According to the latest report by IMARC Group, titled “Robotic Process Automation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global robotic process automation market exhibited strong growth during 2015-2020. Robotic process automation (RPA) is a type of software technology that helps to automate business processes. It enables operators to build, manage and deploy software robots that imitate human actions to interact with digital systems. RPA tools offer scalability, harness artificial intelligence (AI), and improve productivity and customer experiences. They also help organizations to reduce human errors and staffing costs. Additionally, RPA enables operators to configure a robot to interpret applications for triggering responses, manipulating data, and communicating with digital systems. There are four types of robots that can be configured through RPA, including data entry, validation and verification, system integration, and scheduled or trigger robots. RPA scenarios can range from automating tasks in an enterprise resource planning (ERP) system to automatically responding to an email.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Robotic Process Automation Market Trends:
During the coronavirus disease (COVID-19) pandemic, organizations started shifting toward automated solutions for ensuring continuous operations of their businesses, which is primarily driving the global RPA market growth. The integration of evolving business processes and cognitive technologies to automate redundant tasks is further contributing to the growth of the market. Other than this, RPA is being increasingly deployed across the healthcare, telecommunication, information technology (IT), and banking, financial services and insurance (BFSI) industries for improved efficiency and productivity. Moreover, the widespread utilization of cloud- and AI-based solutions amongst small- and medium-sized enterprises (SMEs) is consistently facilitating the market growth. Furthermore, rapid expansion in the e-commerce sector is creating a positive outlook for the market across the globe. Looking forward, the market is projected to expand at a CAGR of around 29% during the forecast period (2021-2026).
- Based on the component, the market has been segmented into software and services.
- On the basis of the operation, the market has been segregated into rule- and knowledge-based.
- Based on the deployment model, the market has been divided into on-premises, and cloud-based.
- On the basis of the organization size, the market has been bifurcated into large enterprises and small and medium-sized enterprises.
- According to the end user, the market has been divided into the BFSI, healthcare and pharmaceuticals, retail and consumer goods, IT and telecommunication, government and defense, transportation and logistics, energy and utilities, and other industries.
- On a regional basis, the market has been segmented into North America (the United States, and Canada), and Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Amelia US LLC, Automation Anywhere Inc., AutomationEdge, Blue Prism Group PLC, Infosys Limited, International Business Machines Corporation, Kofax Inc., NICE Ltd., Pegasystems Inc., UiPath, Verint Systems and WorkFusion Inc.
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