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Robotic Process Automation Market Expansion Projected to Gain an Uptick During 2021-2028

Marquis Market Reports

Robotic Process Automation Market Expansion Projected to Gain an Uptick During 2021-2028

 

Robotic process automation (RPA) is a form of business process automation technology based on metaphorical software robots (bots) or on artificial intelligence digital workers. RPA's main goal is to document an organization's actions in order to improve effectiveness. One of the major factors supporting the expanding use of RPA technology is the growing demand for business process automation. According to a survey done by UiPath (US) in 2020, a global software firm for robotic process automation, and The Economist Intelligence Unit (UK), a research and analysis branch of the Economist Group, 90 percent of organizations have adopted RPA to automate business operations. In contrast, 73 percent of those polled thought that the benefits of automation are fully satisfactory.

Despite the fact that the market is likely to increase gradually as a result of the benefits described above, organizations unwillingness to convert from manual to automated processes is expected to limit market growth. RPA solutions are being considered by businesses all around the world to optimize their business operations.

Due to growth in adoption of on premise RPA solutions by organizations seeking to save costs by having a large volume of processes to be automated through RPA and having sufficient IT support for maintaining the infrastructure, the on premise segment dominated the robotic process automation market share in 2019 and is expected to maintain its dominance in the coming years.

Businesses adopted a remote work idea during the COVID-19 epidemic, which raised the requirement for workflow automation. In the years 2020-2021, significant use of RPA for workflow maintenance and automation was observed. RPS software offers flexible and cost-effective business operations by rapid automation of regulation, manual, and back-office administrative processes, which is expected to grow at a stable CAGR throughout the forecast period.

From 2020 to 2027, the global robotic process automation market is expected to increase at a CAGR of 36.4 percent, from $1,636 million in 2019 to $19,534 million in 2027.

The robotic process automation market is dominated by North America, with the majority of retail industries and businesses focusing on robotic process automation to increase productivity and competitiveness. North America robotic process automation market size surpassed USD 900 million in 2019 and is projected to grow at over 40% CAGR through 2026. The presence of major market players such as UiPath, Automation Anywhere, and Pegasystems Inc. will create new market growth opportunities for small, medium, and large-scale businesses in the region to automate their businesses with low operational costs. The US government's increased investments in RPA are likely to contribute to rising market demand. Additionally, the organisation offers a variety of all capabilities, such as natural language processing and natural language understanding, to deliver accurate and advanced analytics to comprehend business impacts.

In Asia-Pacific, RPA is helping organizations enhance product and service quality while also adding value across industries like BFSI, manufacturing, retail, automotive, and media & entertainment.

Rapid growth in the e-commerce industry is a key driver driving the RPA market forward. By 2023, online sales in the United States are predicted to double, accounting for roughly 20 to 25 percent of total retail sales. The estimate of US retail e-commerce sales for the fourth quarter of 2019, adjusted for seasonal fluctuation, was USD 158.0 billion, up 2.6 percent from the third quarter of 2019, according to the Census Bureau of the Department of Commerce. Retail employs nearly 3 million people in the United Kingdom (UK), and it plays an essential role in shaping the economy.

Nice Systems Ltd., Pegasystems Inc., Automation Anywhere, Blue Prism PLC, Ipsoft, Inc., Celaton Ltd., Redwood Software, Uipath SRL, Verinta System Inc., Premier Logic, Xerox Corporation, Arago Us, Inc., IBM Corporation, and Thoughtonomy Ltd. are some of the prominent stakeholders in the robotic process automation market.

 

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