The 2020 Robotic Process Automation Market outlook through 2026 is identified as the fast emerging market with 29.67% CAGR driven by advances in robot engineering, AI and Machine Learning between 2020 and 2026.
The transformative trend of digitalization and broadcast of affluence in business processes by the installation of robotic process automation is set to shape the robotic process automation market size, finds OG Analysis. Further, growth in digital workforce and economic services is leveraging robotics process automation market value.
With the potential to speed up business processes of start-ups to giant firms over the forecast period, the industry emerges with market growth opportunities. Accordingly, high grade of agility and scalability, improved data processing and workflow management to witness extensive distribution in various business sectors.
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In addition, feasible accessibility of an automated solution for large-scale deployment in data management to drive the robotic process automation market growth. Moreover, increasing demand for robotic process automation in logistics industries to create key opportunities for robotic process automation market players.
However, adoption of robotic process automation is limited over infrastructural issues, unavailability of skilled labor, as well as maintenance and selection of RPA tools and ae identified as market challenges required to be addressed for long-term market growth.
The service segment emerges with strong growth across the robotic process automation market during the estimated period
Growth of innovation in industrial sectors with increased complexity and presence of big data is rapidly changing the business landscape. Accordingly, cumulative need of the hour with higher quality and lower cost for automation solutions to drive the demand for solution segment, by services.
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Growing demands from clients for lower budget operational efficiency and higher transaction volumes are altogether thrust the robotic process automation market value and demand.
Further, the emergence of e-governance services to assist government interactions with citizens, businesses, employees boost market growth over medium to long term.
By Deployment, the robotic process automation market is witnessed to expand its market size during the forecast period
Based on rising concerns over security, cyberthreat, and breach, the Cloud segment is set to drive the RPA market. By deployment types, cloud approach increases the safety of the customer by not providing access to the robot’s log information. Further, cloud service offers a quick and convenient method by using robotics to pre-built the enhanced cloud service at a faster pace than on-premise solutions.
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The emergence of the digital workforce repositories to further accelerate the robot process automation market and augment the human efforts via cloud platforms.
Strong presence of End-Users across the industry showcases market growth opportunities during the fiscal term
Growth in IoTM and digitized pharmaceutical logistics is set to boost the market growth over the forecast period. Accordingly, maintenance of medical records, credentials, information on claims processing, and revenue cycle management drives the adoption of RPA.
Further, robotic process automation in the BFSI industry to emerge with a significant market share amidst key end-users. With multiple systems in the BFSI space and to integrate the flow of transaction-related data across different entitites drives the deployment of robotic process automation systems.
Correspondingly, RPA solutions help in regulatory reporting and balance sheet reconciliation by collating data and conducting a host of validation checks to prepare information for a detailed analysis.
Increasing adoption of robotic process automation in IT and telecommunication to reduce operational costs and improve overall customer satisfaction further boost the robotic process automation market growth during the forecast period.
North America peers the market growth during the estimated period
North America remains the major market share contributor driven by adoption of AI and ML, emergence of digital workforce to enhance B2C, and the presence of key market participants. Further, outsourcing of human resources, business processes, and contact center to witness excessive growth in upcoming years.
For instance, recently, a market participant, Jacada Inc. designed a real-time RPA for one of the largest mobile telecommunications operatives in America.
In addition, in Canada, the evolution of robotic process automation is driven by the growth of the banking and financial occupation. Accordingly, ServiceNow offers a Now platform NewYork release which empowers IT, HR, and?customer?service professionals to deliver AI-powered experiences.
Moreover, booming business and industrial sectors to drive the growth of the RPA market across emerging economies. The emergence of new factories and manufacturing units across Asia Pacific, the Middle East and Africa with demand for cost-efficient supply chain management drives RPA market growth during the estimated period.
Key market players are carrying out research activities to develop Robotic Process Automation systems both in terms of agility and adaptability. For instance, in 2019, Automation Anywhere announced advances to IQ Bot which is a purely web-based cloud-native RPA-integrated Intelligent Document Processing (IDP) solution.
In addition, NIIT Limited and Automation Anywhere collaborated to launch robotic process automation to deliver inclusive RPA workshops to developers, students and IT professionals across India.
Further, key ODMs are introducing next-generation RPA platforms to cater to the needs of customers’s and mark their market share. Accordingly, UiPath introduced the RPA platform with to support end-to-end automation processes with AI capabilities in 2019.
Key players in robotic process automation market include Automation Anywhere Inc., Blue Prism Group PLC, Jacada Inc., Epiance RPA, Kryon Leo, KofaxKapow Inc., NICE RPA, OpenConnect, Pegasystems, UiPath, NTT-AT, HelpSystems, EdgeVerve Systems, Kofax, CGI Group, Contextor SAS, Infosys Limited, Datamatics Global Services Limited, and Be Informed BV.
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