Robotic Process Automation Market

Robotic Process Automation Market is accounted for USD 1,570 million in 2020, growing at a robust CAGR of 32.8% during forecast period

Robotic Process Automation Market Overview

Robotic Process Automation (RPA) can be defined as the use of software tools that help in partially or fully automate human activities that are tedious, rule-based, and repetitive. The RPA helps in automating various tasks including navigating systems, identifying and extracting data, filling in forms, moving files, and a wide range of defined actions. This helps an organization in eliminating human error, reducing staffing costs, and freeing corporate workers to focus on higher-value work.

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Major Robotic Process Automation Market Drivers

The growing digitization of enterprises and government agencies, the increasing need to improve process quality, speed, and productivity of organizations, and the decreasing dependency on the human workforce for digital processes for cost reduction benefit are some of the major factors expected to drive the growth of the robotic process automation market size over the forecast period. In addition, the Robotic process automation software help in carrying out high-volume, repetitive, and monotonous tasks that take a lot of time and cost for humans to accomplish, which is further expected to escalate the demand for robotic process automation services. Moreover, the integration of robotic process automation (RPA) with machine learning and AI is expected to provide growth opportunities to the market over the forecast period.

Restraint in the Robotic Process Automation Market

However, the high cost of implementing robotic process automation software and services is one of the prominent factors expected to hinder the growth of the market. Additionally, the risk of data insecurity may further hamper market growth.

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Deployment Mode – Segment Analysis

Based on the deployment mode, the cloud segment is expected to grow at a high rate over the forecast period owing to the benefit of low costs of infrastructure, ease of deployment, and reduced maintenance cost. Moreover, integrating RPA with cloud computing offers high scalability, and remote accessibility, which is further expected to contribute to the market growth.

Solution – Segment Analysis

Based on the solution, the software segment is expected to account for a prominent share in the market primarily due to the increasing deployment of software through the cloud for automation and the growing implementation of RPA software as a service by the organization.

Size of Organization – Segment Analysis

Based on the size of the organization, small and medium-sized organizations are expected to grow significantly over the forecast period. This can be attributed to the growing need for enterprises to automate tasks and deliver enhanced customer experience. In addition, according to the World Bank Group, SMEs represent about 90% of global businesses and they are estimated to provide 600 million jobs in 2030. This is expected to accelerate the demand for RPA over the forecast period.

End-Use Industry – Segment Analysis

Based on the end-use industry, BFSI is expected to hold a notable share in the market owing to the growing demand for secure and reliable services in the banking and financial industry; widespread adoption of virtual banking; and the need to maximize efficiency and keep costs low. Moreover, the implementation of robotic process automation for a wide variety of time-consuming tasks and processes including customer service, compliance, credit card processing, mortgage processing, fraud detection, KYC, report automation, account closure process, and many more is further supporting the market growth.

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Regional – Segment Analysis:

North America is expected to account for a high share in the robotic process automation market during the forecast period. This can be attributed to the high demand for process management and automation solutions for various business functions, including accounting, data entry, human resource management, record keeping, procurement detail, and others. The presence of leading companies including International Business Machines Corporation, Appian Corporation, and Automation Anywhere, Inc., is further accelerating the growth of the market in North America.

Top Market Players

Several leading Robotic Process Automation companies operating in the market, include, International Business Machines Corporation, Appian Corporation, Nice Ltd., Automation Anywhere, Inc., Blue Prism Limited, Pegasytems, Inc., NTT Advanced Technology Corporation, Infosys Limited, FPT Corporation, and OnviSource, Inc. among others.

Key Developments:

• • In 2020, Appian Corporation acquired Novayre Solutions SL, a developer of the Jidoka RPA platform.
  • In 2020, IBM Corporation acquired WDG SOLUÇÕES EM SISTEMAS E AUTOMAÇÃO DE PROCESSOS LTDA (referred as WDG Automation), a robotic process automation (RPA) provider based in Brazil. This acquisition is expected to strengthen the AI-infused automation platform of the company.

Segments covered in the Report:

The global Robotic Process Automation market has been segmented on the basis of deployment mode, size of enterprise, end-use industry, and key regions. Based on the deployment mode, the market is segmented into on-premise, and cloud. Based on the size of enterprise, the market is segmented into small and medium enterprises and large enterprises. Based on end-use industry, the market is segmented into IT and Telecom, BFSI, healthcare, retail, manufacturing, and others.

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Market Segmentation

Global Robotic Process Automation Market by Deployment Mode

• • On-Premise
  • Cloud

Global Robotic Process Automation Market by Size of Enterprise

• • Small and medium Enterprises
  • Large Enterprises

Global Robotic Process Automation Market by Industry Vertical

• • IT and Telecom
  • BFSI
  • Healthcare
  • Retail
  • Manufacturing
  • Others

Global Robotic Process Automation Market by Region

• • North America Robotic Process Automation Market (Option 1: As a part of the free 25% customization)

    • By Deployment Mode
    • By Size of Enterprise
    • By End-Use Industry
    • US Market All-Up
    • Canada Market All-Up

  • Europe Robotic Process Automation Market (Option 2: As a part of the free 25% customization)

    • By Deployment Mode
    • By Size of Enterprise
    • By End-Use Industry
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Robotic Process Automation Market (Option 3: As a part of the free 25% customization)

    • By Deployment Mode
    • By Size of Enterprise
    • By End-Use Industry
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Robotic Process Automation Market (Option 4: As a part of the free 25% customization)

    • By Deployment Mode
    • By Size of Enterprise
    • By End-Use Industry
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of the world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Robotic Process Automation Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • International Business Machines Corporation
  • Appian Corporation
  • Nice Ltd.
  • Automation Anywhere, Inc.
  • Blue Prism Limited
  • Pegasytems, Inc.
  • NTT Advanced Technology Corporation
  • Infosys Limited
  • FPT Corporation
  • OnviSource, Inc.