Robotic Process Automation (RPA) Market Size, Share & Trends Report

Robotic Process Automation (RPA) Market Size, Share & Trends Analysis Report By Type (Software, Services), By Application (BFSI, Retail), By Organization, By Services, By Region, And Segment Forecasts, 2018 - 2025

  • Published Date: Oct, 2018
  • Base Year for Estimate: 2017
  • Report ID: GVR-1-68038-145-0
  • Format: Electronic (PDF)
  • Historical Data: 2015 - 2016
  • Number of Pages: 115

Industry Insights

The global Robotic Process Automation (RPA) market size was valued at USD 357.5 Million in 2017 and is expected to register at a CAGR of 31.1% over the forecast period. Increasing demand for Business Process Automation (BPA) through the use of Artificial Intelligence (AI) and software robots is anticipated to be the key growth-driving factor for the market. Improving core business with RPA enables an organization to streamline IT and business operations.

Furthermore, its ability to learn the countless skills without human intervention while consistently carrying out prescribed functions and scaling up or down to meet the demand is expected to augment the market demand. 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.

U.S. robotic process automation (RPA) market

Few of these technologies are now declining since businesses across the globe are transforming into a dynamic digital environment. However, RPA is anticipated to evolve and soar over the forecast period. The modern enterprises need this technology for a faster implementation, execution, and scaling.

It alleviates human workers of their mundane and repetitive daily tasks by processing workflow much quicker and subsequently more efficiently. It also improves and scales up businesses, data security, and effectiveness by adapting and interpreting the existing application for processing a transaction, triggering responses, manipulating data, and communicating with other digital systems. RPA technologies can reduce the costs impact 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 has captured the attention of many SMEs, as well as large organizations. This can be attributed to its ability to deliver seamless operation coupled with significant value addition from the resources. The organizations worldwide are constantly looking to identify processes that can be automated to accelerate productivity.

The RPA solutions do not completely eliminate the need for business management or enterprise application integration, but they offer a mean to automate complex and costly processes and expedite back office and middle office task. It also 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.

Type Insights

The services segment accounted for 70% of the overall revenue share of the Robotic Process Automation (RPA) Market in 2017 and is anticipated to continue its dominance over the forecast period. With intense market competition, service providers are continuously enhancing advisory, consulting, and training services. Such continuous development compliments the user to achieve reduced costs and high scalability.

For instance, RPA services implementation identifies the automation opportunities, optimizes the identified processes, builds a business case, focuses on right vendor selection, and takes a step for pilot project deployment. Such methods strengthen the core of RPA and result in successful implementation of the platform.

Services Insights

The consulting services segment accounted for a significant market share of 42.9% in 2017 and is projected to continue its dominance over the estimated period. This growth is attributed to rising awareness regarding automation software. Organizations, are focused on adopting these solutions to focus more on providing enhanced solutions to customer. Thus, demand for consulting services is anticipated to grow significantly over the forecast period.

The digital revolution is promoting the connectivity of the business process with advanced technologies, which include RPA. These services are vital for the integration and development of a robust automation environment. Similarly, the RPA services ensure infrastructure management by continues development of application management services and related consulting.

An increased adoption of these solutions is propelling the growth of the consulting and implementation services segment. The RPA providers are offering customer-specific solutions. Thus, implementation services play an important role in the market growth and is anticipated to witness the highest CAGR over the forecast period.

Organization Insights

In recent past, there has been an upsurge in the awareness regarding the benefits of using automation among SMEs. 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 BPOs.

High adoption of RPA in BPOs is expected to provide growth avenues in the emerging economies. However, several small- and medium-sized organizations have limitations, in terms of cost and human resources, hence they are focused on keeping their operations as lean as possible. This has resulted in the leveraging of RPA among small enterprises for transitioning from human workers to automation.

Thus, the segment is anticipated to register the fastest CAGR of 33.0% over the forecast period. The large enterprise segment accounted for a high market share in 2017 and is expected to register a healthy CAGR over the forecast period. 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 meet the changing needs of such organizations. The adoption of RPA among large enterprises enables them to rely on automation for improved efficiency, reduced costs, reduced human errors, and enhance regulatory compliance.

Application Insights

BFSI application segment accounted for the largest revenue share in 2017 and is anticipated to continue to dominate the market over the forecast period. Implementation of this technology is expected to be high in the BFSI sector due to the automation of business tasks, such as data entry, compliance regulations, and assembly and formulation, which results in increased speed and efficiency and comprehensive insights.

It also relives employees from their repetitive tasks channelizing them towards activities that can add more value. Financial service organizations are coping with an ever-increasing number of data volumes and transactions structured around legacy systems that are hard to integrate. The implementation of RPA is enabling the organizations to realign resources intended to focus on the high-value customers and strategic roles.

Global Robotic Process Automation (RPA) market

It also offers tremendous opportunities in various industries by facilitating better services and optimizing an existing business process. Pharma & healthcare segment is projected to expand at the highest CAGR of 35.7% over the forecast period. RPA provides an opportunity to reorganize the administrative processes for the segment by replacing tedious tasks that inhibit information flow.

Regional Insights

North America led the in 2017 and the trend is expected to continue over the forecast period. This is due 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 agencies, such as 10up and appendTo, beginning to expand in the U.S. market.

Asia Pacific is expected to be the fastest-growing region over the forecast period. It was valued at USD 45.9 Million in 2017. Automation, which includes machine learning, robots and AI are the frontiers for market growth in the Asia Pacific region. Rising awareness about automation in the region is also expected to boost the market demand. Furthermore, increasing demand for BPA solutions in BPO sectors in China and India is contributing to the regional growth.

Robotic Process Automation (RPA) Market Share Insights

Key companies in the market offer sophisticated solutions for automation of back-office processes with cost-effective and efficient software robot platform to deliver complex services securely and adapt business processes with greater control. These companies include Automation Anywhere, Inc.; Blue Prism Group Plc; Be Informed B.V.; Jacada, Inc.; and OpenSpan.

Report Scope

Attribute

Details

Base year for estimation

2017

Actual estimates/Historical data

2015 - 2016

Forecast period

2018 - 2025

Representation

Revenue in (USD Million) & CAGR from 2018 to 2025

Regional scope

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

Country scope

U.S., Canada, France, Germany, U.K., China, India, Japan, Brazil, and Mexico

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 and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global Robotic Process Automation (RPA) market report on the basis of type, service, organization, application, and region:

  • Type Outlook (Revenue, USD Million, 2015 - 2025)

    • Software

    • Services

  • Service Outlook (Revenue, USD Million, 2015 - 2025)

    • Consulting

    • Implementation

    • Training

  • Organization Outlook (Revenue, USD Million, 2015 - 2025)

    • Large Enterprises

    • Small and Medium Enterprises (SMEs)

  • Application Outlook (Revenue, USD Million, 2015 - 2025)

    • BFSI

    • Manufacturing

    • Pharma & Healthcare

    • Retail

    • Telecom & IT

    • Others

  • Regional Outlook (Revenue, USD Million, 2015 - 2025)

    • North America

      • U.S.

      • Canada

    • Europe

      • France

      • Germany

      • U.K.

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa (MEA)

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