Robotic Process Automation Market - Forecast(2021 - 2026)
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