NEW
YORK, May 16, 2024 /PRNewswire/ -- The
global robotic process automation market size is
estimated to grow by USD 16628.29 mn
from 2023-2027, according to Technavio. The market is estimated to
grow at a CAGR of over 35.83% during the forecast
period.
For more insights on the forecast market size and
historic data (2017 - 2021) - Download Free sample
report in minutes
Forecast
period
|
2023-2027
|
Base Year
|
2022
|
Historic
Data
|
2017 - 2021
|
Segment
Covered
|
Type (Services and
Software), End-user (BFSI, IT/ITES, Telecom, Logistics, and
Others), and Geography (North America, Europe, APAC, South America,
and Middle East and Africa)
|
Region
Covered
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Key companies
profiled
|
Accenture Plc, Advanced
Systems Concepts Inc., Amelia US LLC, Atos SE, Automation Anywhere
Inc., Cognizant Technology Solutions Corp., Deloitte Touche
Tohmatsu Ltd., Genpact Ltd., Infosys Ltd., International Business
Machines Corp., Kofax Inc., Microsoft Corp., NICE Ltd., Nintex
Global Ltd., Nippon Telegraph and Telephone Corp., OnviSource Inc.,
Pegasystems Inc., SS and C Technologies Holdings Inc., UiPath Inc.,
and WorkFusion Inc.
|
Key Market Trends Fueling Growth
Robotic Process Automation (RPA) market is witnessing
significant growth as businesses prioritize client-centric
processes and quality over productivity and profits. Industries are
adopting RPA solutions to minimize human error, a common issue
caused by judgment-based decisions. Trends in RPA include enhancing
business operations' depth and quality, implementing intelligent
bots, utilizing machine learning and cognitive technologies, and
focusing on rule-based and knowledge-based processes. Sectors such
as healthcare, finance, IT, and telecom are embracing RPA in areas
like pharmacovigilance, customer support, and regulatory
compliance. Cloud models and infrastructure play a crucial role in
RPA adoption, ensuring dependable services and high
productivity.
Market Challenges
- Robotic Process Automation (RPA) market is witnessing
significant growth as industries adopt various pricing models to
reduce manpower and generate accurate data. RPA software
implementation includes vendor-quoted prices, scheduled updates,
and maintenance. Regulatory terms and conditions between end-users
and providers can impact subscription costs or design and
development expenses.
Key sectors utilizing RPA include finance, retail, ecommerce, and
manufacturing, with cloud computing and open source resources
facilitating implementation. RPA applications span customer
relationship management, workflow management, accounting and
finance, and returns processing. Innovative companies in regulated
industries and government organizations are leveraging RPA for
automotive OEMs, ERP management, consumer behavior analysis, and
network connectivity. Amid social distancing norms and human
resource crunches, RPA is used for automated processes, temporary,
and seasonal workers, and conversational RPA chatbots. Emerging
industries like retail automation and Zebra Technologies are
pioneering RPA use in warehouses and Census Bureau operations.
Research report provides comprehensive data on
impact of trend, driver and challenges - Buy
Report
Segment Overview
This robotic process automation market report extensively covers
market segmentation by
- Type
- 1.1 Services
- 1.2 Software
- End-user
- 2.1 BFSI
- 2.2 IT/ITES
- 2.3 Telecom
- 2.4 Logistics
- 2.5 Others
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Services- In the Robotic Process Automation (RPA)
market, the services segment is a significant contributor,
encompassing consulting, implementing, and training services.
Amidst fierce competition, providers enhance their offerings, such
as IQ bots and bot insights, to cater to the digital workplace and
implement robotic operating models. The cloud, including Blue Prism
Cloud, facilitates scalability and cost reduction, fueling RPA
adoption in various sectors. Healthcare providers, contact centers,
vaccine manufacturers, and the pharmaceutical sector, including
pharmacovigilance, leverage RPA during the digital transformation
era. Intelligent bots from RPA Labs and RPA Engage enable
rule-based and knowledge-based automation, while cognitive
technologies like machine learning and capture extraction
streamline Administration and reporting, customer support, IT and
telecom, BFSI, Healthcare, Hospitality, and other industries.
Microsoft Corporation, a key player in cognitive robotic process
automation, integrates artificial intelligence to enhance
productivity in smartphone manufacturing, the Energy sector,
Aerospace market, Insurance industry, Data security, and Regulatory
compliance. Dependable infrastructure and skilled staff are
essential for successful RPA adoption, ensuring a substantial
Return on Investment.
For more information on market segmentation with geographical
analysis including forecast (2023-2027) and historic data (2017 -
2021) - Download a Sample Report
Research Analysis
In the Digital Transformation Era, various sectors including
Healthcare, Hospitality, Energy, Aerospace, and Insurance are
embracing Robotic Process Automation (RPA) to enhance productivity
and streamline operations. Intelligent bots are being integrated
into digital workplaces to automate contact center tasks, vaccine
manufacturing processes, and pharmacovigilance in the
pharmaceutical sector. RPA adoption is also prevalent in the
cognitive robotic process automation of industry-specific functions
such as data security and regulatory compliance. Machine learning
algorithms and Artificial Intelligence are integral components of
RPA solutions, enabling seamless data manipulation and cloud
models. The Robotic Operating Model, including Blue Prism Cloud, is
revolutionizing process automation across industries, leading to
significant improvements in productivity and efficiency.
Market Research Overview
The Robotic Process Automation (RPA) market refers to the use of
software to automate repetitive and rule-based business processes.
RPA technologies employ digital workers or software robots to mimic
human actions, interacting with applications and systems in the
same way a human would. These digital workers can perform tasks
such as data entry, data processing, and report generation, among
others. RPA solutions enable organizations to improve operational
efficiency, reduce errors, and enhance productivity. The RPA market
is witnessing significant growth due to the increasing adoption of
automation in various industries, including finance, healthcare,
and manufacturing. Additionally, the market is driven by the need
to reduce operational costs and improve customer experience. The
RPA market landscape is diverse, with various vendors offering
different solutions to cater to the unique requirements of
businesses.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- End-user
-
- BFSI
- IT/ITES
- Telecom
- Logistics
- Others
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research
and advisory company. Their research and analysis focuses on
emerging market trends and provides actionable insights to help
businesses identify market opportunities and develop effective
strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download
multimedia:https://www.prnewswire.com/news-releases/robotic-process-automation-market-size-is-set-to-grow-by-usd-16628-29-mn-from-2023-2027--improved-cost-savings-for-businesses-to-boost-the-market-growth-technavio-302146654.html
SOURCE Technavio