San Francisco, 19 September 2018: According to a report by Grand View Research, Inc., global Robotic Process Automation (RPA) market is estimated to reach at USD 8.75 billion by 2024. The market is also anticipated to expand at a growth rate of 60.5 % over the forecast period (from 2018 to 2024). Growing requirement for fast and cost-effective business process solutions to enhance the operational efficiency is anticipated to propel the market demand. Implementation of the RPA technology in organizations offers tools to create software and thus automates any business process. In addition, it can also learn countless new skills while performing multiple prescribed functions. Such useful functionalities of RPA technology are likely to augment its demand in the forthcoming years.
The RPA technology can improve and scale up data security and operational efficiency in any business by adapting and interpreting existing application for processing a transaction and manipulate data. It can also communicate with the existing digital systems in an organization. The self-learning and self-correcting abilities of this technology can influence the growth of the market in the coming years. Increasing use of RPA to automate business processes to replace manual operations and reduce expenses can fuel market demand in future.
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The global robotic process automation market is segregated on the basis of service, application, organization, and region. Based on service, market is bifurcated into training services and professional services. In 2016, training segment dominated the market and is estimated to grow at a similar pace during the forecast period. Based on application, the market is classified into healthcare, retail, telecom, manufacturing, BFSI, and others. In 2016, telecom & IT segment dominated the market and accounted for market share equivalent to USD 65.6 million and is estimated to grow at a CAGR of 60% during the forecast period.
On the basis of geographies, the market is divided into Europe, Asia Pacific, North America, Latin America, Middle East & Africa (MEA). In 2016, North America led the market and it is expected to grow at a similar pace even during the forecast years. Growing penetration of automation and process management solutions are expected to be the key factors fueling the market growth in the region. In addition, rising adoption of virtual workforce technology in businesses is also likely to foster the market growth in this region.
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The Asia Pacific regional market accounted for a market share equivalent to USD 21.3 million in 2016. The region is likely to witness a significant growth during the forecast period due to high adoption of automation solutions including robots, Artificial Intelligence (AI), and Machine Learning (ML). In addition, high demand for business process automation, particularly in the BPO sector, in emerging economies such as India and China can bode well for the region’s growth. In Latin America, the RPA market is predicted to grow at phenomenal CAGR of 52% during the forecast period. Rising adoption of automation technologies and their applications is said to stimulate the region’s development over the coming years.
Some of the leading companies offering RPA technologies are Jacada Inc.; Blue Prism Group Plc; Automation Anywhere Inc.; Be Informed B.V.; and OpenSpan. The robotic process automation market is highly competitive thus, most companies focus on offering most advanced and superior solutions to maintain their industry positions. In addition, these companies also implement RPA technology internally in order to automate their back-end processes, which expedites productivity and enhances the product quality.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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