Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Robotic Process Automation market.
Trusted Business Insights presents an updated and Latest Study on Robotic Process Automation Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Robotic Process Automation market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Robotic Process Automation Market
The global robotic process automation market size was valued at USD 1.30 billion in 2020 and is projected to exhibit a compound annual growth rate (CAGR) of 40.5% from 2021 to 2027. The rising demand for automation of redundant tasks in the business process coupled with Artificial Intelligence (AI) and Machine Learning (ML) enhancements is expected to drive the market growth. The automation allows faster implementation, execution, and scaling of the huge volume of data resulting in less time consumption and reduced overhead expense of the companies. Moreover, the remote work scenario due to the pandemic is expected to reshape the business operation wherein companies would be inclined towards opting for Robotic Process Automation (RPA).
Technological advancements have triggered businesses to overcome new challenges aimed to cope with changing consumer demand and requirements. In the recent past, the adoption of RPA has captured the attention of many SMEs and large enterprises. This can be attributed to the ability of RPA to deliver seamless operation coupled with significant value addition from the resources. Organizations worldwide are continually looking to identify processes that can be automated to accelerate productivity. The combination of AI, machine learning, and other cognitive technology with robotic process automation is expected to reshape the global business environment.
RPA alleviates human workers from their mundane and repetitive daily tasks by processing workflow much quicker and subsequently more efficiently. The technology also improves and scales up businesses, data security, and effectiveness by adapting and interpreting the existing application for processing a transaction, triggering responses, manipulating data, and communicating with other digital systems. Robotic process automation technologies can reduce the impact of the costs by automating the processes that were done manually. Furthermore, RPAs ability to learn countless skills without human intervention while consistently carrying out prescribed functions and scaling up or down to meet the demand is expected to augment market growth. The role of RPA is evolving continuously at a faster pace.
RPA solutions do not eliminate the need for business management or enterprise application integration. Still, they offer a means to automate complex and costly processes and expedite back office and middle office tasks. It also eases the process in complicated systems and allows them to interact together fluidly. Furthermore, it enables a quick transformation of central management processes to leverage agility and growth in business services. The COVID-19 pandemic is expected to accelerate the need for digital workforce, which opens up many opportunities for RPA vendors once the businesses start their return journey towards normality. Additionally, the companies that had implemented RPA projects pre-COVID have been successful in staying lean and earned them monetary benefits. Type Insights
The service segment accounted for more than 60% revenue share of the robotic process automation market in 2019 and is anticipated to continue its dominance over the forecast period 2021-2027. With intense competition, service providers are continuously enhancing advisory, consulting, and training services. Such continuous development assists the user to achieve reduced costs and increased scalability. For instance, robotic process automation services implementation identifies the automation opportunities, optimizes the identified processes, builds a business case, focuses on right vendor selection, and takes a step for pilot project deployment. Such methods strengthen the core of RPA and result in successful implementation of the platform.
The software segment is expected to expand at 38.7% CAGR over the forecast period owing to the demand for adoption of RPA to tackle remote working issues and reduce the company expense on additional employees. The leading vendors provide software/ platform license based on enterprise requirement to automate the processes. For instance, the UiPath RPA platform includes UiPath studio, UiPath robots, attended robots, unattended robots, non-production robots, and UiPath orchestrator and the user can get the license for either a single user, called named user or for multiple users called concurrent user. The pricing model varies across each vendor, and enterprises can get customized solutions as per their industry requirement.
Service Insights: Robotic Process Automation Market
The consulting segment accounted for the largest market share of over 42% in 2019. The growth is attributed to rising awareness about automation among organizations. Organizations are focused on adopting robotic process automation solutions to provide enhanced solutions to customers. Thus, the demand for consulting services is anticipated to grow significantly over the forecast period.
The robotic process automation services ensure infrastructure management by continuous development of application management services and related consulting. These services are integral for the integration and development of a robust automation environment. Increased adoption of these solutions is propelling the growth of the consulting and implementation services in the market for robotic process automation. RPA providers are offering customer-specific solutions. Thus, the implementation service segment plays an critical role in the market growth over the forecast period
Deployment Insights: Robotic Process Automation Market
The on-premise segment accounted for the largest market share of over 90% in 2019. Traditionally, the deployment of robotic process automation was initiated in large-scale enterprises, which enabled the RPA vendors in building use cases. As these organizations were skeptical about the exposure of their data and information, it led to large-scale deployment of on-premise based offerings. Also, it is an expensive affair for providing a robust technical environment for on-premise deployment; the organizations are anticipated to move to cloud-based deployment, which also enables them to improve the speed of execution.
The cloud segment is projected to exhibit the highest CAGR of 43.1% from 2021 to 2027. The growth is attributed to the increasing adoption of cloud-based solutions. RPA on cloud offers an added advantage of the ease of deployment, lower infrastructure cost, and lesser upgrade and maintenance costs. Customers are inclining more towards cloud-based deployment over on-premise as it can deal with the cybersecurity concerns in a robust manner. Furthermore, the cloud-deployed robotic process automation enables flexibility in scaling the operations and helps in gaining real-time access to data regardless of the location of the employees.
Organization Insights: Robotic Process Automation Market
The large enterprise segment led the market and accounted for more than 67% share of the global revenue in 2019. Increasing demand for autonomy has propelled virtual workforce acceptance and adoption among large enterprises. The adoption of RPA among large enterprises enables them to rely on automation for improved efficiency, reduced costs, reduced human errors, and enhance regulatory compliance. The vendors are assisting their existing clients with an extended licensing period at no additional cost that highlights the importance of RPA during the pandemic. For instance, in April 2020, FPT software extended the licensing of its product akaBot, up to three months for its existing client. Additionally, in April 2020, UiPath offered free software to the healthcare sector and its Automation HUB at no cost to enterprises.
The SME segment is projected to witness the highest CAGR over the forecast period. With the implementation of RPA, SMEs can improve their productivity and hence gain a competitive edge. In the recent past, there has been an upsurge in the awareness regarding the benefits of using automation among SMEs. Higher adoption of robotic process automation in BPOs is expected to provide growth avenues in the emerging economies. However, several small and medium-sized organizations have limitations, in terms of cost and human resources; hence they are focused on keeping their operations as lean as possible. This has resulted in leveraging of robotic process automation among small enterprises for transitioning from human workers to automation.
Application Insights: Robotic Process Automation Market
The BFSI application segment led the market and accounted for more than a 29% share of the global revenue in 2019. RPA implementation is expected to be higher in the BFSI sector due to the increasing automation of business tasks, such as data entry, compliance regulations, and assembly and formulation, which results in increased speed, efficiency, and comprehensive insights. Financial service organizations are coping with an ever-increasing number of data volumes and transactions structured around legacy systems that are hard to integrate. The implementation of robotic process automation is enabling the organizations to realign resources intended to focus on high-value customers and strategic roles.
The pharma and healthcare segment are projected to expand at the highest CAGR over the forecast period. RPA solutions are increasingly being adopted in the healthcare industry as the sector is characterized by labor-intensive activities and demanding patient data compliances along with the ever-increasing amount of data processing. Healthcare service organizations are using smart tools to implement fast automation for processes such as admissions and discharge, clinical data interoperability, and health plans.
The implementation of RPA is expected to assist the hospital management in covering complicated and time-consuming processes, including data flow between departments, paperwork digitization, laboratory work, and human resources. In April 2020, Automation Anywhere, Inc. launched intelligent automation solutions to help healthcare organizations, enterprises, and government implement remote working and business continuity programs. Furthermore, increasing work pressure in the pharma and healthcare sector owing to the pandemic is expected to boost the adoption of RPA solutions to minimize the time consumed in redundant tasks.
Regional Insights: Robotic Process Automation Market
North America dominated the market and accounted for over 37% share of global revenue in 2019. This can be attributed to the increased penetration of automation and process management solutions across the region. Additionally, a strong inclination of SMEs for adopting RPA within their business functions such as accounting/finance, human resource-related processes, and procurement has contributed significantly towards market growth. The U.S. government has realized the benefits of the RPA tool and has encouraged all other government agencies to implement robotic process automation, which has fostered market growth.
The Asia Pacific region is expected to witness the highest CAGR of 43.3% over the forecast period. Automation, which includes machine learning, robots, and AI, are the frontiers for market growth in the region. Rising awareness about automation in the region is also expected to boost demand. Furthermore, increasing demand for business process automation solutions in the BPO sector in China and India is contributing to regional growth. However, SMEs in Indian are more concerned about data security and have affordability issues that prove to the challenges for the RPA vendors. Additionally, the lack of training for RPA among the SMEs in Japan proves to be a concern while implementing the technology. However, enhanced awareness within the region is anticipated to boost the growth of the market for robotic process automation.
Key Companies & Market Share Insights: Robotic Process Automation Market
The market is highly competitive and characterized by the presence of many small and large RPA vendors contributing to the overall market growth. Prominent market participants offer sophisticated solutions for automation of back-office processes with a cost-effective and efficient software robot platform to deliver complex services securely and adapt business processes with greater control. The market leaders are focusing on providing diverse solutions suitable to cater to the needs of each customer for gaining a more significant market share for robotic process automation. Moreover, companies like Automation Anywhere, Inc. and Blue Prism are expanding their operations with partnerships and offering new solutions and services.
For instance, In March 2019, Automation Anywhere and BMC entered into a strategic partnership to provide RPA with BMC Helix. The latter company aimed at extending the cognitive automation capabilities of BMC Helix to include RPA across various business processes. In August 2019, Blue Prism entered into a partnership agreement with Wipro for the establishment of a new Wipro Automation Lab in Australia. Blue Prism happens to be a principal sponsor and a strategic partner, which showcases the latest automation capabilities that also include Blue Prismâ€™s intelligent automation solutions and connected-RPA platform. As the competition is expanding, enterprises are focused more on enhancing the efficiency of operations and providing better customer experience management. Some prominent players in the robotic process automation market include:
Key companies Profiled: Robotic Process Automation Market Report
- Automation Anywhere
- Blue Prism; NICE
- KOFAX INC.
- NTT Advanced Technology Corporation
- OnviSource, Inc.
- EdgeVerve Systems Limited
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global robotic process automation market report on the basis of type, service, deployment, organization, application, and region:
Type Outlook (Revenue, USD Million, 2016 – 2027)
Service Outlook (Revenue, USD Million, 2016 – 2027)
Deployment Outlook (Revenue, USD Million, 2016 – 2027)
Organization Outlook (Revenue, USD Million, 2016 – 2027)
- Large Enterprise
- Small and Medium Enterprises (SMEs)
Application Outlook (Revenue, USD Million, 2016 – 2027)
- Pharma & Healthcare
- Retail & Consumer Goods
- Information Technology (IT) & Telecom
- Communication and Media & Education
- Logistics, and Energy & Utilities
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