The new report by Expert Market Research titled, ‘Global Robotic Process Automation Market Size, Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global robotic process automation market, assessing the market based on its segments like component, deployment model, organisation size, industry verticals, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 2.23 Billion
- Forecast CAGR (2023-2028): 36.4%
The several benefits offered by use of robotic process automation (RBA) software is a major driver for the market. These benefits include greater productivity, accuracy, cost savings and fast ROI, delivery speed, and higher employee engagement. Furthermore, the use of RBA tools allows an organization to spend more time on strategic work and less time on repetitive tasks.
Asia-Pacific is likely to be the key growth engine for the global market, owing to the increasing usage of robotic process automation tools in its booming IT and retail sectors.
Robotic Process Automation Industry Definition and Major Segments
Robotic process automation is a software technology that is used to build, deploy, and manage robots that emulate human actions and thus help in executing rule-based business processes. The software robots or “bots” created by robotic process automation software are faster, reliable and work with 100% precision.
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The market has been segmented based on the component type as:
- Software
- Service
Based on the deployment model, EMR has also segregated the market as
- On-premises
- Cloud
Depending upon the size of the organization that uses robotic process automation systems, the market can be classified as
- Large Enterprises
- Small and Medium- Sized Enterprises
Based on the industry verticals, the market can be divided into:
- BFSI
- Manufacturing
- Healthcare
- IT and Telecommunications
- Retail
- Others
The EMR report also provides an analysis of regional markets, namely North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Robotic Process Automation Market Trends
The COVID-19 pandemic has led to an increase in the adoption of robotic process automation (RPA). This is due to the need for faster and more accurate business process automation. The highly competitive and dynamic business environment has also propelled organizations to adopt and implement RPA tools. It is expected that by 2022, more than 80% of large organizations will implement RPA in some form or the other. Also, many large organizations will triple the usage of RPA tools for their business purposes.
Key Market Players
The major players in the market are Automation Anywhere, Inc, Blue Prism Limited, EdgeVerve Systems Limited, IBM Corporation, and Pegasystems Inc. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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