The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global robotic process automation (RPA) market size is expected to reach USD 3.11 billion by 2025, according to a new study by Grand View Research, Inc. The global market is estimated to expand at a CAGR of 31.1% during the forecast period. Different organizations in different sectors are increasingly challenged by the growing market competition due to shift in technology and changing consumer preferences.
The adoption of Artificial Intelligence (AI) and automation solutions has enabled organizations to tackle such market challenges while meeting consumer expectations. Moreover, these automation technologies focus more on enhancing the employee experience rather than replacing them. One of such technologies gaining rapid market traction is the RPA technology that handles repetitive and rule-based tasks without human intervention. Thus, RPA enables organizations to automate repetitive functions and focus more on core business tasks.
In Small and Medium-scale Enterprises (SMEs) that face business limitations, in terms of financial and human resources allocation, the implementation of RPA is expected to provide growth avenues. As the deployment of RPA will assist an organization to keep its operations as lean as possible. Also, use of automation technologies has become a crucial factor to gain long-term profitable growth. These software bots exhibit the maximum efficiency and can work 24/7*365 on their assigned task, which results in achieving accelerated productivity.
Moreover, the deployment of RPA increases the quality of services to the end-users as it eliminates the potential of human error that results in inconsistency towards process execution. Furthermore, RPA offers organizations with comprehensive intelligence and assists the user with actionable information and better insights. The role of technology in a complex business environment is evolving continuously. The ever-increasing stringency of regulations and the necessary compliance functions are hampering the employee’s efficiency.
With the deployment of RPA, organizations can achieve greater compliance function. Furthermore, the RPA processes are customizable aimed to operate with the existing, as well as new standards and regulation. Thus, automation technologies can help organizations in streamlining the different structured processes at a lower cost.
Further key findings from the study suggest that:
- The services type segment is anticipated to register the highest CAGR over the forecast period. Consulting services was valued at USD 108.0 million in 2017 and is estimated to witness a healthy growth in future
- The implementation services is anticipated to register the highest CAGR of 33.4% during the forecast period
- The large enterprise segment is expected to retain its dominance in the Robotic Process Automation (RPA) market and is projected to reach USD 1.96 billion by 2025
- The BFSI application segment led the market in 2017; however, SME segment is anticipated to register the highest CAGR over the forecast period
- North America is expected to be the dominant region while Asia Pacific region is anticipated to witness the maximum growth
- Some of the key companies in the market include Automation Anywhere, Inc.; Blue Prism Group Plc; UiPath; Be Informed B.V.; OpenSpan; and Jacada, Inc.