NEW YORK, March 18, 2021 /PRNewswire/ -- With the increasing competition in every industry, businesses are realizing the need to improve the efficiency of their processes. This factor is predicted to lead to a 36.3% CAGR in the global robotic process automation market size during 2020-2030, at which rate it will increase to $46.0 billion by 2030 from $1.6 billion in 2019. RPA solutions help companies by automating back-end and other repetitive tasks, thus freeing up human employees for more-important processes, such as decision making and client handling.
In this regard, the growing demand for virtual workforces is also helping the robotic process automation (RPA) market advance. Humans can only work for a limited time during the day, and they require fixed leaves and need to be paid salaries. By eliminating such obligations, virtual workforces created by RPA solutions allow companies to boost their productivity and reduce their operational expenditure by as much as half.
Key Findings of Global Robotic Process Automation Market
- Demand for RPA solutions burgeoning in COVID times
- RPA being rapidly integrated with artificial intelligence
- Knowledge-based RPA to gain widespread popularity among end users
- BFSI sector largest user of RPA solutions
- APAC to offer lucrative investment opportunities to RPA market players
- RPA vendors entering into partnerships to consolidate competition
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The robotic process automation market has received a boost during the COVID-19 pandemic. This is because the reduction in workforces, in compliance with governments' lockdown and social distancing measures, has forced companies to automate their business processes. Moreover, by working round the clock, RPA is helping companies make for the productivity loss during the initial period of the lockdowns. In addition, due to the revenue loss during the pandemic because of the non-operational factories and curtailed sales and marketing activities, several organizations laid-off employees, which is another reason they are deploying RPA solutions now.
In the coming years, the robotic process automation market is predicted to be dominated by the automated solution category, based on process. Companies are rapidly automating various processes, including data entry, customer query handling, scanned document uploading, and information verification for automatic approvals and rejections. Moreover, with automated solutions, companies can take care of high-volume repetitive tasks with no error, in turn, becoming free to focus on more-critical tasks.
Browse detailed report with COVID-19 impact analysis on Robotic Process Automation Market Research Report: By Process (Automated Solution, Decision Support and Management, Interaction Solution), Operation (Rule-Based, Knowledge-Based), Offering (Service, Software), Organization (Large Enterprises, SMEs), Vertical (BFSI, Telecom and IT, Retail and Consumer Goods, Manufacturing, Healthcare and Pharmaceuticals) - Global Industry Analysis and Growth Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/robotic-process-automation-market
In the years to come, the higher CAGR in the robotic process automation market, of 38.9%, under segmentation by offering, will be experienced by the software bifurcation. The demand for RPA software, to reduce the wastage of the time spent in mundane tasks and achieve higher efficiency,is increasing in every sector.
Large enterprises generated the higher revenue in the robotic process automation market, historically, under the organization segment. Large companies require many people to perform transactional processes and those that require basic knowledge. This is because the operations of such companies are often spread across continents, which leads to the generation of numerous data sets. Therefore, to automate repetitive tasks, large companies have been the earlier adopter of RPA solutions.
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North America is presently the largest contributor to the robotic process automation market as a result of the rising adoption of process automation and management solutions. Additionally, the region is home to a number of companies that provide offshore customer services, as well as many market players. Moreover, the rising adoption of cloud robotics in the region is boosting the demand for RPA solutions.
Asia-Pacific (APAC) will grow the fastest in the robotic process automation market in the near future owing to the economic growth and rising awareness about business process automation in regional countries, including India and China. In addition, companies that have adopted RPA solutions in the region are experiencing a higher productivity and process efficiency and an enhancement in their industry position.
Key companies in the global robotic process automation market include Pegasystems Inc., Blue Prism Limited, NICE Ltd., Automation Anywhere Inc., Celaton Ltd., UiPath Inc., Kofax Inc., Redwood Software Inc., IBM Corporation, IPsoft Incorporated, Xerox Corporation, Kryon System Ltd., and WorkFusion Inc.
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