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2020
Robotic Process Automation Market

Robotic Process Automation Market

by Component (Software and Service), Deployment Model (On-Premise and Cloud), Organization Size (Large Enterprises and Small & Medium Sized Enterprises), and Industry Vertical (Manufacturing, BFSI, Healthcare & Pharmaceuticals, IT & Telecommunications, Retail & Consumer Goods, Government & Defense, Energy & Utilities, Transportation & Logistics, and Others), and Region: Global Opportunity Analysis and Industry Forecast, 2020-2027
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Report Code: A04032
Pages: 272
Oct 2020 | 10875 Views
Author(s) : Vikas G
Tables: 134
Charts: 72
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COVID-19

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Robotic Process Automation Market Statistics - 2027

The global robotic process automation market size was valued at $1,636 million in 2019, and is projected to reach at $19,534 million by 2027, growing at a CAGR of 36.4% from 2020 to 2027. Robotic process automation (RPA) is an emerging technology that helps automate routine business practices through software bots to imitate human actions for completing repetitive tasks across the enterprise. Its use cases range from telecom to retail, banking to accounting, healthcare to HR, and IT. RPA helps enterprises in processing a transaction, triggering responses, manipulating data, and communicating with other digital systems. The implementation of RPA enables benefits such as better customer experience, lower operational risk, improved internal processes, and reduced cost & improved efficiency. 

Due to the COVID-19 pandemic, the adoption of robotic process automation software is expected to increase in healthcare & pharmaceutical due to growing need to optimize scarce resources and overall costs during COVID-19 pandemic.

The on-premise segment dominated the robotic process automation market share in 2019, and is expected to maintain its dominance in the upcoming years, due to growth in adoption of on-premise RPA solutions by organizations those are seeking to save costs by having a large volume of processes to be automated through RPA and are having sufficient IT support for maintaining the infrastructure. However, the cloud segment is expected to witness highest growth during the forecast period, owing to rapidly growing popularity of cloud-based RPA due to its ability to offer greater scalability, security, ease of access, and management while providing superior experience to the users.  

Robotic-Process-Automation-Market-2020-2027

Depending on the organization size, the large enterprises segment exhibited the highest growth in the robotic process automation market share in 2019, and is expected to maintain its dominance in the upcoming
years, owing to increase in demand for streamlining processes in large enterprises across different sectors. Ernst & Young, AT&T, Walgreens, and Deutsche Bank are among those large enterprises which are investing in RPA to drive efficiencies in their business processes. However, the small and medium sized enterprises segment is expected to witness highest growth during the robotic process automation market forecast period, due to the low-cost implementation and the high returns on investment offered by RPA.

Robotic Process Automation Market
By Component

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Services is projected as one of the most lucrative segments.

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North America is dominating the robotic process automation market, as the majority of the retail industries and enterprises are relying on robotic process automation to increase productivity and boost competitiveness. The increase in need for automation is the key factor driving the robotic process automation (RPA) market growth in North America. Companies are automating their processes at a faster pace to meet the surge in market demands. However, Asia-Pacific region is expected to observe highest growth rate during the forecast period as the enterprises in this region are recognizing the productivity and efficiency gains from RPA. In Asia-Pacific, the RPA is playing an important role in the operations of the enterprises to improve product and service quality as well as it is adding value to the businesses across industries such as BFSI, manufacturing, retail, automotive, and media & entertainment. Moreover, the growing demand for RPA products in local enterprises is leading to the expansion of the global RPA solutions providers in this region.

Robotic Process Automation Market
By Deployment Mode

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Cloud deployment mode is projected as one of the most lucrative segments.

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The report focuses on the growth prospects, restraints, and robotic process automation market analysis. The study provides Porter’s five forces analysis of the robotic process automation industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the robotic process automation market trends.

Robotic Process Automation Market
By Organization Size

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Small & medium enterprises mode is projected as one of the most lucrative segments.

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Segment review

The robotic process automation market is segmented on the basis of component, deployment model, organization size, industry vertical, and region. On the basis of component, it is categorized into software and services. On the basis of deployment model, it is classified into on-premise and cloud. By organization size, it is bifurcated into large enterprises and small & medium sized enterprises. On the basis of industry vertical, it is categorized into manufacturing, BFSI, healthcare & pharmaceuticals, IT & telecommunications, retail & consumer goods, government & defense, energy & utilities, transportation and logistics, and others (travel & hospitality, oil & gas, education, media & entertainment). Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Robotic Process Automation Market
By Industry Vertical

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BFSI industry is one of the most significant segments.

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COVID impact analysis

The global robotic process automation market has witnessed significant growth in the past few years; however, due to the outbreak of the COVID-19 pandemic, the 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. The economic downturn due to pandemic is encouraging businesses to adopt automation solutions. Various enterprises around the globe are expected to assess power of cognitive robotic process automation in managing work with highly dispersed workforces as well as customer engagements. On the other hand, upsurge in need for business process management and automation in the times of disruption due to the COVID-19 pandemic, is enabling key players to adopt effective strategies such as new product launches and product developments to manage both the current disruption as well as the post pandemic. For instance, in April 2020, Automation Anywhere, the RPA solutions firm launched a new RPA solution to help organizations with business continuity and remote work programs.

Robotic Process Automation Market
By Region

2027
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific region is projected as one of the most significant segments.

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Top impacting factors    

The robotic process automation market growth is driven by factors such as growth in innovations in RPA to accommodate changing consumer demands and high adoption of RPA in the BFSI and healthcare sectors. In addition, the COVID-19 pandemic is enabling rise in demand for automation technology further driving the growth of the market. RPA is being adopted in organizations to mitigate disruption by enabling businesses to maintain customer support, stay connected across the systems and teams, and offer stability in times of uncertainty. Furthermore, digital businesses are expected to create significant revenue growth opportunities for the market. However, higher implementation cost of the RPA system due to the integration of high-quality hardware with efficient software control system may hinder the market growth to some extent.

High adoption of RPA in the BFSI and healthcare sectors

The healthcare industry has recognized the need of modern IT infrastructure and is shifting toward integrating emerging technologies into the existing infrastructure. Emergence of RPA has revolutionized the way healthcare procedures and surgeries were conducted. In addition, rise in demand for evidence-based care further boosts the growth of the segment in the market. RPA market in healthcare services help simplify application development and device integration to fast-track digital transformation, which enables real-time integration with care networks; thereby, driving the growth of the market in the healthcare sector. 

On the other hand, increased proliferation of internet connected devices has changed the conventional operations in the BFSI industry; thereby, making banks applications smarter. The demand for smart solutions in this sector is rising, as banks and financial institutions are seeking for new ways to increase their customer satisfaction and to cater to the large customer base with fast services. Banks are opting for cloud-based RPA solutions to improve performance in a number of ways such as cost savings and usage-based billing, business agility and focus, and many others.

Growth in innovations in RPA to accommodate changing consumer demands 

With ever-increasing costs of labor, companies are turning to adoption of RPA in different industries such as retail and manufacturing to save their labor charges. In addition, with the adoption of robotics technology, companies can deliver high-quality products and eliminate chances of human errors. Furthermore, various manufacturing industries need high consumption of energy and plan to reduce the cost of energy by adopting robotics technology, which drives the growth of the RPA market. Though, the initial cost of the robotics technology is high, it enables companies to efficiently manage their processes, while reducing their expenditure in the end. Rise in costs is expected to have a lower impact on the market in the future due to advancements in technology. 

Key Benefits For Stakeholders

  • This study includes the robotic process automation market analysis, trends, and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and robotic process automation market opportunity.
  • The robotic process automation market size is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the industry.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the robotic process automation market.

Robotic Process Automation Market Report Highlights

Aspects Details
By Component
  • Software
  • Services
By Deployement Model
  • On-Premise
  • Cloud
By Organization Size
  • Large Enterprises
  • Small & Medium Sized Enterprises
By Industry Vertical
  • BFSI
  • MANUFACTURING
  • HEALTHCARE & PHARMACEUTICALS
  • IT & TELECOMMUNICATIONS
  • RETAIL & CONSUMER GOODS
  • GOVERNMENT & DEFENSE
  • ENERGY & UTILITIES
  • TRANSPORTATION AND LOGISTICS
  • OTHERS
By Region
  • North America  (U.S., Canada)
  • Europe  (UK, Germany, France, Rest of Europe)
  • Asia-Pacific  (Japan, China, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players AUTOMATION ANYWHERE, INC., BLUE PRISM, EDGEVERVE SYSTEMS LIMITED, INTERNATIONAL BUSINESS MACHINES CORPORATION, IPSOFT INC., KOFAX INC., NICE LTD., PEGASYSTEMS INC., UIPATH, WORKFUSION, INC.
 

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The robotic process automation market players are offering RPA products to improve competence in organization and to speed up the business processes. In recent times, rapid upsurge in the adoption of RPA technology by all sizes of organizations to enhance their performance, capabilities, and reduce operational costs is enabling the market growth. Its ability to offer tools for building time-saving automations is further fueling its adoption in non-technical businesses and lesser equipped IT departments. It is anticipated that the companies may continue to develop methods to employ greater efficiency and precision with the help of RPA across business processes and units. By removal of the burden of time-consuming and monotonous tasks, RPA is also helping organizations to improve their employee productivity by 75% along with the job satisfaction rates by 50%. RPA in combination with AI is the high priority among organizations to meet their strategic objectives, mostly because they are expecting it to make them more competitive.

The rise in trend of automating processes with RPA can be observed across all the industries.  Manufacturing is one of the leading industries for the extensive use of RPA along with the information technology (IT) industry for automating the processes such as password management and the logging of service requests, and tasks such as highly repetitive back-office functions and maintenance scheduling. Moreover, Robotic Process Automation is being a vital tool to navigate the current global health crisis due to COVID-19, with the RPA bots being deployed for the use cases which are assisting most of the organizations to tackle rise in challenges that are caused by pandemic. The organizations with RPA implementation will have an easier dealing with setting up the remote work along with the similar levels of productivity by relying on automated back office activities.  

The robotic process automation market is competitive and comprises number of regional and global vendors competing based on factors such as cost, reliability, service quality, processing & implementation time, and support services. The growth of the market is impacted by automation needs in all the industries and rapid advances in the RPA technology offerings, whereas the vendor performance is impacted by government support, COVID-19 conditions, and industry development. Owing to the competition, vendors operating in the market are launching technologically advanced robotic processing automation products with an improved performances and user friendly interfaces.
 

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