The surge in the demand for virtual workforce, requirement to reduce operational costs and increase efficiency, need to provide ease in business processes, and importance of offering an enhanced customer experience are the key factors that are positively impacting the growth of the market. Due to these factors, the global robotic process automation (RPA) market is expected to generate $46.0 billion revenue by 2030, advancing at a CAGR of 36.3% during the forecast period (2020–2030).
COVID-19 Impact Analysis
Owing to the COVID-19 pandemic, the robotic process automation market is experiencing growth in 2020, due to the rising implementation of RPA solutions. Due to the crisis, many companies are advancing their business models and leveraging bots and automation solutions. In addition, several market players are offering RPA solutions so as to help companies make up for the work loss due to the crisis. Furthermore, several organizations are laying-off their employees to reduce the operational expense caused during the pandemic. Such factors are impelling organizations to deploy robotic process automation solutions, in order to make their processes more efficient, reduce the time taken to conduct various tasks, and keep the workflow smooth.
Decision Support and Management Category To Witness Fastest Growth during Forecast Period
Based on process, the robotic process automation market has been categorized into automated solution, decision support and management, and interaction solution. During the forecast period, the decision support and management category is projected to attain the fastest growth. Operational business decisions are a routine part of day-to-day jobs. Decision support and management-based RPA enables robots to make decisions and follow business rules with more accuracy, without introducing any technical debt to the organization.
On the basis of vertical, the robotic process automation market has been categorized into BFSI, telecom and IT, retail and consumer goods, manufacturing, healthcare and pharmaceuticals, and others. Among these, the healthcare and pharmaceuticals category is expected to witness the fastest growth during the forecast period. RPA solutions offer several benefits to the healthcare and pharmaceuticals industry, which include savings on the unnecessary spending on administrative resources, by automating numerous healthcare processes; automation of repetitive tasks; and improvements in revenue cycle management, by advancing the billing efficiency and decreasing write-offs.
Geographically, North America dominated the robotic process automation market during the historical period (2014–2019). The demand for RPA solutions in the region is growing in several sectors, such as retail, healthcare, and BFSI. Furthermore, the region has the presence of major RPA solution providers and also the ability to successfully implement the RPA technology, which further results in its high market share. In 2019, the U.S. held the largest global market share, owing to the extensive government support for robotic process automation adoption. Several government agencies are using RPA solutions to eliminate compliance issues, reduce backlogs, improve throughput, and save costs.
Partnership Is Strongest Strategic Measure Taken by Players in Market
Players in the robotic process automation market are building partnerships with software providers to enhance their market presence. For instance, in March 2020, Blue Prism Limited announced a partnership with SailPoint Technologies Holdings Inc., a U.S.-based enterprise identity management solution provider. Blue Prism Limited will integrate its connected robotic process automation platform with SailPoint Technologies Holdings Inc.’s enterprise identity management platform, to help organizations control and maintain the credentials of digital workers, which include those that meet the defined separation of duties (SoD) policies.
Similarly, in January 2020, Jacada Inc. announced an expanded collaboration agreement with Evoluciona Estrategias de Transformación SL (E-voluciona), a company engaged in digital process outsourcing. Under this collaboration, E-voluciona will implement and market the portfolio of Jacada Inc.’s customer service automation solutions, which includes an intelligent assistant for contact center agents, a virtual multimodal customer assistant, and a customer service RPA solution.
Browse report overview with detailed TOC on "Robotic Process Automation Market Research Report: By Process (Automated Solution, Decision Support and Management, Interaction Solution), Operation (Rule-Based, Knowledge-Based), Offering (Service, Software), Organization (Large Enterprises, SMEs), Vertical (BFSI, Telecom and IT, Retail and Consumer Goods, Manufacturing, Healthcare and Pharmaceuticals) - Global Industry Analysis and Growth Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/robotic-process-automation-market
Some of the major players operating in the global robotic process automation market are NICE Ltd., Pegasystems Inc., Automation Anywhere Inc., Blue Prism Limited, Celaton Ltd., Redwood Software Inc., IPsoft Incorporated, UiPath Inc., Xerox Corporation, IBM Corporation, Kofax Inc., Kryon System Ltd., WorkFusion Inc., Another Monday Service GmbH, AntWorks Pte. Ltd., Appian Corporation, arago GmbH, ARGOS LABS Inc., Atos Syntel Inc., Automai Corporation, AutomationEdgeTechnologies Inc., Be Informed BV, Cicero Inc., Clear Software LLC, CloudStorm RPA, Cortex Ltd., Datamatics Global Services Limited, EdgeVerve Systems Limited, Epiance Software Pvt. Ltd., G1ANT ROBOT LTD., Grid One Co. Ltd., HelpSystems LLC, Ikarus Process Automation Pvt. Ltd., IntelliBot Inventys Technologies Private Limited, Jacada Inc., Nintex Global Ltd., NISSHO ELECTRONICS CORPORATION, Nividous Software Solutions Private Limited, NTT Advance Technology Corporation, Olive Inc., Roots Innovation Lab Pvt. Ltd., SAP SE, CGI Inc., Genpact Limited, and Verint Systems Inc.