The robotic process automation market was evaluated at US$2.039 billion for the year 2020 and is projected to witness a CAGR of 31.5% over the forecast period. Robotic Process Automation refers to the process of automating the tedious and repetitive tasks in an organization through the use of robots. According to UiPath, a global software company that develops platforms for Robotic Process Automation, RPA can be defined as “A technology that allows anyone today to configure computer software or a “robot” to emulate and integrate the actions of a human interacting within digital systems to execute a business process.”
The adoption of emerging technologies like RPA to automate mundane, rule-based repetitive tasks has resulted in accelerated work, reduced human error, and increased output. Combining RPA with advanced cognitive technologies like artificial intelligence (AI), machine learning (ML), and natural language processing (NLP), etc. will allow organizations to automate even those tasks which generally require human decision-making capabilities. By using RPA, organizations can reduce their staffing costs as well as human errors by limiting the number of people working on these mundane repetitive tasks. It also increases the job satisfaction of employees as they can now focus on tasks and processes which generate value for the organization and actually make use of their intelligence and capabilities. Processes like web scraping, opening emails and attachments, making calculations, logging into applications among others can be automated with RPA. Given the advantages, some key tips should be kept in mind to derive maximum benefits from the implementation of RPA such as setting and managing goals that the organization aims to achieve through RPA, putting RPA into the whole development lifecycle of the organization, and considering its impact on the business of the organization among others.
Although RPA has promising benefits across industries, it has its pitfalls too. With the automation of repetitive tasks, a huge chunk of the population might get redundant leading to widespread unemployment. Moreover, the economic outcomes of RPA implementations are far from assured as installation costs of a large number of bots may not be as economically viable as they might have expected to be.
The global robotic process automation market can be segmented on the basis of type, enterprise size, service, application, deployment, and geography.
By automating repetitive rule-based tasks, organizations can save on time and costs as they no longer need employees to do them. Also with a bot capable of performing these tasks at a faster rate as compared to humans, more work can be done in less time.
Improves job satisfaction
With repetitive tasks being done by robots; employees can now focus on tasks that actually require human intelligence. Thus, employees are forced to think using their intelligence rather than just doing menial repetitive work which improves their job satisfaction.
Reduction in Errors
With bots performing repetitive tasks, the chances of errors diminish. When a human performs a large number of operations, there tend to be some discrepancies which may lead to huge problems if not paid proper attention to. Therefore, 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.
With RPA implementation, a huge chunk of the population will become redundant leading to widespread unemployment. To prevent a situation like this, the decision-makers in any organization will be presented with the human capital conundrum referring to how they will manage their workforce who will go redundant, once RPA is implemented in the organization.
The return on investment after RPA implementation will be a concern to the executives in an organization as according to a recent Deloitte UK study "Only three percent of organizations have managed to scale RPA to a level of 50 or more robots.” Thus, with scalability a problem, whether the costs of implementing robotic process automation in an organization will be covered or not, should be determined prior to make an investment in the above mentioned.
The coronavirus pandemic has had a positive impact on the global robotic process automation market. Due to the COVID-19 pandemic, the global robotic process automation market has witnessed a sudden rise in 2020 as the pandemic is being a game-changer for the robotic process automation solution providers as industries, especially manufacturing, accelerating the use of bots for repetitive tasks. Also because of the economic downturn caused by the pandemic, more and more businesses got encouraged to adopt automation systems. Also due to the dispersed workforce and ever-growing consumer engagement, businesses need systems that can automatically carry these necessary but repetitive tasks.
Partnerships, Collaborations, and Agreements:
The global robotic process automation market is a competitive and saturated market with a number of big and small players catering to local and international demands. Prominent/major key market players in the global robotic process automation market include UiPath, Automation Anywhere Inc., NICE, Blue Prism, Pegasystems among others. The players in the global Robotic Process Automation market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the global robotic process automation market.
|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|
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 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.