Global robotic process automation market to Record a CAGR of 39.8%, North America to Contribute Majority of Market Growth : Market.us

The global robotic process automation market was worth USD 17.85 billion in 2021. It is expected to grow at a compound annual rate (CAGR of 39.8%) between 2023 and 2032.

Robotic process automation (RPA) is a term that describes a variety of technologies and approaches. These include basic macro recorders, full-fledged AI-based solutions, as well as fully-fledged artificial Intelligence (AI)-based solutions. RPA can be described as the use software robots or “bots” in order to automate business processes. These bots may be able to mimic human users when they interact with digital systems such as opening applications and entering data.

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Growth Factors

Organizations need robotic process automation in order to manage unstructured data and automate business operations from beginning to end. RPA integration with cognitive technologies and artificial intelligence is a common strategy by companies to increase the range of business process automation. Market growth will be supported by factors such the need for optimization of operations to increase productivity and yield maximum return. The integration and modification of business processes across organizations is also expected.

One of the most talked about RPA future trends is the reduction of paperwork. RPA is gaining popularity with intelligent bots that can be used to extract, file, and process data online.

DRIVING FACTORS

RPA Capabilities Increased through the Adoption of Advanced Technologies, such as Al, Cloud, Machine Learning, and Other Advanced Technologies

This is a growing market that requires these solutions in order to manage complex data and information. Cloud, machine learning and artificial intelligence are key technologies in this market. They can automate businesses’ processes by combining these technologies. These Al and cloud-based solutions are able to detect work activities, identify the best workflows automatically, as well as suggest self-regulatory routes for businesses. Companies are now developing RPA software and solutions that use cloud and Al technology.

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RESTRAINING FACTORS

Market growth is likely to be limited by companies’ reluctances to move from manual processes to automated ones. RPA solutions are being explored by businesses around the world. But, the lack of knowledge regarding the technology can be a barrier to adoption. RPA solutions will be implemented in the organizations of professional service providers within two to three years.

To use robotic process automation technology effectively, companies must invest in reliable infrastructure and skilled personnel. It can be costly and complicated to create RPA infrastructure, educate existing personnel, and deploy thousands of robots.

DEVELOPMENTS OF THE KEY INDUSTRY INDUSTRY:

May 2021- AutomationAnywhere Inc. launched cloud-based robotics process automation solutions to improve industrial bots. Automation Anywhere Inc. can scale, deploy, and manage its applications on a server.

July 2020-Nice Systems Ltd. has partnered with Min it in order to improve the return on investments by automating discovery accuracy. Combining the two companies led to an increase in automation as well as interactive processes, which helped improve the operational efficiency.

October 2019 – Automation Anywhere, Inc. launched an Al based RPA as a Service platform to accelerate global adoption.

Маrkеt Ѕеgmеntѕ:

By Type

  • Software
  • Service
  • Consulting
  • Implementing
  • Training

By Application

  • BFSI
  • Pharma & Healthcare
  • IT and Telecom
  • Other Applications

Маrkеt Кеу Рlауеrѕ:

  • Automation Anywhere
  • Blue Prism PLC
  • EdgeVerve Systems Ltd.
  • FPT Software
  • KOFAX, Inc.
  • NICE
  • NTT Advanced Technology Corp.
  • OnviSource, Inc.
  • Pegasystems
  • UiPath
  • Other Key Players

Frequently Asked Questions About This Report

  • What is the robotics process automation?
  • What is robotic process automation with example?
  • What is RPA and how does it work?
  • Is RPA process automation?
  • What are the benefits of RPA?
  • How big is the robotic process automation market?
  • What is the robotic process automation market growth?
  • Who are the key players in the robotic process automation market?
  • What are the factors driving the robotic process automation market?

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About the author

Avatar of Linda Hohnholz

Linda Hohnholz

Editor in chief for eTurboNews based in the eTN HQ.

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