The Robotics Process Automation market was valued at US$2.039 billion in the year 2020. This market is projected to grow at a lucrative CAGR of 31.5%. Robotic Process Automation commonly known as RPA is an emerging market in which human interaction is substituted by robots in order to reduce human tidiness’ and channel their knowledge toward the core activities in an organization. Through the RPA software, the users are able to create digital robots, also called bots, in a digital workplace, which can effectively observe, mimic, and execute recurring tasks such as calculation, copy-paste, file management, connect to the application, users, and APIs, and data management. The prime reason which is projected to drive the market during the forecasted period is increased adoption of the digital workspace and rising demand for process automation for channelizing crucial resources at core businesses. Furthermore, increased user instructiveness accompanied by time and cost-saving is expected to support the market growth.
Geographically, the Robotic Process Automation market is divided into North America, South America, Europe, the Middle East, and Africa, and the Asia Pacific regions for the study. The Asia Pacific robotic process automation market is expected to grow at an exponential rate during the forecast period owing to the rising adoption of cloud-based computing. With increasing internet penetration and surging digitalization and automation in small and medium-scale enterprises, cloud-based computing has witnessed a significant increase. Data from IDG connect shows that inculcation of cloud-based computing in business service and IT sectors sky-rocked in 2020-21, with 85% of the industries using this mode. Increasing cloud-based services and preference for convenience are projected to drive the market for robotics process automation in the region.
BFSI demand for robotic process automation is projected to show lucrative growth owing to the rise in digitalization across the industry.
Based on end-users, the robotics process automation market is segmented into BFSI, Pharma & Healthcare, Retail & Consumer Goods, Information technology and Telecom, Communication, Media & and Education, Manufacturing, Logistics, Energy& Utilities, and others. The BFSI sector demand for RPA is projected to grow at a significant rate owing to the rise in digitalization across the industry. With technological advancement and inculcation of online banking and financial services, RPA bots are used to guide, address redressal, and take feedback from the users. Increasing demand for virtual services accompanied by growing banking and financial complexities with the launch of different services like e-wallets, e-transfers, and others has increased consumer queries and complaints which are attended by bots and hence is expected to drive the market demand by the industry.
One of the prime reasons which are expected to drive the market for RPA during the forecast period is rising internet penetration, especially in the developing nations, which has increased consumer access to virtual services, increasing the requirement for guidance and complaint redressal.
The outbreak of coronavirus forced various institutions to adopt virtual platforms in order to continue their operation, resulting in higher demand for RPA technology for better working facilities. Hence the covid-19 pandemic increased the market prospects of the robotic process automation industry.
|Market size value in 2020||US$2.039 billion|
|Growth Rate||CAGR of 31.05% during the forecast period|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Enterprise Size, Application, Deployment, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||UiPath, Automation Anywhere Inc., NICE, Blue Prism, Pegasystems, KOFAX INC., NTT Advanced Technology Corporation, EdgeVerve Systems Limited, FPT Software, OnviSource, Inc., HelpSystems|
|Customization scope||Free report customization with purchase|
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the robotic process automation market?
A1. The robotic process automation market is projected to witness a CAGR of 31.5% during the forecast period.
Q2. What is the size of the global robotic process automation market?
A2. Robotic Process Automation Market was valued at US$2.039 billion in 2019.
Q3. How is the robotic process automation market segmented?
A3. The global robotic process automation market has been segmented by type, enterprise size, application, deployment, and geography.
Q4. Who are the major players in the robotic process automation market?
A4. Prominent/major key market players in the global robotic process automation market include UiPath, Automation Anywhere Inc., NICE, Blue Prism, Pegasystems among others.
Q5. What factors are anticipated to drive the robotic process automation market growth?
A5. Industries like healthcare and financial institutions which require correct data without even a single error will adopt RPA which will act as a key driver for its market growth.
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis
5. ROBOTIC PROCESS AUTOMATION MARKET, BY TYPE
6. ROBOTIC PROCESS AUTOMATION MARKET, BY ENTERPRISE SIZE
6.2. Large Enterprise
6.3. Small and Medium Enterprise (SMEs)
7. ROBOTIC PROCESS AUTOMATION MARKET, BY APPLICATION
7.3. Pharma & Healthcare
7.4. Retail & Consumer Goods
7.5. Information Technology & Telecom
7.6. Communication, Media & Education
7.8. Logistics, Energy & Utilities
8. ROBOTIC PROCESS AUTOMATION MARKET, BY DEPLOYMENT
9. ROBOTIC PROCESS AUTOMATION MARKET, BY GEOGRAPHY
9.2. North America
9.2.1. United States
9.3. South America
9.4.3. United Kingdom
9.5. The Middle East and Africa
9.5.1. Saudi Arabia
9.6. Asia Pacific
9.6.3. South Korea
10. COMPETITIVE ENVIRONMENT AND ANALYSIS
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrative
10.3. Mergers, Acquisition, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. COMPANY PROFILES
11.2. Automation Anywhere Inc.
11.4. Blue Prism
11.6. KOFAX INC.
11.7. NTT Advanced Technology Corporation
11.8. EdgeVerve Systems Limited
11.9. FPT Software
11.10. OnviSource, Inc.
Automation Anywhere Inc.
NTT Advanced Technology Corporation
EdgeVerve Systems Limited
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