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The Robotic Process Automation Market is expected to grow at a CAGR of 28.9% to reach USD 1.09 billion by 2025.
The global robotic process automation (RPA) market will derive growth from the increasing adoption of e-commerce services across the world. According to a report by AnalystView Market Insights, titled Robotic Process Automation Market Research Report”, the market was valued at USD 590.8 Mn in 2018. Driven by exceptional technological advancements, the market will reach USD 1.09 Bn, thereby exhibiting a CAGR of 28.9 % by the end of 2025.
The global robotic process automation market is likely to witness considerable growth due to recent technological advancements in the field of information communication and technology (ICT). The advent of artificial intelligence (AI)-integrated technologies has accounted for optimum operational efficacies and enhanced product functioning. Concepts such as real-time data and machine learning algorithms have opened the doors for rapid advancements in the global robotic process automation market in the forthcoming years. The advancements in robotic process automation (RPA) have enabled product uses across diverse applications.
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Micro Focus’ Latest RPA Product Has Made a Positive Impact on the Global Market
The rapid advancements in the robotic process automation industry have fuelled the demand for products integrated with RPA concepts. As a result, there is an increased emphasis on the research and development (R&D) of products associated with robotic process automation. Subsequently, there is an increase in the overall capital investments towards the manufacture of products by robotic process automation market companies. This, in turn, has led to an increase in the number of product launches, thereby accounting for an increase in the global robotic process automation market size in recent years. In July 2019, ‘Micro Focus’, one of the renowned robotic process automation market leaders, announced the launch of a new product aimed at delivering enhanced automated business services across the world. Micro Focus’s latest RPA solutions will not only help the company generate substantial robotic process automation market revenue but will also influence the global market in a positive way.
Artificial Intelligence Has Laid Strong Foundations for Market Growth
The exceptional properties of artificial intelligence have enabled flexibility in its uses and enabled applications across various industries such as automation, healthcare, machinery and equipment, information technology, and others. Concepts such as machine learning and predictive algorithms will offer a huge potential for the robotic process automation market growth in the coming years. The increased adoption of AI in the e-commerce industry has opened the floodgates for rapid growth for the companies operating in the global robotic process automation market.
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Due to healthy market competition, companies are adopting advanced business strategies with a view to establishing a stronghold in the market. A few of the prominent companies that are currently operating in the global robotic process automation market are:
Browse 61 Tables and 120 Figures spread through over 150 Pages and in-depth TOC on “Robotic Process Automation Market, By Type (Software and Services), By Organization, By Application and Geography (North America, Europe, Asia Pacific, Latin America and the Middle East and Africa) – Analysis, Share, Trends, Size, & Forecast from 2014 – 2025”
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The scope of this report covers the market by its major segments, which include as follows:
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ROBOTIC PROCESS AUTOMATION MARKET, BY TYPES
ROBOTIC PROCESS AUTOMATION MARKET, BY ORGANIZATION
ROBOTIC PROCESS AUTOMATION MARKET, BY APPLICATION
ROBOTIC PROCESS AUTOMATION MARKET, BY REGION