The global Robotic Process Automation market reached a value of about USD 2.9 billion in 2021. The industry is projected to grow at a CAGR of around 36.4% in the forecast period of 2022-2027 to reach a value of about USD 19.53 billion by 2027.
The global Robotic Process Automation industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The market is being driven by the rising need for automation in workplaces. The potential of robotic process automation (RPA) to deliver more efficiency, enhanced customer experience, and greater convenience in managing corporate processes is driving market growth. In the industry report, the key demand indicator is the highest category spender by region—North America.
A software technology that makes it simple to create, deploy and manage software robots that mimic human movements while dealing with digital systems and software is called robotic process automation (RPA). Furthermore, it is a type of automation technology that uses software robots (bots) or artificial intelligence (AI)/digital workforce to automate business processes. Software robots are able to translate what's on a screen, sort the accurate keystrokes, navigate systems, discover and extract data, and do different predetermined operations. The Robotic Process Automation industry report comprises segments by application (BFSI, IT & Telecom, Logistics, Energy & Utilities, Pharma & Healthcare, Manufacturing, Retail & Consumer Goods, Communication, Media & Education, Others) and region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).
The North American region holds the largest share in the industry due to the region's significant adoption of process management and automation technologies by businesses and government bodies, due to growing knowledge regarding enhancing different company activities such as accounting/finance, data input, record keeping, procurement detail, and other HR-related procedures, RPA adoption among SMEs in North America fuels market growth. In the United States, leadership in this enormous, rapidly increasing industry provides considerable economic activity and direct and indirect employment creation. Financial services and products contribute to the facilitation and financing of US manufactured and agricultural exports. The BFSI industry's dominance in North America positively influences the RPA market.
The market is primarily driven by the rising need for automation in various industries. Companies are resorting to RPA adoption in many areas, such as retail and manufacturing, to cut labour expenditures, reduce the risk of human mistakes, and seek to cut energy costs by implementing robots’ technology, furthering the market growth. A market for RPA solutions is developing due to the growing deployment of SaaS, IaaS, and PaaS offerings for customer relationship management, cloud computing, enterprise resource management, open-source resources, collaborative robot knowledge, network connectivity, and other financial purposes. Furthermore, the move to cloud-based IT infrastructure is driving end-users toward cloud-based RPA deployment, which may effectively solve cybersecurity issues. Likewise, AI in RPA may assist in the structuring of unstructured data, the enhancement of business insights, and the improvement of data integrity.
However, factors like the risk of data breaches and the restricted potential of robotic process automation for knowledge-based business processes are likely to hamper the industry growth.
The global Robotic Process Automation industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Robotic Process Automation regions, such as engagement models, contract terms, and buyer and supplier negotiation levers others.
RPA is the employment of computer software 'robots' to conduct repetitive, rule-based digital operations like filling in the same information in several locations, reentering data, or copying and pasting. It enables businesses to delegate most of their routine administrative tasks to computers that can execute them efficiently and in compliance. By reducing procedures and improving accuracy, a company may gain cost efficiencies. It also allows people to concentrate on work involving judgment, creativity, and interpersonal skills rather than mundane tasks.
The use of technology in various industries is boosting the industry's growth. The system's ability to perform multiple tasks such as account opening and closing, completing requests for quotation and proposals, IT system testing and monitoring, and handling queries in the billing and customer service departments, robotic process automation has a huge market potential across various business verticals. Healthcare, BPO, banking, and insurance businesses adopt robotic process automation because their processes are well-defined, repeatable, and rule-based. In the BFSI business, robotic process automation enhances the accuracy and efficiency of many procedures. These results also facilitate monitoring, reporting, and balance sheet reconciliation by combining data from numerous systems and performing a slew of validation tests to prepare data for a thorough examination. Robotic process automation (RPA) is rapidly used in the IT, telecommunications, and media industries to decrease operating costs and enhance overall customer satisfaction. Centralisation and consolidation of request management systems for increased efficiency, improved transparency and visibility for service functions, automation of request service-level agreement (SLA) reporting, and reduction of manual efforts are all advantages of robotic process automation for IT and telecommunication companies. It also helps reduce mistakes and operating expenses by automating operations like providing and de-provisioning physical, virtual, and cloud-based systems. The travel, hotel, and transportation industries are progressively implementing robotic process automation into their operations to improve fieldwork and real-time access to organisational data. There are several advantages of robotic process automation in the hospitality industry that includes housekeeping services, room service delivery, and maintenance, management of reservations and rates, checking guests in and out of the property, assigning rooms and managing room inventories, catering to guest requests, and handling accounting and billing requirements.
Large organisations will purchase new add-on capacity from their original vendor or ecosystem partners, accounting for most new spending. As businesses expand, they will need to buy extra licences and additional cores to run RPA software on new servers. This trend reasonably reflects an organisation's "everywhere" infrastructure's rising needs. As corporate users become more aware of the benefits of RPA, its utilisation will grow.
1. Executive Summary
2. Global Robotic Process Automation Market Snapshot
2.1. Robotic Process Automation Market Outlook
2.2. Regional Overview
2.2.1. North America
2.2.3. Asia Pacific
2.2.4. Latin America
3. Impact of Recent Events
4. Robotic Process Automation Value Chain Analysis
5. Trade Analysis
6. Major Risk Factors in Sourcing
7. Robotic Process Automation Cost Structure
8. Robotic Process Automation Price Analysis
9. Key Demand Indicator Analysis
10. Key Price Indicator Analysis
11. Robotic Process Automation Market Dynamics
11.1. Drivers & Constraints
11.2. Industry Events
11.3. Innovations & Trends
11.4. SWOT Analysis
11.5. Porter’s Five Forces
11.5.1. Buyer Power
11.5.2. Supplier Power
11.5.3. Threat of New entrants
11.5.4. Threat of Substitutes
11.5.5. Industry Rivalry
12. Industry Best Practices
12.1. Sourcing Strategy
12.2. Procurement Model
12.3. Contract Structure
12.4. Negotiation Levers
12.5. Pricing Model
12.6. Key Factors Influencing the Quotation
13. Key Supplier Analysis
13.1. Blue Prism Group plc
13.3. Accenture Plc
13.4. IBM Corporation
The global Robotic Process Automation market size was valued at USD 2.9 billion in 2021.
As per the application provided, the BFSI segment is anticipated to lead the market between the period 2022 – 2027.
The significant demand for automation in a wide range of industries is one of the essential drivers of the Robotic Process Automation market growth.
Blue Prism Limited, UiPath, Accenture, and IBM are some of the leading companies in the market.
The North American region of the Robotic Process Automation industry holds a significant share in the market.
The global Robotic Process Automation market attained a value of USD 2.9 billion in 2021, driven by the rising need for automation in various industries. Companies are resorting to RPA adoption in many areas, such as retail and manufacturing, to cut labour expenditures, reduce the risk of human mistakes, and seek to cut energy costs by implementing robots’ technology, furthering the market growth. Furthermore, aided by the growing technological advancements like the increasing deployment of SaaS, IaaS, and PaaS offerings for customer relationship management, cloud computing, etc., the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 36.4%. The market is projected to reach USD 19.53 billion by 2027. Some of the leading players in the industry are Blue Prism Limited, UiPath, Accenture, and IBM.
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