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(Health-NewsWire.Net, September 08, 2022 ) According to a new market research report titled, “Robotic Process Automation Market by Type (Software, Service), Process, Deployment (Cloud, On-Premises), Application, and Industry (BFSI, Telecom, and IT Industry), and Geography - Global Forecasts to 2029,” the global robotic process automation market is expected to grow at a CAGR of 16.2% during the forecast period to reach $47.19 billion by 2029.
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The growth of this market is attributed to the growing demand for automation in business processes, increasing adoption of advanced technologies to surge demand for robotic process automation solutions, and growing innovations in RPA to accommodate changing consumer demands. However, data insecurity risk is hindering the implementation of robotic process automation solutions in the financial sector. In addition, the growing demand for robotic process automation in logistics and BPO sectors is expected to create significant growth opportunities for the players operating in this market. However, a lack of awareness regarding robotic process automation is a major challenge to the growth of this market.
Impact of COVID-19 on the Robotic Process Automation Market
The outbreak of the COVID-19 pandemic severely affected numerous businesses across the globe. Several industries were negatively impacted due to the disruption of supply chains and workforce limitations caused by the nationwide lockdowns. Closure of factories and trade restrictions also added to the existing challenges, severely impacting various industries. Manufacturing plants were shut down, affecting production, which led to a significant demand-supply gap. Global Infrastructure & construction industries are witnessed acute labor shortages, suspension & cancellation of projects, and disrupted supply and logistics.
Various robotic automation companies such as UiPath SRL (U.S.) and Automation Anywhere Inc. (U.S.) witnessed a massive rise in the demand for automation solutions during the pandemic from various industries. Furthermore, the rising adoption of chatbots & virtual assistants in the BPO sector is expected to reduce the requirement for human resources, which, in turn, is projected to fuel the demand for RPA solutions.
The rising integration of RPA with advanced technologies like cloud computing, AI, and ML is expected to create huge growth opportunities for the market in the coming years. Moreover, AI-integrated RPA will improve accuracy, productivity, and flexibility in the business process. Further, it will eliminate the staff requirements in the back-office process across various industries such as BPO, banking & insurance, and healthcare. Thus, driving the market growth in the coming years.
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The global robotic process automation market is segmented based on type (software and service), process (automated solutions, decision support & management solutions, and interaction solutions), deployment mode (cloud-based and on-premise), application (administration & reporting, customer support, data migration & capture extraction, analysis, and other applications), industry (banking, financial services, & insurance; telecom & IT; travel, hospitality, and transportation; retail & consumer goods; manufacturing & logistics; healthcare & pharmaceuticals; other industries). The study also evaluates industry competitors and analyses the market at the country level.
Based on type, the robotic process automation market is segmented into software and services. In 2022, the service-based segment is estimated to account for the largest share of the robotic process automation market. The growth of this segment is attributed to the high competition among enterprises. It has urged the service providers to improve their consulting, training, and advisory services, and continuous upgrades in automation services that enable high scalability and minimize cost have driven the demand for RPA as a service. However, the software segment is expected to grow at the highest CAGR during the forecast period.
Based on process, the robotic process automation market is segmented into automated solutions, decision support & management solutions, and interaction solutions. In 2022, the automated solutions segment is estimated to account for the largest share of the robotic process automation market. The growth of this segment is attributed to its high degree of flexibility and scalability.
Based on deployment mode, the robotic process automation market is segmented into cloud-based and on-premise. In 2022, the on-premise segment is estimated to account for the largest share of the robotic process automation market. The growth of this segment is attributed to the growth in adoption of on-premise RPA solutions by organizations that are seeking to save costs by having a large volume of processes automated through RPA and having sufficient IT support for maintaining the infrastructure. However, the cloud-based segment is projected to grow at the highest CAGR during the forecast period due to its benefits, such as greater scalability, security, and ease of access & management.
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Based on application, the robotic process automation market is segmented into administration & reporting, customer support, data migration & capture extraction, analysis, and other applications. In 2022, the administration & reporting segment is estimated to account for the largest share of the robotic process automation market. However, the analysis segment is poised to grow at the highest CAGR due to its analysis operations, including service trends, invoices, reports, and other works.
Based on industry, the robotic process automation market is segmented into banking, financial services, & insurance; telecom & IT industry; travel, hospitality, & transportation industry; retail & consumer goods; manufacturing & logistics industry; healthcare & pharmaceuticals; and other industries. In 2022, the banking, financial services, & insurance segment is estimated to account for the largest share of the robotic process automation market.
In the BFSI industry, robotic process automation controls and monitors interfaces to ensure seamless execution of transactions and to fix loopholes. It improves the accuracy and efficiency of different processes in this industry. These solutions help in regulatory reporting and balance sheet reconciliation by collating data from multiple systems and conducting a host of validation checks to prepare information for a detailed analysis. However, the healthcare & pharmaceuticals segment is projected to grow at the highest CAGR during the forecast period.
Geographically, the North American region is estimated to account for the largest share of the robotic process automation market in 2022. The large share of this market is mainly attributed to the high penetration rate of automation & process management solutions among government agencies and enterprises. Furthermore, the application of RPA is rising among SMEs in the region due to rising knowledge about improving various business functions, such as data entry, accounting/finance, procurement detail, record keeping, and several other HR-related functions.
Some of the major players operating in this market are Uipath SRL (U.S.), Automation Anywhere Inc. (U.S.), Nice Systems Ltd. (Israel), Pegasystems Inc. (U.S.), Blue Prism PLC (U.K.), Ipsoft, Inc. (U.S.), Celaton Ltd. (U.K.), Verint System Inc. (U.S.), OnviSource, Inc. (U.S.), Kofax Inc. (U.S.), FPT Software (Vietnam), EdgeVerve Systems Limited (India), Daythree Business Services Sdn Bhd (Malaysia), Kryon Systems (Israel), and Genpact Ltd (U.S.).
Meticulous Research™
chhagan yadav
+91 744-7780008
chhagan.y@meticulousresearch.com
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