Robotic Process Automation Market Overview
Every organization that involves human interaction on a large scale for general process work such as heavy transactions, data entry, manipulating data, triggering responses, and recurring mechanical tasks are transitioning towards a fully automated workforce, and therefore, robot software, attended automation, and business process automation are becoming an integral part of the operation in various industries. These organizations are also leveraging on robot process automation (RPA), which is implemented with the help of RPA software that sits on the top of the infrastructure and mimics a human worker. It interacts with the existing IT infrastructure including in-house applications, user portal, and websites. The current wave of Industry 4.0 revolution supported by advanced technologies such as artificial intelligence, cloud computing, and machine learning are bolstering the demands in the process automation market which generated $864.38 million in 2018. Foreseeing the popular digital migration and automation trend in every end-user industry vertical, the global robotic process automation market is projected to grow at an astonishing CAGR of 28.73% during the forecast period 2019 to 2025.
Robotic Process Automation Market Outlook
Geographically, North America was observed as the most lucrative region with 33.18% robotic process automation market share in the global revenues. North America experiences ample opportunities owing to the presence of some of the key players in the region. The majority of the enterprises and retail industries here are relying on robotic process automation to implement efficient business process automation. Additionally, the stable economy of the region is permitting these enterprises to invest prolifically to implement robotic process automation solutions across all the industrial sectors. Moreover, RPA provides solutions to generic business challenges such as high labor investment, down-time issues, scaling problems, and software migration, and therefore, the region is portraying a fruitful ecosystem for the regional RPA market.
Robotic Process Automation Market Application Analysis
The travel and hospitality sector was the key application vertical in the robotic process automation market in 2018. The growth in the aforementioned application sector is projected to rise at a staggering CAGR of 39.84% through to 2025. The digital transition is currently positively disrupting the tourism sector owing to the potential to address the demands of tech-oriented guests, allowance of auditability, operation scaling, increasing productivity, and significantly reducing the operating costs without making considerate adjustments in the existing system.
· The growing prevalence of the e-commerce industry in the retail sector is augmenting the demands for robotic process automation. The application of RPA is boosting productivity and reducing resource wastage, which is encouraging the retail companies to implement RPA systems.
· One of the most outrageous growth drivers in the RPA market is the incrementing number of enterprises across the globe. With the increased volume of businesses, the demands for robot automation are subjected to flourish in the near future.
Robotic Process Automation Market Key Players Perspective
Companies are expanding geographically to gain ground over their competitors as the competition relies over innovative products. The key players involved in the robotic process automation market are Automation Anywhere, UI Path, Blue Prism, Pegasystems, Kofax, NTT-AT, Open Connect, Help Systems, EdgeVerve Systems, NICE Systems, IPSoft, Xerox, Redwood Software, Verint. The company Blue Prism stated that its revenue surged 125% in the recent FY as their number of clients inflated from 200 to more than 1,300 in the last three years. Thus, the opportunities in the RPA market are subjected to grow with augmenting industrial growth.
Robotic Process Automation Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the robotic process automation market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The robotic process automation market research report also analyses the application of robotic process automation market in various sectors such as real estate, small and medium-sized business, and others.
Robotic Process Automation Market Report: Industry Coverage
The robotic process automation market report identified the current trends, opportunities, and challenges in the industry along with a detailed depiction of strategies by the existing market players.
The report also provides facts, figures, and statistics about different types of robotic process automation market and their use in various sectors.
The report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia