New York
City, 03 Oct 2019 : The robotic
process automation (RPA) market size is anticipated to
reach USD 8,781.2 million by 2026 growing at a CAGR of 29.5%. Requirement of
businesses to eliminate human errors due to manual interference in processes
along with reduction in time consumption are factors responsible for positively
influencing the adoption rate of RPA technology.
Previously artificial intelligence
and robotic process automation were largely considered to be different
technologies. But, with advancements in the offerings it is observed these
technologies are complimenting each other in terms of handling processes. It
enables organizations in processing huge volumes of data and in providing
support for better decision making. Cognitive computing which covers wide array
of areas including adaptive learning, speech recognition, and pattern
identification is integrated in robotic process automation (RPA) solutions to
transform and automate crucial business processes of organizations across
multiple industry verticals.
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The potential of achieving robust
ROI from deployment of RPA completely dependent on the organizational
requirements and business processes which are to be automated. In the near
future, the market is expected to witness growing base of RPA vendors as they
target to gain revenue share from this expanding market. This is expected
through introduction of solutions which will cater to the rising need to
automate business process management processes. Furthermore, the adoption is
expected to intensify as the prices of RPA deployment are continually
witnessing a declining trend. Moreover, this technology adoption provides
organizations the capability to accomplish better outcomes from their process
with benefits including reduction in costs, improved accuracy, and better
compliance.
However, factors like reluctance in
the transition phase from conventional business process to automation along
with shortage in technical expertise required during deployment and integration
of RPA solution are challenges which might affect the growth in this market.
roThis market report includes insights with market size and forecast by
process, by operation, by type, by industry, and by organization size. Analysis
for each region (North America, Europe, Asia Pacific, Latin America, Middle
East & Africa) is provided for all segmentation of the robotic process
automation market research report.
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North America is expected to be
largest regional market while Asia Pacific regional market is expected to
witness significant growth during the forecast period of 2018 to 2026. The
region’s leading position is attributed to significant demand and preference of
the BFSI industry vertical towards automation of business processes.
Furthermore, presence of established and major players in North America region
and availability of infrastructure for effective adoption of RPA is another
factor responsible for the boost in adoption of robotic process automation
solutions.
European region is expected to
witness growth in this market as the region has a presence of significant
amount of companies in the manufacturing and logistics sector. Adoption of RPA
technology provides the capability to streamline pickup and drop operations.
This eventually leads to reduction in cycle time ultimately resulting in
enhanced customer experience.
The major key players
operating in the robotic process automation (RPA) market include
Blue Prism Group Plc (UK), Celaton Ltd. (UK), Softomotive (UK), Kofax Ltd.
(U.S.), Xerox Corporation (U.S.), Automation Anywhere Inc. (U.S.), Ipsoft, Inc.
(U.S.), UiPath (U.S.), Verint Systems Inc. (U.S.), Pegasystems Inc. (U.S.),
Redwood Software (Netherlands), Daythree Business Services sdn bhd (Malaysia),
and Kryon Systems (Israel).
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