Robotic Process Automation Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028F

The Global Robotic Process Automation (RPA) market is growing rapidly due to the increasing demand for more automated business processes after the surge in COVID19 pandemic. Robotic process automation is becoming the foundational technology model for the next normal. Many enterprises are adopting robotic process automation technology as a cost-effective solution to bolster business operations and supply-chain productivity. With the proliferation of emerging technologies like Industry 4.0, machine learning (ML), and artificial intelligence (AI), as well as the widespread use of robotic process automation solutions across a variety of industries, cloud computing has emerged as a key factor in offering cutting-edge services for improved productivity, scalability, and customer experience.. Additionally, the growth of the market is also dependent on the increasing demand to reduce operational costs and rising investments in technologies for small & medium scale industries across the globe in the forecast years.

Since technology has become a critical facilitator of excellence, businesses are increasingly transforming their business processes with the integration of cognitive technologies as digitalization arises, which is likely to increase the global robotic process automation market throughout the forecast period..

Robotic Process Automation (RPA), also known as software robotics, employs process-driven intelligent automation (IA) technologies to facilitate the development, deployment, and management of software robots that mimic human activities by interacting with digital systems and software via algorithms. It helps with data manipulation, transmitting data between programmes, eliciting responses and transaction processing. The process integrates and performs repetitive operations between corporate and productivity applications by combining APIs and User interface (UI) interactions. Robotic process automation businesses streamline the workflows, by enabling organizations to be more flexible, profitable, and responsive.

Robotic process automation does also play a great role in enterprise solutions for streamlining business operations, maximizing workforce capacity and efficiency, eliminating errors, and improving technology investments and hyper automating digital workflows. The software supports businesses as they undergo digital transformation by automating jobs using bots and providing advantages including improved customer service, quicker process completion, adherence to rules and standards, cost savings, and more productive staff.. Robotics automation applications such as automation 360, Blue Prism Intelligent Automation Platform, Kofax RPA, UiPath Platform, etc., are enabling businesses to automate more sophisticated, less rule-based operations. The technology is gaining traction due to its cost cutting, processes streamlining, and user experiences improvement capabilities.

Increasing Adoption of Advanced Technologies such as AI, Cloud, Machine Learning to Boost RPA Capabilities

The global demand for handling complex unstructured data and automating business functionality is one of the factors driving the robotic process automation market. Other factors influencing this market include the exponential growth and widespread adoption of advanced technologies like machine learning, artificial intelligence, cognitive intelligence, cloud computing, etc. To broaden the scope of business operations, businesses are quickly fusing automation with cognitive technologies and artificial intelligence (AI). These automated procedures keep track of job activities, identify ideal workflows, and recommend self-regulatory courses to enterprises. Cloud-based automation solutions can be used since SMEs are increasingly adopting AI and cloud-based solutions for internal efficiency.. Furthermore, the rising deployment of Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Software as a Service (SaaS) offerings for cloud computing, customer relationship management, cooperative robot learning, resource management, and network connectivity are also creating the market for robotic process automation solution. Thus, this rising adoption has anticipated the demand of robotic process automation in the market.

Increasing Adoption of Robotics Process Automation in the Healthcare Sector

One of the main drivers for the healthcare sector is the increasing need for modern IT infrastructure and rising shift towards integrating emerging technologies in the existing infrastructure. As robotics process automation solutions have the potential to revolutionize with cutting-edge breakthrough technology, many new and exciting opportunities are being created. Robotics process automation software creates efficiencies by automating tasks that improve the accuracy of data and reporting and enable decisions to be made more quickly. Applications used in healthcare include scheduling appointments for patients, keeping track of records, transcribing medical records, intelligent document processing (IDP), and many more. These applications are used to lower healthcare administration costs, improve workflow efficiency, enhance patient satisfaction, and speed up processes like triage.. For instance, In March 2021, Notable Health, a leading provider of intelligent automation solutions for healthcare, partnered with the North Kansas City Hospital (NKCH) to accelerate the distribution of COVID-19 vaccines to Missouri based residents. Moreover, conjunction with natural language processing (NLP) and optical character recognition (OCR) in the emerging technology services for structuring data, streamlining the healthcare operations, and improving the patient experience is further enabling the massive use of robotics process automation (RPA) capabilities in the healthcare. Therefore, growing adoption is expected to drive the robotic process automation market in the forecast period.

Growing Innovations in RPA to Accommodate Changing Consumer Demands

The ever-changing consumer demands, need for high user-satisfaction, seamless e-commerce experience, post-sales support, and supply chain management have enabled potential opportunities for the growth of innovation in robotic process solutions for various industries. Enterprises are turning to RPA in many areas such as retail and manufacturing to reduce labour expenditures as labour costs are continuing to rise. Additionally, numerous industrial sectors require high energy consumption and intend to cut energy costs by implementing robot technology, which promotes the growth of the RPA market. Furthermore, by implementing robot technology, businesses can take on various mundane and repetitive administrative tasks and perform complex analyses with speed, accuracy, and consistency. The increasing amount of smart consumer electronics activated by voice has become a natural step of technological evolution. In the IoT space, combining machine learning and Robotic Process Automation allows intelligent devices to offer ambient sound processing solutions. Thus, the growing innovations in RPA to accommodate changing consumer demands are propelling the demand of robotic process automation market in the forecast period.

Market Segmentation

The robotic process automation market is segmented into component, deployment, enterprise size, end user and region. Based on component, the market is bifurcated into software and service. Service segment is further bifurcated into consulting, implementing, and training. Based on deployment, the market is segmented into on-premises and cloud. Based on enterprise size, the market is bifurcated into large and small & medium enterprise. The end user segment is further categorized into BFSI, IT & Telecommunications, Retail, Healthcare, and Others.

Market Players

ajor market players in the global robotic process automation market are Automation Anywhere Inc., Blue Prism Group PLC, UIPath Inc., Nice Robotic Automation Ltd., Pegasystems Inc., Jacada Inc., Xerox Corporation, IPsoft Inc., Kofax Inc., Datamatics Global Services Limited.

Report Scope

In this report, the global robotic process automation market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Robotic Process Automation Market, by Component

• Software
• Service

Robotic Process Automation Market, by Deployment

• On-Premises
• Cloud

Robotic Process Automation Market, by Enterprise Size

• Large Enterprises
• Small & Medium Enterprises

Robotic Process Automation Market, by End User

• BFSI
• IT & Telecommunication
• Retail
• Healthcare
• Others

Robotic Process Automation Market, by Region:

• North America
• Asia-Pacific
• Europe
• South America
• Middle East

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the global robotic process automation market.

Available Customizations

The following customization options are available for the report:

• Detailed analysis and profiling of additional market players (up to five).

This product will be delivered within 1-3 business days.