Pune, Oct. 07, 2020 (GLOBE NEWSWIRE) — The global robotic process automation market size is expected to experience a considerable growth by reaching USD 6.10 billion by 2027 while exhibiting an astounding CAGR of 24.9% between 2020 and 2027. This is attributable to the rising COVID-19 incidence that is driving the demand for RPA services across healthcare facilities. This information is published by Fortune Business Insights, in its latest report, titled, “Robotic Process Automation 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 Forecast, 2020-2027.” The report further observes that the market stood at USD 1.03 billion in 2019 and the increasing adoption of digitalization is expected to favor the growth of the market during the forecast period.
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Increasing Adoption of Advanced Technologies amid COVID-19 to Stoke Demand
The healthcare sector is experiencing tremendous burden as all the resources are working towards containing the widespread effects of the global pandemic. Owing to the restrictions imposed by the government to limit the intervention of humans, the companies are rapidly adopting automated services such as robots or bots across several industrial applications such as automotive, healthcare, and manufacturing. These developments are expected to favor the growth of the global market in the near future.
Robotic process automation is a type of modern technology that allows the configuration of software to integrate and emulate the actions of a human. The technology further allows advanced and sophisticated interaction of digital systems that aid in execution of efficient business processes. Additionally, the adoption of artificial intelligence and metaphorical software robots to expedite the overall process and reduce operating costs of a business is driving the demand for these advanced solutions across several industrial applications.
What does the Report Include?
The report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
Surging COVID-19 Cases Propel Demand for Advanced Robotic Process Automation Solutions
The novel coronavirus has led to massive pressure on healthcare services across the globe. The increasing focus on reducing the burden of medical professionals is propelling the healthcare companies to focus on adopting solutions that efficiently handle operations while reducing cost largely. In addition to this, the increasing adoption of digitalization in industrial applications across utility, insurance, and banking companies is expected to boost the integration of RPA solutions. These factors are anticipated to contribute to the growth of the global robotic process automation market in the forthcoming years.
Data Migration & Capture Extraction Segment Held a Market Share of 16.3% in 2019
The data migration & capture extraction segment, based on application, is expected to gain momentum owing to the rising demand of consumers to obtain instant and fast solutions for their queries.
North America to Remain Dominant; Increasing Adoption of Automation to Favor Growth
Among all the regions, North America stood at USD 382.9 million in 2019 and is anticipated to hold the highest position in the global robotic process automation market during the forecast period. This dominance is attributable to the surging demand for advanced automation solutions to smoothen the overall work process by several small, medium, and large enterprises in the region.
The market in Asia-Pacific is expected to showcase an exponential growth backed by the growing demand for automation services across several industrial applications such as healthcare, automotive, and manufacturing in the region between 2020 and 2027.
Adoption of Innovative Technologies by Major Companies to Amplify Market Prospects
The global robotic process automation market size is fragmented by the presence of several major players that are striving to strengthen their positions and gain a competitive edge over their rivals. They are doing so by focusing on developing advanced RPA technology to cater to the growing demand for efficient and affordable solutions by businesses across the globe.
- April 2020 – Automation Anywhere announced the launch of a new robotic process automation solution amid COVID-19. According to the company, the advanced solution aims at empowering government organizations, healthcare, and other enterprises to maintain business continuity and remote working programs.
List of Key Companies Profiled in RPA 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)
- Pegasystems, Inc. (Massachusetts, United States)
- Redwood Software (Houten, Netherlands)
- 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 (Selangor, Malaysia)
- Kryon Systems (New York, United States)
- Softomotive (London)
- Genpact Ltd (New York, United States)
- AntWorks (Singapore)
- KPGM (Amstelveen, Netherlands)
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