automate complex and overpriced processes. Deploying these automated processes do not eliminate the need for BPMs or other applications, but they help in automating the overlapping processes.
North America Robotics Process Automation Market Share By Application, 2017 - 2026
Robots are deployed for handling logical, repeatable, standardized tasks and configured to execute steps identical to a human user. One of the main drivers for robotic process automation market growth is the lower operational expenditure (OPEX). In recent years, RPA is having automated one third of the least expensive offshore labor. Thus, over the next eight years, organizations are anticipated to acquire the technology owing to high reduction in workforce cost. Instead of using BPM, small and medium size enterprises are using process-based approach to gain contracts that manages the robots and lower their full time equivalent cost to program.
The organizations in the financial markets require cost efficiency, high levels of accuracy, and speed that performs better than human workforce. To modify and alter the businesses, 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.
In 2017, the professional services segment was estimated over USD 140 million which comprise of infrastructure management services, application management, and consulting. The application management services in the BPOs are enabling increased demand for automation infrastructure due to the high adoption of RPA. Small and medium enterprises estimated to have more than 30% of the market share in 2017. SMBs are establishing their innovative programs by accelerating product offerings and new service by deploying RPA. In the past years, 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. Presently, to achieve better scalability and to increase efficiency, the enterprises are 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 are analyzing the 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.
In the year 2017, Asia Pacific estimated for 12% of the overall market share. Over the forecast period, companies are anticipated to spend more on robotics and its services that will boost its adoption. However, over the next few years, increase of automation in sectors such as electronics, healthcare, retail, education, services, and government is anticipated to fuel the demand for Robotics process automation that was earlier conventionally used in the automotive industry.
The key players are Be Informed B.V, OpenSpan, Blue Prism Group Plc, Automation Anywhere Inc., and Jacada Inc. The leading vendors are concentrating on developing their capability by boosting service offerings and their solutions. Players are also developing their customer base to hold their offerings. Additionally, more than 60 large enterprises have been added by Automation Anywhere Inc. to its enterprise customer’s family.