High Efficiency Leads to Rising Demand for RPA

The robotic process automation industry has garnered $2,182 million revenue, and it is projected to experience a growth at a rate of 32.3% from 2021 to 2030. The major factors for industry growth include easy handling of business processes, better customer experience, and higher efficiency provided by RPA solutions. 

Robotic process automation is an advanced software technology that contributes to building, deploying, and managing software robots that imitate the actions of humans and interact with digital software and systems. 

Software category is projected to experience faster growth, rising at a rate of 34.9% in the coming future. It is ascribed to the surging adoption of RPA software across various verticals to boost efficiency and mitigate time wastage. 

Software robots can also perform things to understand what is on the screen, navigation systems, right keystrokes, identification and extraction of data, along with various other actions more quickly compared to humans. 

Enterprises get advanced with high efficiency, productivity, and resilience. From the financial to healthcare and manufacturing sectors, companies have implemented RPA in various areas such as compliance, legal, finance, operations, customer service, and information technology. 

RPA is ideal for virtually any business-rules-driven, high-volume, repeatable process for automation. It also boosts the efficiency of cognitive processes that need advanced AI skills. 

RPA provides support to various types of industries to resolve specific operation issues in advanced and powerful ways. 

Leaders in various sectors from finance to marketing, customer service to human resources, and beyond need RPA to improve various processes, achieve higher capacity, fewer errors, and faster throughput for major processes. 

From senior management or CFO’s perspective, RPA technology investment offers quick ROI and needs minimal upfront expenditure compared to other technologies in enterprises. 

The implementation of RPA causes no little or negligible disruption. That is why software robots can easily access and function within legacy systems. RPA is a major digital transformation enabler. 

The retail and consumer goods category are projected to experience the fastest growth in the industry in the coming future. It is ascribed to numerous advantages provided to companies operating in the retail and consumer sector. It includes cost savings from unnecessary expenditure on resources and better revenue management. 

The automated solution category holds the largest industry share, of 48%, and it is projected to follow the same trend in the coming future. It is ascribed to rising efforts to automate basic processes such as data entry, customer query handling, information verification, and uploading for automatic rejections and approvals. 

The major companies operating in the industry are; Pegasystems Inc., Celaton Ltd., Xerox Corporation, IBM Corporation, Blue Prism Limited, NICE Ltd., IPsoft Incorporated, and UiPath. 

Therefore, the high efficiency offered by software robots boosts the demand for robotic process automation. 

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Rising Need for Enhanced Productivity Fueling Robotic Process Automation Demand

Robotic process automation (RPA) software helps enterprises enhance work efficiency because it can run in the background round the clock, which enables the mechanization of back-end processes. The increasing adoption of this software, therefore, allows human employees to engage themselves in more-important tasks, such as client handling. Thus, the rapid digitization of businesses to enhance productivity and product and service quality will facilitate the deployment of the RPA software in the coming years. Additionally, businesses are also opting for training, professional, and implementation services for RPA solutions due to the high digitization rate.

Additionally, the burgeoning demand for virtual workforces is expected to drive the robotic process automation market at a robust CAGR of 36.3% during the forecast years (2020–2030). According to P&S Intelligence, the market was valued at $2,078.3 million in 2020, and it will generate $45,982.0 million revenue by 2030. In recent years, hefty investments have been made in emerging RPA companies and startups in order to cater to the needs of the expanding customer base. This became a prominent market trend.

Robotic Process Automation Market

Presently, the robotic process automation market is highly fragmented, due to the presence of umpteen players, such as Automation Anywhere Inc., Blue Prism Ltd., Celaton Ltd., IBM Corporation, IPsoft Incorporated, NICE Ltd., Pegasystems Inc., Redwood International Business Group B.V., UiPath Inc., and Xerox Corporation. Nowadays, the market players are focusing on product launches and partnerships to consolidate their position. For instance, in March 2020, Blue Prism Ltd. collaborated with Red Hat Inc., a U.S.-based multinational software company, to create state-of-the-art intelligent automation solutions.

In recent years, the North American region has emerged as the largest user of RPA solutions due to the high penetration of process management and automation solutions in the U.S. and Canada. In addition, the presence of numerous offshore customer service providing companies and major vendors is also accelerating the adoption of RPA solutions in the region. Moreover, the rapid adoption of the latest technologies, high IT investment, and the existence of developed IT infrastructure also offer a conducive environment for adopting such solutions.

Therefore, the mounting focus of business organizations on improved productivity and quality and rising demand for virtual workforce will accelerate the adoption of the RPA software in the forthcoming years.

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Changes in Consumer Behaviour During COVID-19 Outbreak May Affect Growth ofChanges in Consumer Behaviour During COVID-19 Outbreak May Affect Growth of Robotic Process Automation Market

The growing digitization has been encouraging enterprises to adopt best practices which provide service in a timely manner and are cost-effective. Virtual workforce aims to automate business processes in order to save both cost and time and thus is a big part of digital transformation. By automating mundane and repetitive tasks, virtual workforce allows employees to focus on tasks that need human intervention for better decision making, which is why its demand is increasing.

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The market is witnessing growth due to the surging demand for virtual workforce, reduction in workforce cost, greater ease of doing business, and decreasing cost of automation software and services. RPA is a technology that helps in configuring computer software for capturing and interpreting existing applications to trigger several responses, process transactions, communicate with other digital systems, and manipulate data.

When process is taken into consideration, the robotic process automation market is categorized into decision support & management, interaction solution, and automated solution. Out of these, the automated solution category dominated the market during the historical period and is projected to hold the largest share of the market during the forecast period as well. This is ascribed to the expansion of banking, financial services, & insurance (BFSI) industry, which has been adopting RPA increasingly in order to enhance efficiency and decrease cost.

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The growing digitization has been encouraging enterprises to adopt best practices which provide service in a timely manner and are cost-effective. Virtual workforce aims to automate business processes in order to save both cost and time and thus is a big part of digital transformation. By automating mundane and repetitive tasks, virtual workforce allows employees to focus on tasks that need human intervention for better decision making, which is why its demand is increasing.

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Robotic Process Automation Market And its Growth prospect in the Near Future

The surging requirement for virtual workforce is a key factor contributing to the growth of the robotic process automation market. The growing digitization has been encouraging enterprises to adopt best practices which provide service in a timely manner and are cost-effective. Virtual workforce aims to automate business processes in order to save both cost and time and thus is a big part of digital transformation. By automating mundane and repetitive tasks, virtual workforce allows employees to focus on tasks that need human intervention for better decision making, which is why its demand is increasing.

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Another primary factor driving the growth of the robotic process automation market is the reduction in workforce due to the deployment of RPA. Routine and mundane tasks are performed with high efficiency with the utilization of virtual workforce, thereby eliminating the need for human intervention. In addition to this, as virtual workforce has the capability to work around the clock, it offers scalability and reduces operational cost by 25–50%. RPA systems can work continuously as opposed to human, who have the capability to work for limited hours.

Market Dynamics

1.1 Trends

1.1.1 Process-based business approach in organizations

1.1.2 Advancements in artificial intelligence and cognitive computing

1.2 Drivers

1.2.1 Greater ease of doing business

1.2.2 Surge in the demand for virtual workforce

1.2.3 Decreasing cost of automation software and services

1.2.4 Reduction in workforce cost

1.2.5 Impact analysis of drivers on market forecast

1.3 Restraints

1.3.1 Constant change in automation technology landscape

1.3.2 High risk of business failure

1.3.3 Lack of technical workforce

1.3.4 Impact analysis of restraints on market forecast

1.4 Opportunities

1.1.1 Adoption of robotic process automation in the healthcare industry 

1.1.2 Integration of artificial intelligence in robotic process automation

The integration of artificial intelligence (AI) in RPA is creating wide opportunities for the players operating in the robotic process automation market. AI allows systems to process unstructured information into structured output, which is then analyzed by RPA in order to deduce information for the decision-making process. With the integration of AI, RPA can mimic human activities through pattern detection and speech recognition capabilities, and can handled unstructured and structured data. This can further help robots to learn how to process and improve with time.

Hence, the market is growing due to the reduction in workforce and rise in demand for virtual workforce. 

The research offers historical market size of the global robotic process automation market for the period 2013–2017 and market forecast for the period 2018–2023.

Market Segmentation by Process

• Automated Solution
• Decision Support & Management Solution
• Interaction Solution

Market Segmentation by Operation

• Rule Based
• Knowledge Based

Market Segmentation by Offering

• Software
• Service
  • Professional
  • Training
  • Implementation

Market Segmentation by Enterprise Size

• Large Enterprise
• Small and Medium Enterprise

Market Segmentation by Vertical

• Banking
  • Software
  • Professional Services
  • Training Services
  • Implementation Services
• Financial Services
  • Software
  • Professional Services
  • Training Services
  • Implementation Services
• Insurance
  • Software
  • Professional Services
  • Training Services
  • Implementation Services
• Telecom & IT
  • Software
  • Professional Services
  • Training Services
  • Implementation Services
• Retail & Consumer Goods
  • Software
  • Professional Services
  • Training Services
  • Implementation Services
• Manufacturing
  • Software
  • Professional Services
  • Training Services
  • Implementation Services
• Healthcare & Pharmaceuticals
  • Software
  • Professional Services
  • Training Services
  • Implementation Services
• Others (Travel & Tourism, Hospitality, Transport & Logistics)
  • Software
  • Professional Services
  • Training Services
  • Implementation Services

 

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Robotic Process Automation Market Size, Key Vendors, Growth Rate, Drivers, Volume and Forecast Report

In 2017, the global robotic process automation (RPA) market reached a value of $1,195.9 million and is projected to register a 36.2% CAGR during the forecast period (2018–2023). The market is witnessing growth due to the surging demand for virtual workforce, reduction in workforce cost, greater ease of doing business, and decreasing cost of automation software and services. RPA is a technology that helps in configuring computer software for capturing and interpreting existing applications to trigger several responses, process transactions, communicate with other digital systems, and manipulate data.

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When process is taken into consideration, the robotic process automation market is categorized into decision support & management, interaction solution, and automated solution. Out of these, the automated solution category dominated the market during the historical period (2013–2017) and is projected to hold the largest share of the market during the forecast period as well. 

This is ascribed to the expansion of banking, financial services, & insurance (BFSI) industry, which has been adopting RPA increasingly in order to enhance efficiency and decrease cost. On the basis of industry, the robotic process automation market is divided into telecom & IT, manufacturing, BFSI, retail & consumer goods, healthcare & pharmaceuticals, and others (which include transport & logistics, travel & tourism, and hospitality). 

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Among these, the telecom & IT division accounted for the largest share of the market during the historical period and is expected to retain its position during the forecast period. RPA allows telecom companies to manage their back-office tasks with ease and deal with a large number of rule-based operational and repetitive tasks. The surging requirement for virtual workforce is a key factor contributing to the growth of the robotic process automation market. 

The growing digitization has been encouraging enterprises to adopt best practices which provide service in a timely manner and are cost-effective. Virtual workforce aims to automate business processes in order to save both cost and time and thus is a big part of digital transformation. By automating mundane and repetitive tasks, virtual workforce allows employees to focus on tasks that need human intervention for better decision making, which is why its demand is increasing.

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