Robotic Process Automation Market

Global Robotic Process Automation Market by Processes (Automated Solutions, Decision Support & Management Solutions, and Interaction Solutions), Types (Tools and Services), Operations (Rule Based and Knowledge Based), and Regions (North America, Asia Pacific, Europe, Middle East & Africa, and Latin America), and Forecast, 2021-2028.

  • Report ID: ICT-SE-2725
  • Author: Growth Market Reports
  • Rating: 4.9
  • Total Reviews: 3
  • No. Of Pages: 208
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The global robotic process automation market was valued USD 1.57 billion in 2020 and is anticipated to expand at a CAGR of 32.8% during the forecast period, 2021-2028. Robotic process automation (RPA) involves the use of technology to programme computer software or a robot to record and comprehend current applications for rule-based transaction processing, update data, trigger reactions, and enable communication with other digital systems. It is the use of advanced software to perform a wide range of high-volume, repetitive tasks, and length process that take a long time to complete and are sometimes tiresome to carry out. The software performs highly intelligent functions that can replace human efforts and behaviour for the deployment and execution of certain tasks. In other words, it learns the rules on its own and has its ability to operate a variety of tasks and operations including account opening and closing, accomplishing requests for citation and suggestions, IT system testing and analysis, as well as handling billing and consumer service department queries. Due to wide advancement in technology for these operations, which are well-defined, repetitive, and rule-based, RPA is extensively used in healthcare, BPO, finance, and insurance.

Global Robotic Process Automation Market

Market Trends, Drivers, Restraints and Opportunities

  • Rising demand for the ease of business processes and effective establishment of production units across businesses present key driving factors of the market.
  • Increasing need for automated solutions to manage complex and unstructured data besides aiming to effective handling of several units within a large business operation helps to boost the market expansion.
  • Advancement of innovative technology and expansion of automatically watching work activities are key factors that expand the applications of RPA. This is projected to propel the market growth in the coming years.
  • Issues concerning threat of data security and lack of uniform regulatory frameworks globally are key challenges expected to impede the market growth during the forecast period.
  • Massive R&D programs and development of advanced techniques for operating RPA are key factors anticipated to offer immense opportunities for the market expansion in the long run.

Scope of the report:

The report on the global robotic process automation market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Attributes

Details

Base Year

2020

Historic Data

2018 & 2019

Forecast Period

2021–2028

Regional Scope

Asia Pacific, North America, Europe, Latin America, and Middle East & Africa

Report Coverage

Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast

Robotic Process Automation Market Insights

Service segment to dominate the market

Based on types, the market can be bifurcated into tools and services. The service segment is anticipated to dominate the market during the forecast period owing to the surge in demand for outsourcing RPA and installing software for automation over the cloud. Service providers are actively working towards strengthening their advising, training, and consulting services to stay alive in such strong competition among enterprises. Additionally, the rising demand for automation services in order to achieve better scalability and reduce costs of the overall business operations help to accelerate the segment growth.

Global Robotic Process Automation Market

Automated solutions segment to hold a large market share

In terms of processes, the global robotic process automation market can be divided into automated solutions, decision support & management solutions, and interaction solutions. The automated solutions segment is projected to hold a major market share during the forecast period. The growth of the segment is attributed to wide prevalence of automation solutions that offer various business solutions such as replacing inefficient, time-consuming manual processes with simpler, automated workflows, and resulting in increased productivity and accuracy.

Global Robotic Process Automation Market

Rule based segment to account significant market share

On the basis of applications, the market can be bifurcated into rule based and knowledge based. The rule based segment held a large market share in 2020 and is expected to account for significant market share during the forecast period. Rule-based automation, which manipulates data using human-made rules, is one of the most widely adopted machine intelligence in various applications as it makes simpler for the users to understand and increase growth result. This automation refers to a system that stores, sorts, and changes data using human-made rules that help the machine to imitate human intelligence. The primary goal of a rule-based system is to capture and incorporate the knowledge of a human expert on a certain issue within a computer system.

Global Robotic Process Automation Market

North America to account a large market share

In terms of regions, the global robotic process automation market can be segmented into North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. North America is anticipated to attain a large market share during the projected timeline owing to the region's widespread use of process management and automation technology by businesses and government agencies. Moreover, the wide adoption of the automation process among small & medium enterprises (SMEs) in the region presents a key driver of the regional market growth as it enhances in the functioning of various company processes such as accounting/finance, data input, record keeping, procurement detail, and other HR-related activities. The market of Asia Pacific, however, is expected to register high CAGR during the forecast period due to increased product use across the pharmaceutical, healthcare, IT & telecom, retail, and manufacturing industries in the region. Additionally, increasing adoption of the advanced machines among various industries and SMEs in the region is also expected to aid the regional market growth in the coming years.

Global Robotic Process Automation Market

Segments

Segments covered in the report

By Processes

  • Automated solutions
  • Decision Support & Management Solutions
  • Interaction Solutions

By Types

  • Tools
  • Services

By Operations

  • Rule Based
  • Knowledge Based

By Regions

  • North America
  • Asia Pacific
  • Europe
  • Middle East & Africa
  • Latin America

Competitive Landscape

The key player of the global robotic process automation market are NTT Advanced Technology Corp; UiPath; Blue Prism; Automation Anywhere; Pegasytems; NICE; and KOFAX, Inc.  The market is of highly competitive nature with the participation of numerous specialised small-scale and established large-scale providers offering advanced robotic process automation systems. Leading players in the industry are offering advanced solutions that can push the robotic process automation into different functional level.

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Robotic Process Automation Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Robotic Process Automation Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Robotic Process Automation Market - Supply Chain
  4.5. Global Robotic Process Automation Market Forecast
     4.5.1. Robotic Process Automation Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Robotic Process Automation Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Robotic Process Automation Market Absolute $ Opportunity
5. Global Robotic Process Automation Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Robotic Process Automation Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Robotic Process Automation Demand Share Forecast, 2019-2026
6. North America Robotic Process Automation Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Robotic Process Automation Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Robotic Process Automation Demand Share Forecast, 2019-2026
7. Latin America Robotic Process Automation Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Robotic Process Automation Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Robotic Process Automation Demand Share Forecast, 2019-2026
8. Europe Robotic Process Automation Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Robotic Process Automation Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Robotic Process Automation Demand Share Forecast, 2019-2026
9. Asia Pacific Robotic Process Automation Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Robotic Process Automation Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Robotic Process Automation Demand Share Forecast, 2019-2026
10. Middle East & Africa Robotic Process Automation Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Robotic Process Automation Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Robotic Process Automation Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Robotic Process Automation Market: Market Share Analysis
  11.2. Robotic Process Automation Distributors and Customers
  11.3. Robotic Process Automation Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)

Segments covered in the report

By Processes

  • Automated solutions
  • Decision Support & Management Solutions
  • Interaction Solutions

By Types

  • Tools
  • Services

By Operations

  • Rule Based
  • Knowledge Based

By Regions

  • North America
  • Asia Pacific
  • Europe
  • Middle East & Africa
  • Latin America

The key player of the global robotic process automation market are NTT Advanced Technology Corp; UiPath; Blue Prism; Automation Anywhere; Pegasytems; NICE; and KOFAX, Inc.  The market is of highly competitive nature with the participation of numerous specialised small-scale and established large-scale providers offering advanced robotic process automation systems. Leading players in the industry are offering advanced solutions that can push the robotic process automation into different functional level.

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