Robotic Process Automation Market Size, Share & Trends Report

Robotic Process Automation Market Size, Share & Trends Analysis Report By Services (Professional Services, Training Services), By Organization, By Application, By Region, And Segment Forecasts, 2018 - 2024

  • Published Date: Apr, 2018
  • Base Year for Estimate: 2015
  • Report ID: GVR-1-68038-145-0
  • Format: Electronic (PDF)
  • Historical Data: 2014
  • Number of Pages: 115

Industry Insights

The global Robotic Process Automation (RPA) market size was valued at USD 199.1 million in 2016, growing at a CAGR of 60.5% during forecast period. Increasing demand for business process automation through the use of artificial intelligence and software robots are anticipated to be a key trend for market growth over the forecast period.

Improving core business process with RPA enables an organization with tools to create its own software and automate any business process. Furthermore, its ability to learn the countless skill while consistently carrying out prescribed functions and scaling up or down to meet the demand is expected to be a potential driving factor for RPA market growth over the forecast period.

Global robotic process automation market

The role of technology is evolving continuously at a faster pace. The last few decades witnessed various waves of technology progression that significantly impacted business growth. Few of these technologies are now declining as businesses globally are transforming into a dynamic digital environment. However, RPA is anticipated to evolve and soar over the forecast period. The modern enterprise demand RPA technology to be fast in implementation, execution, and scaling. It alleviates human workers of their mundane and repetitive daily tasks by processing workflow much quicker and subsequently more efficiently.

RPA improves and scales up businesses, data security, and effectiveness by adapting and interpreting existing application for processing a transaction, triggering responses, manipulating data and communicating with other digital systems. Moreover, its ability to self-learn and self-correct without human assistance reap to the maximum benefit of RPA implementation. RPA technologies can eliminate the high costs requirements by automating the processes that were done manually.

Advancement in technology has triggered businesses to overcome new challenges aimed to cope up with changing market demand and needs. In recent past, the adoption of automation in business processes has captured the attention of many SME and large organization. This attributes to its ability which delivers seamless operation in order to compete in a digital-first world while offering a more significant value from resources.

The organizations worldwide are constantly looking to identify processes that can be automated aimed at accelerated productivity gains. The RPA solutions do not completely eliminate the need for business process management or enterprise application integration, but they offer a means to automate complex and costly processes. The implementation of RPA technology in an organization expedites back-office and middle office task. It moreover, eases the process in complicated systems and allows them to interact together fluidly. Furthermore, it enables a quick transformation of central management processes to leverage agility and growth in business services.

Services Insights

The digital revolution is promoting the connectivity of the business process with advanced technologies which include RPA. The professional service is vital to the organization for integration & development and infrastructure management as well as providing them with application management services and related consulting.

An increased adoption of these solutions among organizations is propelling the growth of the consulting and professional services. The RPA providers are offering customized solution to fit the requirement of the user thereby driving demand for the segment is anticipated to witness highest CAGR over the forecast period.

The training segment accounts for significant market share in 2016 and is projected to continue its dominance over next eight years. The growth attributes to the awareness of the RPA software which is increasing among small and medium enterprises. Organizations, therefore are focused on adopting these solutions to eliminate the need for humans on repetitive tasks. This helps them to focus on providing enhanced customer solutions. Thus, demand for training services is anticipated to grow significantly over the forecast period.

Organization Insights

In recent past, there has been an upsurge in the awareness of automation among SME organizations. A significant level of this technology is already integrated into service offerings provided by Business Process Organizations (BPO). Robot orchestration, centralized robot dashboard management, and enterprise level robot deployments have led to the surge in RPA adoption by BPO providers.

The high adoption of RPA in BPOs is expected to provide growth avenues in the emerging economies. Small and medium organizations have a limitation in terms of cost and human resources. However, these organizations are focused on keeping their operation as lean as possible. This has resulted in the leveraging of RPA among small enterprises for transitioning from human workers to automation. The segment is anticipated to witness a high CAGR of 62.3% over the forecast period.

The large enterprise segment accounted for USD133.9 million in 2016 and is expected to register a healthy CAGR of 59.5% over the forecast period. An increasing demand for autonomy has propelled virtual workforce acceptance and adoption among large enterprise. In acknowledgment of these shifting dynamics, technology vendors have developed multiple platforms to cater the need of such organizations. The adoption of RPA among large enterprise enables them to rely on automation aimed to improve efficiency, reduce costs, eliminate human errors and enhance regulatory compliance.

Application Insights

RPA offers tremendous opportunities in various industries by facilitating better services and optimizing an existing business process. The industries such as telecom & IT and financial services have been the first movers and taken the lead with automation in business process, while healthcare and manufacturing firms have recently increased traction. Its application in telecom & IT segment was valued at USD 65.6 million in 2016, growing at a CAGR of over 60.0% over the forecast period.

It is regarded as a boon to the IT service industry, considering the positive impact in terms of profitability, cost, and operational efficiency. It is disruptive and transforming the existing delivery model of BPOs. Thus, the increasing demand from the IT and BPO industries is bolstering the adoption of RPA in these sectors.

U.S. robotic process automation market

Healthcare segment is expected to be one of the fastest-growing segment over the forecast period. RPA provides an opportunity to reorganize the administrative processes for the segment by replacing tedious tasks that inhibit information flow. However, BFSI segment registers a significant high CAGR over the forecast period. An increased application of this technology is expected to be high in BFSI sector. This is attributed to the automation of business tasks such as rekeying, data entry, compliance regulations and assembly and formulation offering further advancements.

Financial service organizations are coping with an ever-increasing number of data volumes and transactions structured around legacy systems that are hard to integrate. This is enabling the organizations to realign resources aimed to focus on the high-value facing customer and strategic roles through the implementation of RPA in the business process.

Regional Insights

North America dominated the market in 2016, and the trend is expected to continue over the forecast period. This is owed to the increased penetration of automation and process management solutions across the region. Moreover, the virtual workforce industry is also evolving, with a number of virtual workforce agencies beginning to expand to the U.S. market.

Asia Pacific is expected to be the fastest-growing region over the forecast period. It was valued at USD 21.3 million in 2016. Automation, which includes machine learning, robots and artificial intelligence are the frontiers for growth in the Asia Pacific region. Additionally, the growing awareness of RPA in the region is expected to boost the adoption. Furthermore, increasing demand of business process automation solutions in BPO sectors in countries including China and India is contributing to the regional growth.

Robotic Process Automation Market Share Insights

The global RPA market is a highly fragmented market. The players operating in the market are offering sophisticated solutions aimed to rapidly scale and deliver complex services securely, and adapt business processes with greater control. Moreover, vendors offering solutions are internally implementing RPA technology to automate the back-end processes with a focus to accelerate productivity and deliver an enhanced solution to its customer.

The key players in the market include, Automation Anywhere Inc., Blue Prism Group Plc, Be Informed B.V., Jacada Inc., and OpenSpan, among others. These companies offer a robust solution for automation of back-office processes with cost-effective and efficient software robot platform. Most of the key player in the market have served clients from fortune 500 companies, aimed to eliminate human error from the business process and to enhance business productivity.

Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historical data

2014

Forecast period

2016-2024

Representation

Revenue in USD Million & CAGR from 2016 to 2024

Regional scope

North America, Europe, Asia Pacific, Latin America, and MEA

Country scope

U.S., Canada, UK, Germany, China, India, Japan, and Brazil

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of industry trends in each of the sub-segments from 2016 to 2024. For the purpose of this study, Grand View Research has segmented the global robotic process automation market report on the basis of services, organization, application, and regions:

  • RPA Services Outlook (Revenue, USD Million, 2014 - 2024)

    • Professional services

    • Training services

  • RPA Organization Outlook (Revenue, USD Million, 2014 - 2024)

    • Small and medium enterprise

    • Large enterprises

  • RPA Application Outlook (Revenue, USD Million, 2014 - 2024)

    • BFSI

    • Telecom/IT

    • Healthcare

    • Retail

    • Manufacturing

    • Others

  • RPA Regional Outlook (Revenue, USD Million, 2014 - 2024)

    • North America

      • U.S.

      • Canada

    • Europe

      • UK

      • Germany

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

    • Middle East & Africa (MEA)

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