Global robotic process automation (RPA) market size is estimated to reach USD 8,781.2 million by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
The Robotic Process Automation (RPA) market is projected to grow at a compound annual growth rate of 29.5 percent during the estimated period. The rising need for businesses to eradicate human errors attributable to manual intervention in processes together with decrease in time required are the key factors accountable for amplifying the implementation rate of the RPA technology.
Earlier RPA and artificial intelligence were extensively considered as separate technologies. But, with enhancements in the product offerings, it has been observed that these two technologies complement each other with regards to handling processes. They allow businesses to process large chunks of data and provide support for enhanced decision making.
The cognitive computing which covers a number of domains such as speech recognition, pattern identification, and adaptive learning is incorporated in RPA solutions to change and automate important business processes of establishments across various industries.
The possibility of attaining strong ROI from the installation of RPA depends completely on the requirements of the organization and business processes that have to be automated. In the coming time, the market is anticipated to experience an increase in RPA vendors on account of expanding market. Moreover, the deployment of RPA is estimated to witness an upward trend as their prices are continually decreasing. Also, RPA technology offers organizations the ability to attain enhanced results from operations with advantages such as cost reduction, enhanced accuracy, and higher compliance.
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The recent study cites that reluctance to the transition from traditional business model to automation accompanied by scarcity of technical proficiency needed for integration and deployment of RPA solutions are the leading challenges dissuading the growth of this industry.
The report offers credible insights pertaining to market forecast and size by organization size, by industry, by type, by operation, and by process. An in-depth analysis of each region including Middle East & Africa, Latin America, Asia Pacific, Europe, and North America has been reported with complete segmental synopsis of the robotic process automation market.
Based on the findings of the report, North America is projected to be the biggest regional contributor, whereas Asia Pacific is predicted to experience substantial growth in between 2018-2026. The growth of North America can be credited to high demand and rising preference of BFSI sector toward business process automation. Additionally, the presence of market leaders in NA and availability of suitable infrastructure for the effective implementation of RPA is another factor propelling regional development, cites the report.
As per the report, Europe is projected to witness considerable growth in the foreseeable future on account presence of numerous companies in the logistics and manufacturing sector. RPA implementation provides these companies capabilities to streamline their pickup & drop operations. This gradually decreases cycle time and ultimately enhances the overall customer experience.
The eminent players profiled in the worldwide robotic process automation market include Xerox Corporation, Blue Prism Group Plc, Softomotive, Kofax Ltd., Celaton Ltd., Ipsoft, Inc., UiPath, Verint Systems Inc., Pegasystems Inc., Redwood Software, Daythree Business Services sdn bhd, Automation Anywhere Inc., and Kryon Systems.