Yahoo Finance Robotic Process Automation Market to Hit USD 7.64 Billion by 2028; Increasing Demand in Handling of Complex Unstructured Information to Augment Market Growth: Fortune Business Insights™
Companies Profiled in the Market: Automation Anywhere (California, U.S.), Blue Prism PLC (Warrington, U.K.), IPsoft Inc. (New York,U.S.), Kofax, Inc. (California,U.S.), Nice Systems Ltd. (Ra'anana, Israel), NTT Advanced Technology Corporation (Kanagawa, Japan)., Pegasystems, Inc. (Massachusetts,U.S.), Redwood Software (Houten, Netherlands), Uipath SRL (New York,U.S.), OnviSource, Inc. (Texas, U.S.)
Pune, India, Oct. 25, 2021 (GLOBE NEWSWIRE) -- The global robotic process automation market size is expected to gain momentum by reaching USD 7.64 billion by 2028 while exhibiting a stellar CAGR of 25.0% between 2021 to 2028. In its report titled “Robotic Process Automation Market Size, Share & COVID-19 Impact Analysis, By Deployment (On-Premises, Cloud), By Operation (Rule-Based, Knowledge-Based), By Application (Administration and reporting, Customer Support, Data Migration & Capture Extraction, Analysis, Others), By Industry (Retail, Manufacturing and Logistics Industry, BFSI, Healthcare, IT and Telecom, Hospitality, Others) and Regional Forecasts, 2021-2028”.Fortune Business Insights mentions that the market size stood at USD 1.29 billion in 2020.
Robotic Process Automation (RPA) is an emerging technology across various industries as it has the capability to run businesses smoothly amid the pandemic; companies are relying on digital systems to automate their both back-end and front-end processes. Thus, the demand for advanced software for automating the process is rising. As RPA technology allows quick automation of processes in less time, it is considered one of the finest software to boost work from home and remote location productivity and is expected to boost the market growth during the forecast period.
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List of Key Players Profiled in the Report
Automation Anywhere (California, U.S.)
Blue Prism PLC (Warrington, U.K.)
IPsoft Inc. (New York,U.S.)
Kofax, Inc. (California,U.S.)
Nice Systems Ltd. (Ra'anana, Israel)
NTT Advanced Technology Corporation (Kanagawa, Japan)
Pegasystems, Inc. (Massachusetts,U.S.)
Redwood Software (Houten, Netherlands)
Uipath SRL (New York,U.S.)
OnviSource, Inc. (Texas, U.S.)
Rapid Digitization and Dependence Upon Technologies to Foster Market Progress
This market is expected to grow positively during the COVID-19 pandemic because of rapid digitization. The alarming spike in COVID-19 patients has led to the imposition of lockdown, which, in turn, is expected to boost RPA adoption. The software enables industries to operate digitally and satisfy consumers’ demands. It eliminates human labor requirements and enables companies to function efficiently. Rising government initiatives led to the adoption of advanced production machinery and automation processes. The factors are likely to foster the market’s progress.
Report Scope and Segmentation:
Report Coverage | Details |
Forecast Period | 2021 to 2028 |
Forecast Period 2021 to 2028 CAGR | 25.0 % |
2028 Value Projection | USD 7.64 Billion |
Base Year | 2020 |
Market Size in 2020 | USD 1.29 Billion |
Historical Data for | 2017 to 2019 |
No. of Pages | 150 |
Segments covered | By Deployment, By Operation, By Application, , By Industry, By Region. |
Growth Drivers | Increasing Adoption of Advanced Technologies to Surge Demand for RPA Solutions |
Rising Number of COVID-19 Cases to Increase the Demand for RPA in the Healthcare Sector | |
Automation bots automatically schedule the patients’ requests for appointments, thereby offering a 24/7 booking service for patients. | |
Pitfalls & Challenges | Infrastructure and Customization Issues Associated with RPA to Impede Market Growth |
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Market Segmentation:
By deployment, the market is divided into on-premises, cloud. By operation, the market is rule-based, knowledge-based. By application, administration and reporting, customer support, data migration & capture extraction, analysis, and others.
Based on the application, the capture & extraction segment held a market share of 16.4% in 2020. This is because it extracts the essential data that is required for handling queries from the database with less time.
By industry, the market is divided into retail, manufacturing, and logistics industry, BFSI, healthcare, IT and Telecom, hospitality, and others. Lastly, in terms of geography, the marketis divided into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
What does the Report Provide?
The market report offers a comprehensive analysis of various factors, such as the key drivers and restraints that are likely to impact the market growth in upcoming years. The report also provides insights into different regions that are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies adopting strategies to introduce new products, announce partnerships, and collaborate to contribute to the market growth.
Driving Factor
Increasing Adoption of Advanced Technologies to Fuel Market Growth
The increasing demand for automated technology by companies to handle their complex and unstructured information and automate their businesses end to end is expected to drive the robotic process automation market growth in upcoming years. Additionally, the combination of RPA technology with artificial intelligence as well as technologies is helping in extending the horizons of business processes. Using such advanced technologies helps automatically observe work activities, recognize optimal workflows, and suggest a self-regulatory path to businesses. For instance, in May 2020, AntWork announced the launch of ANTstein, an AI, RPA, and machine learning integrated platform. With this launch, the company aims to offer maximum bot utilization, insights into all types of data, data curation, and building.
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Regional Insights
North America to Dominate Backed by Presence of Prominent Players
North America is expected to remain at the forefront and hold the largest position in the market during the forecast period owing to the increasing adoption of self-regulated technologies and process management solutions by large as well as small and medium enterprises in the region. Moreover, the U.S. government is also encouraging agencies to deploy automated solutions to smoothen their work processes. The region’s market stood at USD 471.3 million in 2020.
Europe is expected to showcase significant robotic process automation market share in upcoming years because the manufacturing companies in the region are adopting automated technology to scale projects and then gradually scale up through their operations. For instance, a report suggests that for RPA experts from the IBA Group, implementation of license-free RPA saves about 50% or more of the RPA budget for small companies and 30% for large companies.
Competitive Landscape
Key Players to Focus on New Application Launches to Strengthen their Market Prospects
The market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships, and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects. Below is the industry development:
May 2020 – KPMG announced the launch of its RPA solution in Bahrain. With this launch, it aims to help businesses by managing, submitting, and reporting their VAT.
June 2021 – FPT Software made a partnership with WEM to help organizations accelerate their digital transformation.
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Table of Content:
Introduction
Definition, By Segment
Research Methodology/Approach
Data Sources
Key Takeaways
Market Dynamics
Macro and Micro Economic Indicators
Drivers, Restraints, Opportunities and Trends
Impact of COVID-19
Short-term Impact
Long-term Impact
Competition Landscape
Business Strategies Adopted by Key Players
Consolidated SWOT Analysis of Key Players
Global Market Share Analysis and Matrix, 2020
Key Market Insights and Analysis, By Segments
Annexure / Appendix
Global Robotic Process Automation (RPA) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
By Deployment (USD)
On-Premises
Cloud
By Operation (USD)
Rule-Based
Knowledge-Based
By Application (USD)
Administration and reporting
Customer Support
Data Migration & Capture Extraction
Analysis
Others
By Industry (USD)
Retail
Manufacturing and Logistics Industry
BFSI
Healthcare
IT and Telecom
Hospitality
Others
By Region (USD)
North America
Europe
Asia Pacific
Middle East & Africa
South America
North America Robotic Process Automation (RPA) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
By Deployment (USD)
On-Premises
Cloud
By Operation (USD)
Rule-Based
Knowledge-Based
By Application (USD)
Administration and reporting
Customer Support
Data Migration & Capture Extraction
Analysis
Others
By Industry (USD)
Retail
Manufacturing and Logistics Industry
BFSI
Healthcare
IT and Telecom
Hospitality
Others
By Country (USD)
United States
By Application
Canada
By Application
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