The global robotic process automation market size is expected to reach USD 25.56 billion by 2027, according to a new report by Grand View Research, Inc., 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 repetitive tasks 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 repetitive tasks 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 has resulted in inclination towards cost saving by reducing the number of employees involved in performing redundant tasks 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.
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The Robotic Process Automation market size is anticipated to reach USD 25.56 billion by 2027. The higher demand for automating processes to save time and reduce operational costs is driving the 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.
Grand View Research has segmented the global robotic process automation market on the basis of type, service, deployment, organization, application, and region:
Robotic Process Automation Type Outlook (Revenue, USD Million, 2016 - 2027)
Robotic Process Automation Service Outlook (Revenue, USD Million, 2016 - 2027)
Robotic Process Automation Deployment Outlook (Revenue, USD Million, 2016 - 2027)
Robotic Process Automation Organization Outlook (Revenue, USD Million, 2016 - 2027)
Small and Medium Enterprises (SME)
Robotic Process Automation Application Outlook (Revenue, USD Million, 2016 - 2027)
Pharma & Healthcare
Retail & Consumer Goods
Information Technology (IT) & Telecom
Communication and Media & Education
Logistics, and Energy & Utilities
Robotic Process Automation Regional Outlook (Revenue, USD Million, 2016 - 2027)
Middle East & Africa
List of Key Players of Robotic Process Automation Market
NTT Advanced Technology Corporation
EdgeVerve Systems Limited
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