The global robotic process automation (RPA) market size stood at USD 1.39 billion in 2018 and is projected to reach USD 6.81 billion by 2026, exhibiting a CAGR of 22.3% during the forecast period.

We are in process of revamping Robotic Process Automation (RPA) Market with respect to COVID-19 Impact. Request Sample

Robotic process automation is a software robot that replicates human actions in the end-to-end process. The robot software enables organizations to automate their work according to the predefined rules and activities provided by humans. This offers huge support to an organization's operational performance. Also, in repetitive organizational tasks such as business support, customer services, and other operational work, the employee’s time consumption is high. With the application of robotic process automation technology, this laborious and time-consuming work can be reduced. The emerging RPA technology is being highly adopted in various industries such as BFSI, retail, healthcare, and IT & telecom, among others, thereby boosting the robotic process automation market.

In the initial stages, RPA was built for a transaction-oriented back office process with a high volume, which is suited for rule-based operations. The level of automation required was basically for the highly repetitive process, which requires minimal or no human guidance. With recent advancements in robotic process automation, real-time insights were provided for process analytics. With this operation, the RPA was used for detecting patterns, and based on this, automate the further process. For instance, at a call center with almost more than 10,000 calls per month, a substantial time of employees was spent on calls and assisting. With the implementation of robotic process automation, the call center provides robots in place of humans for the tasks such as management, attending query, or administrating the process, among others. This has reduced the time spent on executing such tasks, and employees were able to focus more on providing accurate customer services and solutions. This has also provided good customer experience and a reduction in the cost of the organization. In the manufacturing industry, the RPA combines the collected data to prepare it for product lifecycle management, which automates the process between the applications.

Request a Free sample to learn more about this report.

The rising adoption of robotic process automation RPA has encouraged organizations to implement cognitive technologies with RPA tools. Additionally, the RPA solutions are also witnessing the integration of machine learning, natural language processing, and speech recognition.. This integration is expanding the scope of the robotic process automation and helping organizations to enhance the efficiency of the operations. This will further help the organizations to boost their services along with delivering better customer experience, improved business efficiency, and productivity. Considering this, the robotic process automation market is expected to rise at an exponential CAGR during the forecast period.

MARKET DRIVERS

“Integration of Artificial Intelligence with RPA Technology Is Expected to Drive the Adoption of Robotic Process Automation“

The adoption of robotic process automation is increasing, owing to the services and solutions offered by the companies in the market. RPA technology is allowing humans to focus on the important processes by eliminating repetitive tasks in the operations. RPA technology can operate with a high volume of structured data and semi-structured. With increasing digitization and advancement in technologies, a large amount of data is being created by the organizations. This is creating a high volume of unstructured data. Organizations are looking for an advanced level of RPA to deal with the unstructured data. The RPA vendors are providing advanced solutions by integrating RPA solutions with cognitive technology such as artificial intelligence (AI). This integration will offer the organizations to operate with unstructured data, complex processes, and offer decision making tasks or operations.

Artificial intelligence (AI) integrated with RPA technology also offers capabilities such as speech recognition, natural language processing (NLP), and machine or deep learning to the RPA solutions. This integration has created new advancements in the RPA market, which is also referred to as cognitive RPA as well as intelligent process automation. With the help of machine learning (ML), organizations can analyze statistical data and improves through historical data without the need for programming. The RPA lacks the decision making feature, which can be fulfilled by the integration of ML. The integration of NLP in RPA tools can better understand human language and the instructed process. The text analytics and speech analytics enabled RPA can effectively interpret meaningful information efficiently.

The industries evolving into the digital process require advancements and investments in the advanced automation process. For instance, in the retail industry, RPA can offer better recommendations with the help of ML and NLP based on purchasing behavior and past purchases. In the same manner, with deep learning, the BFSI sector can analyze the investor requirements and build a suitable portfolio.

Such advanced integration of technologies is further boosting the demand for the RPA and increasing the implementation of robotic process automation tools, technology, and solutions.

“Adoption of RPA Technology in Retail is Expected to Witness a Growth Opportunity of RPA Technology in the Global Market”

The retail industry in every sector is gearing up to provide customer-centric services and solutions, which will elevate the customer experience. The retailers are heavily adopting digitization of business operations and investing in advanced technologies. The application of RPA can be very effective in the retail industry right from handling back-office operations to catering better customer experience. For the back-office operations, RPA can handle a large volume of data along with analyzing invoice processing, billing invoices, financial process among others. RPA, along with cognitive technologies, can offer various strategies for catering to better customer experiences. In the case of customer query automation, robots can offer data related to the customer, which can help in offering better solutions by the organization. RPA can approach and synchronize various data available from the different channels in real-time. With this process, any customer complaint can be addressed instantly and efficiently by removing human error.

Fast decision making and real-time analysis can be achieved through RPA tools, which can be essential for the retail industry to gain competitive advantage. For instance, with the integration of RPA and AI technologies, branding and campaigning strategies can be calculated and implemented in a specific location by calculating the demand base. Similarly, in a store, the deployment of products can be arranged by analyzing consumer behavior and product features. With the proper store layout, more sales can be achieved. All these applications and advancement in the RPA is boosting its adoption across the industries.

SEGMENTATION

By Deployment Analysis

“The Rising Demand for Cognitive Technology Is Expected to Boost the Cloud Deployment Adoption”

The deployment segment is categorized into on-premise and cloud. The robotic process automation market is growing significantly, owing to its offerings. The market share of the on-premise segment is expected to remain high during the forecast period. On-premise deployment is mostly used for the unattended process by the organization wherein unattended refers to the process which does not require human assistance. With the increasing integration of RPA with artificial intelligence technology, the adoption of cloud deployment is rising. The cloud deployment is expected to gain traction during the forecast period.

By Application Analysis

“Applications such as Data Migration & Capture Extraction and Analytics are likely to Gain Traction in the Forecasted Period”

The application segment is sub-divided into administration and reporting, customer support, data migration & capture extraction, analytics, others (compliance, strategy, etc.)

The amount of data generated in organizations globally is increasing rapidly. Organizations are dealing with the complexities of a huge data set. It is getting difficult for human employees to collect the data or to extract insights or analyze from a large data set. It is essential to record the data and save them for future applications if required. Also, it is difficult to migrate through every available data by humans and capture the required information from it. RPA technology offers these applications and easiest out the human workload. The robotic process automation is increasingly used for data migration and capture extraction in various industries. For instance, in the healthcare industry, hospitals need to maintain the patient’s record for research or for referring to the patient’s history while attaining. With the application of RPA, the hospitals can reduce time spent on migrating data and provide immediate attention to the patients.

The integration of RPA solutions with cognitive technologies is rising, which will offer proper real-time management, decision making, analytics, and reconciliation of operations. RPA solutions can also help users to analyze the assigned work. For example, with the RPA analysis, banking services can analyze the service trend, reports, and invoices, among others. With this output, future strategies and targets can be built up. This is boosting the adoption of the RPA.

The increasing focus on customer service application by the enterprises are also anticipated to boost the demand for RPA tools. At present, customers are more inclined towards instant and fast solutions to their queries. With the application of RPA, the data required for handling these queries can be extracted from the database with less time. This reduces the time of human service providers and offers an instant solution creating a good impression on the customer. Along with this, RPA can provide better compliance, security, governance, and more. These applications are projected to raise the robotic process automation (RPA) market revenue during the forecast period.

By Operation Analysis

“Knowledge-Based Operations to Increase Considerably ”

The operation segment is bifurcated into rule-based and knowledge-based operations. The rule-based operation segment is expected to hold a significant RPA market share during the forecast period. This growth is attributable to the increasing demand for data migration tools across various industries. The rule-based operations are repetitive operations that require less or no human attention. The rule-based operation is applicable to structured or semi-structured data. The adoption of rule-based operation is majorly for mid to high volume of transactions.

On the other hand, knowledge-based operations are expected to grow with a decent CAGR during the forecast period. The growth of knowledge-based operations is likely to be witnessing a high adoption of RPA after the integration with cognitive technologies. The knowledge-based operations can deal with unstructured data but need human supervision to control the operation.

By Industry Analysis

To know how our report can help streamline your business, Speak to Analyst

“Industries such as BFSI and IT & Telecom are Anticipated to Exhibit a Significant CAGR during the Forecast Period”

The industries covered in the robotic process automation (RPA) market are retail, manufacturing and logistics industry, banking, financial service and insurance (BFSI), healthcare, it and telecom, hospitality, and others (government, energy & utility).

The application of RPA technology is very vast in the BFSI industry. The banks and other financial service providers are very keen on offering diversified services to their customers. BFSI industry consists of wide back-office operations with huge unstructured and structure volume data. RPA technology is already offering solutions for BFSI services, such as for claim management, customer service, accounting services. BFSI industry deals with sensitive financial information of their customers; thus, the security of the customer data and risk management are essential. With the integration of artificial intelligence, RPA can contribute to mitigating the frauds and security issues. The U.S. banks are extensively adopting cognitive RPA technology to automate their billing process. Also, the banks in the U.S. have adopted NLP for data migration and extraction from files available in different languages. In addition to this, IT and Telecom is one of the biggest service provider industries with high back-office processes. The industry is highly adopting the RPA tools owing to its capability to handle all processes with human error-free results. The integration of RPA technology with telecom applications can also offer superior customer services.

REGIONAL ANALYSIS

North America Robotic Process Automation (RPA) Market Size, 2018 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample

North America accounts for the highest market share in the global robotic process automation market, followed by Europe. The increasingly competitive environment in the market is boosting the adoption of RPA solutions. The RPA vendors in the U.S. are collaborating with various service providers such as the IT sector, business process outsourcing (BPO), and financial service providers by offering customized and advance RPA tools as per process requirements. Similarly, Europe is also expected to witness high adoption of RPA tools, especially in countries such as the UK and Germany. This rising implementation of RPA technology is attributable to the reduction of the required workforce for the same process

Asia Pacific is expected to be the fastest-growing region in the robotic process automation market. The adoption of RPA tools is gaining traction in the Asia Pacific, especially in industries such as Retail, IT & telecom, and manufacturing. China and Japan are highly adopting RPA solutions owing to their productivity and efficiency. Also, the integration of artificial intelligence with RPA solutions is expected to boost the technology adoption in China and India.

The robotic process automation market will benefit from the growing adoption of robotic process automation in Latin America. Several industries are widely adopting RPA solutions in Brazil and Argentina. The Middle East and Africa are slow in the adoption of robotic process automation, mainly due to limited industrial investments. Though according to the Middle Eastern RPA and automation forum, various industries are planning to invest in the RPA technology to enhance the efficiency of processes and attain cost reductions.

INDUSTRY KEY PLAYERS

“Market Players Are Collaborating with Cognitive Technology Providers to Offer Advanced Robotic Process Automation Solutions”

Some of the key players in the robotic process automation market include UiPath, Nice, Automation Anywhere, Blue Prism, Pegasystems, among others, have contributed majorly to the RPA market size. These companies are investing in offering intelligent PRA solutions by integrating with different smart technologies. Globally, various industry players are investing in RPA solutions. For instance, UiPath announced that the company has raised around USD 256 million from various companies. Also, the Softbank has invested USD 300 million in automation anywhere for robotic process automation.

Key market players are forming a partnership with cognitive technology providers such as AI, ML, and others. For instance, UiPath has collaborated with automated machine learning AutoML provider DataRobot to offer ease of connecting API based interface with systems. IBM has integrated with Blue Prism with its IBM Watson to offer organizations to automate their operations along with AI tools.

List Of Key Companies Profiled:

REPORT COVERAGE

The robotic process automation market report provides detailed information regarding various insights into the market. Some of them are growth drivers, restraints, competitive landscape, regional analysis, and challenges. It further offers an analytical depiction of the RPA Indutsry trends and estimations to illustrate the forthcoming investment pockets. The market is quantitatively analyzed from 2019 to 2025 to provide the financial competency of the market. The information gathered in the report has been taken from several primary and secondary sources.

To gain extensive insights into the market, Request for Customization

Report Scope & Segmentation