Yahoo Finance Robotic Process Automation (RPA) Market Reached USD 7.46 Billion in 2028; Surging Advancements in Machine Learning (ML) and Artificial Intelligence (AI) to Boost Growth: Fortune Business Insights™
List of the Companies Profiled in the Market: Automation Anywhere (California, United States), Blue Prism PLC (Warrington, United Kingdom), IPsoft, Inc. (New York, United States),Kofax, Inc. (California, United States), Nice Systems Ltd (Ra’anana, Israel), NTT Advanced Technology Corporation (Kanagawa, Japan), Pe gasystems, Inc. (Massachusetts, United States), Redwood Software (Houten, Netherland), Uipath SRL (New York, United States), OnviSource, Inc. (Texas, United States), EdgeVerve Systems Limited (Karnataka, India), HelpSystems (Minnesota, United States)
Pune, India, May 06, 2021 (GLOBE NEWSWIRE) -- The global robotic process automation (RPA) market size is estimated to reach USD 7.64 billion in 2028. Fortune Business Insights™ provides this information in its report, titled, “Robotic Process Automation (RPA) Market Size, Share & COVID-19 Impact Analysis, By Deployment (On-Premises, Cloud), By Operation (Rule-Based, Knowledge-Based), By Application (Administration and reporting, Customer Support, Data Migration & Capture Extraction, Analysis, Others), By Industry (Retail, Manufacturing and Logistics Industry, BFSI, Healthcare, IT and Telecom, Hospitality, Others) and Regional Forecasts, 2021-2028” As per the report, the global market stood at USD 1.29 billion in 2020 and is expected to showcase a CAGR of 25.0% during the forecast period that is 2021-2028.
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The surging advancements being made in machine learning (ML) and artificial intelligence (AI) is projected to boost the market growth in the foreseeable future. For example, Kryon Systems and Institute for RPA and Artificial Intelligence (IRPA AI) collaborated to further provide consultation services to corporate executives on how to assemble the technologies. This is expected to boost demand for robotic process automation in the market in the near future.
COVID-19 Impact
The global COVID-19 pandemic outbreak affected the majority of the industries and sectors. Strict government rules were imposed on transportation and other services. As the virus worsened, lockdowns were announced in many regions to curb the spread of coronavirus leading to disruption of the world-wide supply chain. Several factories had to shut down units and plants as they faced heavy losses amid the pandemic. Companies also had to lay off employees as the units were forced to shut down creating a financial crisis for everyone.
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Report Coverage
The report offers a holistic evaluation based on thorough research of the market. It further provides an in-depth analysis of the current market trends and future opportunities. The report sheds light on the market drivers and restraints. Moreover, key players and their novel strategies to prosper in the market and dominate as prominent players are shared in the report. A detailed study of the regional dynamics and how they shape the market is observed in the report.
Segmentation
Based on deployment, the global market is segmented into on-premise and cloud. By application, the market is divided into rule-based and knowledge-based.
By Application: the market is segregated into administration and reporting, customer support, data migration and capture extraction, and analysis, among others. Among these, the administration and reporting segment held the majority of the RPA market share owing to the quickness and efficiency of the software to automate maximum of the work of the administration office along with the finance department. In terms of region, the market is separated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Drivers and Restraints
Rising Demand for RPA Backed by its Management Ability to Promote RPA Market Growth
The demand for Robotic Process Automation has increased owing to its ability to manage information that is complicated and unstructured. To extend the limitations of business processes, companies actively merge artificial intelligence along with cognitive technologies with Robotic Process Automation. For example, AntWork launched ANTstein in May 2020, which is an integrated platform of AI, RPA, and ML. This development provides maximum robot utilization, information about all kinds of data, and many other services.
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Regional Insights
North America to Ace the Market Backed by Positive Government Support
North America stood at USD 471.3 million in the year 2020 and is expected to maintain its leading position and hold the majority of the shares in the global robotic process automation market. This is owing to the active adoption of automated technology and processes by small, mid-sized as well as large enterprises. Furthermore, the U.S government positively promotes usage of automated services to all types of agencies to manage their work effortlessly.
Asia Pacific is expected to witness significant growth owing to the rising adoption of automation technologies in industrial sectors. Developing countries such as China and Japan are estimated to maintain their dominance due to holding maximum shares in the market.
Europe stands in the third position on account of increasing adoption of these automated tools by manufacturers of small-scale industries in this region. This factor shall propel market growth in the European region.
Competitive Landscape
New Technology Launches by Key Players to Stimulate Market Growth
The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is periodically launching innovative products with detailed study of the market and its target audience. Another essential strategy is acquiring companies to bolster the brand value among users.
May 2020: KPMG launched a new version of its own RPA solution at Bahrain location to assist businesses with work management, submission and reporting of VAT.
List of Key Players Covered in the Robotic Process Automation Market Report
Automation Anywhere (California, United States)
Blue Prism PLC (Warrington, United Kingdom)
IPsoft, Inc. (New York, United States)
Kofax, Inc. (California, United States)
Nice Systems Ltd (Ra’anana, Israel)
NTT Advanced Technology Corporation (Kanagawa, Japan)
Pegasystems, Inc. (Massachusetts, United States)
Redwood Software (Houten, Netherland)
Uipath SRL (New York, United States)
OnviSource, Inc. (Texas, United States)
EdgeVerve Systems Limited (Karnataka, India)
HelpSystems (Minnesota, United States)
FPT software (Hanoi, Vietnam)
Xerox Corporation (Connecticut, United States)
Daythree Business Services Sdn Bhd (Selengor, Malaysia)
Kryon Systems (New York, United States)
Softomotive (London, United Kingdom)
Genpact Ltd. (New York, United States)
AntWorks (Singapore)
KPMG (Amstelveen, Netherlands)
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Table of Content-
Introduction
Definition, By Segment
Research Methodology/Approach
Data Sources
Key Takeaways
Market Dynamics
Macro and Micro Economic Indicators
Drivers, Restraints, Opportunities and Trends
Impact of COVID-19
Short-term Impact
Long-term Impact
Competition Landscape
Business Strategies Adopted by Key Players
Consolidated SWOT Analysis of Key Players
Global Market Share Analysis and Matrix, 2020
Key Market Insights and Analysis, By Segments
Annexure / Appendix
Global Robotic Process Automation (RPA) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
By Deployment (Value)
On-Premises
Cloud
By Operation (Value)
Rule-Based
Knowledge-Based
By Application (Value)
Administration and reporting
Customer Support
Data Migration & Capture Extraction
Analysis
Others
By Industry (Value)
Retail
Manufacturing and Logistics Industry
BFSI
Healthcare
IT and Telecom
Hospitality
Others
By Region (Value)
North America
Europe
Asia Pacific
Middle East & Africa
South America
North America Robotic Process Automation (RPA) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
By Deployment (Value)
On-Premises
Cloud
By Operation (Value)
Rule-Based
Knowledge-Based
By Application (Value)
Administration and reporting
Customer Support
Data Migration & Capture Extraction
Analysis
Others
By Industry (Value)
Retail
Manufacturing and Logistics Industry
BFSI
Healthcare
IT and Telecom
Hospitality
Others
By Country (Value)
United States
By Application
Canada
By Application
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