DUBLIN--(BUSINESS WIRE)--The "Robotic Process Automation Market Size, Share & Trends Analysis Report by Type (Software, Service), by Application (BFSI, Retail), by Organization, by Service, by Deployment, by Region, and Segment Forecasts, 2020 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global robotic process automation market size is expected to reach USD 25.66 billion by 2027, expanding at a CAGR of 40.6% over the forecast period.
The organization's need to automate structured, repetitive processes to focus on core business activities and reduce operation time and effort is anticipated to drive the growth. The Robotic Process Automation (RPA) can be implemented across various business departments to automate numerous processes such as employee, customer, vendor onboarding, payroll processing, order processing, and report aggregation.
The integration of technology to automate the repetitive task across industries has resulted in accelerated work, reduced human error, and increased throughput. The combination of RPA with cognitive technologies such as speech recognition, machine learning, and Natural Language Processing (NLP) is capable of handling higher-order tasks with Artificial Intelligence (AI) assistance without humans' decision-making capabilities. RPA was designed to reduce the repetitive task by following a set of predefined procedures that do not require knowledge or insights, while the integration of AI allows RPA softbots to function as a knowledge-based dynamic system-to work beyond an automated cognitive system. The application of RPA from the bill of materials to customer query handling with the intelligence of AI has led to a high growth trajectory of the RPA market.
The COVID-19 pandemic effect has resulted in inclination towards cost saving by reducing the number of employees involved in performing the redundant task or improving the efficiency of its workforce using automation software. Specifically, the adoption of robotic process automation has increased in small and medium organizations that need to monitor its cost and human resource more precisely to save on additional and unwanted expenses.
The significant benefit of RPA for SMEs includes improved employee and customer satisfaction, enhanced compliance, and accelerated productivity gains with reduced cost and time. Moreover, large enterprises are also adopting RPA to improve their business operation due to the implication of remote working that has affected the overall company business. Hence, changing workforce dynamics is expected to increase the adoption of RPA over the forecast period.
Robotic Process Automation Market Report Highlights
- Robotic Process Automation market is anticipated to reach USD 25.56 Billion by 2027. The higher demand for automating the process to save time and reduce operational cost is driving market growth over the forecast period.
- The BFSI segment is anticipated to grow at a CAGR of 40.1% over the forecast period.
- North America held the dominant market share of approximately 37% in 2019. Asia Pacific, on the other hand, is anticipated to exhibit the fastest CAGR over the forecast period.
- Some of the major players present in the market are UiPath, Automation Anywhere, Blue Prism, NICE, Pegasystems, KOFAX INC, NTT Advanced Technology Corporation, EdgeVerve Systems Limited, FPT software, OnviSource, Inc. and HelpSystems. These major players in the RPA market exhibit robust product offerings and presence across the world.
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Robotic Process Automation - Market Variable, Trend & Scope
3.1 Penetration and Growth Prospect Mapping
3.2 Robotic Process Automation Market: Value Chain Analysis
3.3 Market Variable Analysis
3.3.1 Market Driver Analysis
3.3.2 Industry Challenges
3.4 Business Environment Analysis Tool
3.4.1 Robotic Process Automation Market: Pestel Analysis
3.4.2 Robotic Process Automation Market: Porter's Analysis
3.5 Robotic Process Automation Market: Competitive Insight
3.5.1 Robotic Process Automation Market: Key Company Analysis 2019
3.5.2 Major Deals & Strategic Alliances Analysis
Chapter 4 Robotic Process Automation Market - Type Segment Analysis
Chapter 5 Robotic Process Automation Market - Service Segment Analysis
Chapter 6 Robotic Process Automation Market - Deployment Segment Analysis
Chapter 7 Robotic Process Automation Market - Organization Segment Analysis
7.1 Large Enterprises
7.2 Small and Medium Enterprises (SMEs)
Chapter 8 Robotic Process Automation Market - Application Segment Analysis
8.2 Pharma & Healthcare
8.3 Retail & Consumer Goods
8.4. Information Technology (IT) & Telecom
8.5 Communication and Media & Education
8.7 Logistics, and Energy & Utilities
Chapter 9 LED Lighting-Market: Regional Outlook
Chapter 10 Company Profiles
- Automation Anywhere Inc.
- Blue Prism
- KOFAX INC.
- NTT Advanced Technology Corporation
- EdgeVerve Systems Limited
- FPT Software
- OnviSource, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/o00qo0