Robotic Process Automation Market is valued at USD 2715.75 Million in 2020 and is expected to reach USD 18339.95 Million in 2027 with a CAGR of 31.07% over the forecast period. The global robotic process automation market is expected to grow at significant growth rate due to number of driving factors.
Increasing application for business process automation (BPA) through the use of artificial intelligence (AI) and software robots, growing industrial adoption of digital technology and innovative new technologies are the major driving factors for robotic process automation market.
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Robotic process automation (RPA) is the application of software robots or artificial intelligence (AI) to automate repetitive routine tasks mainly performed manually be skilled workers. These RPA systems develops action list by observing the user perform that task in the applications graphical user interface (GUI), then perform automation by repeating those tasks directly in GUI.
This in turn lowers the barrier to application of automation in products that may not able to be used through application programming interfaces (APIs). This permits any developer to configure computer software or a robot to match and integrate actions of a human using digital systems. RPA robots uses the user interface to capture data and manipulate applications. They interpret, trigger responses and communicate with other systems by which they able to perform variety of repetitive tasks.
Robotic Process Automation Key Players:
- Automation Anywhere Inc.
- Blue Prism
- Celaton Ltd.
- NTT Advanced Technology Corporation
- Redwood Software,
- Genpact Ltd
- IPsoft Inc
- Verint Systems Inc.
- Xerox Corporation
Robotic Process Automation Market Segmentation:
- Automated solution
- Decision Support & Management Solution
- Interaction Solution
- Pharma & Healthcare
- Telecom & IT
Global Robotic Process Automation Market Dynamics:
Main advantage of RPA is it permits enterprises to automate at low cost and less time compared to previous system. Other than that, it is non-intrusive in nature and controls the existing infrastructure without making disruption to original systems, which would be difficult and costly to replace, which in turn attracts the end users to use RPA systems instead of other systems. It is estimated that more than 50 percent of business enterprises have adopted RPA system and in another 5 years it is going to be saturated and is currently fastest growing enterprise software due to its usefulness.
Robotic Process Automation Market Regional Analysis:
North America is dominating the robotic process automation market with highest market share due to growing penetration of automation and process management solutions, inclination of small & medium enterprises for adopting RPA within their business functions and government initiatives.
For instance, a major US revenue cycle management (RCM) service provider have adopted RPA solution which fully automate the eligibility and benefits confirmation process. The system, running 22 hours a day, five days a week had 23 software bots automatically extract patient appointment lists from every healthcare provider’s practice portal across all provider locations, arrange the appointments for further processing and collect appointment details by accessing different applications and screens, which helps the company a lot in terms of efficiency.
Market Trends of Robotic Process Automation:
In recent years, companies are rapidly moving towards technological advancement in their workspace. Industries around the world are turning to automation to become faster and more responsive in the face of increased demand and rapidly changing environments. From handling high volumes of testing results to associate the increased need in call centres to preparing and allowing a remote workforce, organizations understand the benefits of automating right now.
Key Benefits for Global Robotic Process Automation Market Report:
- Global Robotic Process Automation Market report covers in-depth historical and forecast analysis.
- Global Robotic Process Automation Market research report provides detail information about Market IntroductionMarket SummaryGlobal market Revenue (Revenue USD)Market DriversMarket RestraintsMarket OpportunitiesCompetitive AnalysisRegional and Country Level.
- Global Robotic Process Automation Market report helps to identify opportunities in marketplace.
- Global Robotic Process Automation Market report covers extensive analysis of emerging trends and competitive landscape.
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