The global Robotic Process Automation market generated USD 8.46 billion in 2018 and is anticipated to grow at a CAGR of 33% over the forecast period from 2019 to 2025 to reach USD 6.22 billion at the end of the forecast period.
In recent years, Robotic Process Automation has emerged as one of the most groundbreaking technologies in the field of information and communication technology. Robotic Process Automation is an application of technology by which machine learning and artificial intelligence are leveraged to handle a high volume, repetitive tasks. Robotic Process Automation allows the employees in an organization to configure the software to capture and interpret existing applications for manipulating data, processing transactions, communicating with other systems and triggering responses. Robotic Process Automation or RPA share some similarities with traditional IT automation while a major point of difference between these two is RPA’s ability to learn itself and adapt to the changing situations, something a traditional IT automation setup lacks.
RPA at work automates day to day mundane and repetitive tasks thereby leaving employees with time to handle challenging work. Market players are improving their offerings to garner their consumer base by injecting new features such as workload management, automation lifecycle, credential management, SLA-based automation among many others.
Among the major growth drivers in the RPA market is the growing demand for business process automation (BPA) through the use of artificial intelligence (AI). Business leaders around the world are realizing that the role of traditional technologies is declining and in need of new technology and platforms like RPA and BPA in today’s dynamic digital environment. Also, RPA helps businesses to cut the workforce cost as low productivity tasks are automated with the system. Some studies show that on average, RPA helps in reducing 25-50% operational cost. This is expected to be another driver of the market.
Key segments of the global Robotic Process Automation market
Process Overview, 2015-2025 (USD Million)
- Automated Solution
- Decision Support & Management Solution
- Interaction Solution
Operation Overview, 2015-2025 (USD Million)
Type Overview, 2015-2025 (USD Million)
Industry Overview, 2015-2025 (USD Million)
- Pharma & Healthcare
- Telecom & IT
Regional Overview, 2015-2025 (USD Million)
- North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- Rest of MEA
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global Robotic Process Automation industry
- The overall segmentation of the Robotic Process Automation market, especially key segments such as process, operation, type, and industry are thoroughly studied. Based on industry, BFSI segment holds the largest market share and is anticipated to continue growth till 2025. The said segment is expected to also gain market share with the growing number of use cases such as regulatory reporting and balance sheet reconciliation.
- Presence of major players and their wide product portfolio across developed countries is anticipated to further boost the growth of Robotic Process Automation market
What does the report include?
- The study on the global Robotic Process Automation market includes qualitative analysis of factors such as drivers, restraints, opportunities, and competitive landscape analysis
- Additionally, the market has been evaluated using the industrial value chain analysis comprising upstream and downstream analysis, cost analysis and product type analysis
- The study covers the qualitative and quantitative analysis of the overall market segmented based on process, operation, type, industry and breakdown of the same at the regional level
- Actual market sizes and forecasts have been provided for all the considered segments
- The study includes the profiles of key market players with a significant global and/or regional presence along with top company positioning
Who should buy this report?
This study is suitable for industry participants and stakeholders in the Robotic Process Automation industry, who want an in-depth insight into the movement of the Robotic Process Automation market. The report will benefit:
- Executives of Robotic Process Automation manufacturing companies that are engaged in spreading knowledge about the advantages of Robotic Process Automation
- Managers within financial institutions looking to publish recent and forecasted statistics about Robotic Process Automation
- Venture capitalists, investors, financial institutions, analysts, government organizations, regulatory authorities, policymakers, researchers, strategy managers, and academic institutions looking for insights into the market to determine future strategies
- Manufacturers of Robotic Process Automation products who are looking for new avenues of revenue generation
Robotic Process Automation can be seen as a disrupter in the field of Information and Communication Technology. Development in the area of artificial intelligence and machine learning is helping RPA to develop new features and passing them to the end customers via market entities. Market entities along the value chain are targeting to solidify their position. The vendors are challenging and experimenting with new features to establish their product in the market. This can be seen as the top companies in the field have reported revenue growth several folds in the past two years. The benefits of RPA have led many governments and private organizations of several countries to invest in this new technology. Benefits such as more productivity and reduction in operation cost have led to increased funding for R&D in the field.
On the Industry level, the RPA industry is experiencing unprecedented growth owing to the greater level of efficiency achieved through automation. Companies like UiPath, Automation Anywhere and Blue Prism are the leading players in the RPA market. The market can be said to be concentrated as the top five players weigh about half of the total market. The leading players are trying to develop cost-effective and improved solutions and also offering better customer experience.
RPA can help both large-sized enterprises and also small & medium-sized enterprises. RPA’s benefits for large-sized enterprises are evident but small and medium enterprises where there is a limitation in terms of cost and human resources, RPA can help too. For SMEs, where the focus is keeping the operations lean, RPA can streamline different structured processes.
Among the industries, RPA can be found across every major industry. However, the major adopters of the technology are BFSI, Retail and Telecom & IT. Amongst these industries, RPA can help in providing comprehensive actionable intelligence and insights. Moreover, RPA processes are customizable and flexible and can be adopted in other industries too.
In 2018, North America was identified as the largest market for Robotic Process Automation holding over 35% market share globally. The increase in demand for RPA from the Retail industry and RPA’s large scale adoption in other industries as well have contributed to its growth in the region. The region is projected to maintain its position in terms of market share during the forecast period. North America is a hot-spot for rapid advancement in RPA technology, with the presence of several VCs, incubators and start-ups. Asia Pacific region is expected to showcase a significant growth rate during the forecast period. The increasing adoption across all industries in the region is projected to be a major driver of the region. Also, at the company level, several developments are being witnessed in countries such as India, China and South Korea which are anticipated to add to the market’s growth.