Robotic Process Automation (RPA) Market, By Operations (Rule Based), By Process (Automated Solution, Decision Support and Management Solution), By Type (Tools), By Industry (IT & Telecommunication, Manufacturing & Logistics) - Forecast 2027

ID: VPR/ICT/1136 Publishing Year: January 2022 Pages: 118 Format:   


Robotic Process Automation (RPA) Market Overview:

Contact centre outsourcing, banking, financial services, and insurance (BFSI), business process outsourcing (BPO), procurement outsourcing, and human resources outsourcing (HRO) are all growing at a rapid pace. As a result of its ability to perform a variety of 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 all adopt Robotic Process Automation because their processes are well-defined, repeatable, and rule-based. The growing use of Robotic Process Automation in various corporate processes has resulted in a rise in strategic alliances between Robotic Process Automation market tool vendors and BPO and other service providers.

Key Players:

  • Automation Anywhere (U.S.)
  • Blue Prism (U.K.)
  • Celaton Ltd (U.K.), Ipsoft (U.S.)
  • Nice Systems Ltd. (Israel)
  • Pegasystems (U.S.)
  • Redwood Software (U.S.)
  • Uipath (Romania)
  • Verint (U.S.),
  • Xerox Corporation (U.S.)

Market Drivers:

The pharmaceutical and health-care industries are the primary drivers of RPA growth. The banking and financial services industries, on the other hand, have the biggest market share for Robotic Process Automation.

Opportunities:

As several significant sectors around the world embrace RPA, new opportunities emerge. This encourages RPA manufacturers to invest in research and development. These companies are gradually offering a new line of products to the market. These are more intelligent and efficient. As a result, they urge workers to be more productive.

Restraints:

The high cost of Robotic Process Automation Market is a major stumbling block to the industry's progress. The launch of a new generation of goods based on new RPA technologies, on the other hand, promises to change that.

Challenges:

One of the most significant issues that the Robotic Process Automation Market faces is that it may conflict with traditional IT departments. IT must be aware that a company is using RPA products or technologies, or it may fail to back up important data and information generated by them. Another significant issue is the absence of defined expectations. Management and other key stakeholders aren't always clear on how RPA can enhance both the productivity of their companies and the productivity of their people.

Market Segmentation:

Due to growth in adoption of on-premise RPA solutions by organisations seeking to save costs by having a large volume of processes to be automated through RPA and having sufficient IT support for maintaining the infrastructure, the on-premise segment dominated the robotic process automation market share in 2019 and is expected to maintain its dominance in the coming years. The cloud sector, on the other hand, is predicted to increase the most over the forecast period, owing to the fast growing popularity of cloud-based RPA, which may provide higher scalability, security, ease of access, and management while giving a superior user experience.

Depending on the size of the company, the big businesses category grew the fastest in terms of Robotic Process Automation Market share in 2019 and is likely to continue to do so in the future.

The demand for simplifying processes in major organisations across all sectors has increased in recent years. Large corporations such as Ernst & Young, AT&T, Walgreens, and Deutsche Bank are investing in RPA to improve the efficiency of their business operations. Due to the low cost of implementation and high returns on investment offered by RPA, the small and medium sized organisations sector is predicted to grow the most throughout the Robotic Process Automation Market Forecast Period.

Regional Analysis:

North America dominated the total market in 2020. This might be attributed to the region's significant adoption of process management and automation technologies by businesses and government bodies. Furthermore, due to increased 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 is augmenting market growth. Furthermore, the US government recognised the benefits of RPA tools and included them in the country's FY2020 budget. In addition, the RPA Community of Practice, which was founded at GSA in 2019, was aimed at assisting other US government organisations that were unaware of the benefits of RPA. The US government's initiative to persuade other government agencies to use such software has boosted industry growth.

Due to rising product use across the pharma, healthcare, IT and Telecom, retail, and manufacturing industries, the Asia Pacific region is predicted to have the greatest CAGR throughout the projection period. Furthermore, increased awareness among various industries and SMEs is likely to support market expansion. The increased demand for automation in the Business Process Outsourcing (BPO) sector is also associated with the region's rise. As Asia remains the hub for the manufacturing, IT, and outsourcing services sectors, which require automation solutions to decrease redundant work, the area offers a lot of promise for vendors looking to expand their market share. However, SMEs in India are still wary about data security and face financial constraints in putting these measures in place.

Covid-19 Impact:

The Covid-19 virus did not affect everyone in the same way. Many people had no symptoms and hence were unaware that they were infected. This simplified transmission. However, a tiny percentage of patients infected with the virus (15%) required hospitalisation due to respiratory problems. One percent of individuals infected died as a result of the infection.

What made matters worse was that persons who recovered from COVID-19 potentially contract the virus again. Many nations around the world were concerned about this. They called it a "national worldwide emergency" as a group. Temporary quarantines and indefinite lockdowns were imposed by these nations in response.

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