“Global Robotic Process Automation Market By Offering (Solutions, Services (Implementation Services, Consulting Services, Others)); By Deployment (Cloud, On- Premise); By Organization Size (Small and Medium Organizations, Large organization); By Platform (Desktop, Web, Mobile); By Department (Finance and Accounting, Contact Center, IT, HR, Legal, Others); By Industry Vertical (Banking, Financial Services and Insurance, Healthcare, Manufacturing, IT & Telecommunication, Retail, Energy & Utilities, Government, Others); By Region (North America (U.S., Canada, Mexico, Rest Of North America), Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe), Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific, Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa) Latin America (Brazil, Argentina, Rest of Latin America)) - Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2021 – 2029”, published by AMI
The robotic process automation market was valued at USD 1,546.78 Mn in 2020 growing at a CAGR of 29.5% from 2021 to 2029
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Robotic Process Automation Market Overview
Robotic process automation helps automate business and IT processes at scale with ease. It is a type of software automation technology which comprises of software robotic processes to perform repetitive tasks such as data entry. It helps the organizations to streamline workflows to increase employee satisfaction, engagement and productivity by removing mundane tasks from their workdays. RPA has proven to be beneficial during the time of Covid-19 as many organizations had to adopt work from home model. The companies which had implemented RPA before the crisis experienced fewer problems and were able to ensure steady workflow and productivity. The robotic process automation market participants are undertaking strategic initiatives to increase customer base and expand geographically, which is estimated to proliferate the market growth over the forecast period. For instance, Mitsubishi Corporation, a multinational engaged in multiple businesses, NTT DATA, a leading digital business and IT services provider and its subsidiary everis Brasil Consultoria de Negocios E Tecnologia Da Informacao Ltda (everis Brazil) entered into a collaboration agreement in June 2021. NTT DATA, by leveraging the customer base of Mitsubishi Corporation intends to distribute more than 5000 licenses of their robotic process automation solution, WinActor, across government agencies and corporates outside of Japan by 2024.
Robotic Process Automation Market Segmentation Overview
During the pandemic, many businesses have shifted their business working model. Thus, many industry players are looking forward towards adopting automated software technologies to carry out efficient workflows even at remote locations. For instance, during the Covid-19 pandemic, there was a rise in number of patients requiring oxygen support via continuous positive airway pressure (CPAP) ventilator devices. Hospitals are required to monitor oxygen tanks closely in order to confirm on-demand availability of constant and accurate readings. As this whole process of oxygen monitoring was manual, the hospitals wanted to free up their staff and avoid the risk of infection. In one of the instances, Anywhere Automation, Inc implemented RPA as a solution for the respective organization, wherein now a bot is used to logs into the oxygen supplier’s website and a reading is sent from the tank, after which the data is automatically input into their system.
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Organization Size Outlook
Many small and medium scale industries have evolved in the last few years. In small businesses and startups it is necessary to build and maintain initial customer relations through regular emails, filling up consent forms, and maintaining contact lists amongst other activities, which are repetitive and exhausting in nature. Such mundane tasks can be easily managed by RPA solutions as it offers significant benefits such as better customer service, reduced expenses and overheads for payroll or onboarding processes. For instance, for payroll processing, the bot can automate the entire procedure of attendance managing to transfer paychecks. Additionally, the over time, bonuses and deductions are all calculated and the cost of every employee is calculated with zero human interference. Growing adoption from this sector is fueling the growth of global robotic process automation market. Furthermore, the segment is also estimated to witness highest growth over the forecast period.
Industry Vertical Outlook
Healthcare sector is gaining traction in the global robotic process automation market. Recently the World Healthcare Organization (WHO) anticipated that the global healthcare worker shortage could reach 12.9 million professionals by 2035, making in-person medical appointments a bonus for a few patients that can afford. In the recent years, the healthcare sector has adopted automation on wide scale to cure their medical system workflow efficiencies. The various RPA technologies that are being used in the healthcare industry are claims processing, payment processing, appointment scheduling, compliance management and others which has proven to be a viable solution for healthcare organizations looking forward to serve more patients by streamlining their system processes.
Many industry sectors in Asia Pacific are growing at a very fast pace, which has led to an increased adoption of robotic process automation solutions and services in the region, so as to increase their operational excellence, resilience, cost efficiency and ensure error reduction. Large organizations are implementing RPA to automate their daily operations in particular on the repetitive process of handling massive data such as payroll processing, customer support, CRM updates and others. In the last few years, many startups have started offering RPA solutions such as smart scanning, image recognition, intelligent document processing and pattern recognition, language processing to read structured and unstructured data from multiple Asian languages. Similar innovations and technological advancements are contributing towards the region’s growth in the global robotic process automation market.
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Some of the key players operating in the robotic process automation market are:
- Automation Anywhere, Inc.
- Blue Prism Limited
- EdgeVerve Systems Limited
- Kofax Inc.
- Kryon Systems
- NTT Advanced Technology Corporation
- Pegasystems Inc.
- WorkFusion, Inc.
- Other Market Participants
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Extensive information on the following pointers will be covered in the 420+ Pages Research study:
- Global Market size and forecast values (2015 – 2029), in terms of revenue (US$ Million) by segments/sub-segments; wherein 2015 to 2019 has been considered as historic years, 2020 as the base year, while 2021 to 2029 has been considered as the forecast period.
- Split of the market revenue (US$ Million) into all the relevant segments & sub-segments across all major regions/countries.
- Market determinants and Influencing Factors
- Market Dynamics (Drivers, Restraints, Opportunities and Challenges)
- Business and Technological Trends
- Regulatory Landscape
- Impact of Covid-19 on Global Robotic Process Automation Market
- Macro-Economic and Micro-Economic Indicators
- Porter’s Five Forces Analysis
- Competitive Analysis
- Global Presence and Growth Strategies
- Brand & Product Benchmarking
- Market Share Analysis, 2020
- Detailed profiles of major market participants operating in the market, encompassing information on company details, company overview, product offerings, key developments, financial analysis, SWOT analysis and business strategies
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