Robotic Process Automation (RPA) Market Size By Service (Training & Consulting Services, Professional Services), By Tool (Model-based, Process-based), By Organization Size (SMEs, Large Enterprises), By Solution (Automated, Decision & Management Support, Interaction), By Operation (Rule-Based, Knowledge-Based), By Application (BFSI, IT & Telecom, Healthcare, Manufacturing, Retail, Transportation, Energy & Utilities, Others), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Industry Trends

Robotic Process Automation (RPA) Market size exceeded USD 2 billion in 2019 and is estimated to witness around 40% CAGR from 2020 to 2026. Rising demand for automating processes with less human intervention is likely to fuel the RPA industry growth.
 

Rising demand for RPA in the BFSI industry is creating more market opportunities. The BFSI industry uses RPA software for automating new account entries, financial report generation, loan approval process, and auditing support & validation process.
 

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Several market factors challenging the industry growth include lack of experienced employees for the implementation of RPA software within an organization. Practical implications of RPA software increase the ROI of the organization, hence RPA providers arrange training and consultation services for the small- and large-scale businesses to develop and acquire new skill set related to RPA.
 

The global RPA market is poised to see a provisional stoppage due to the spread of the COVID-19. With the rising number of COVID-19 positive cases, many businesses are experiencing financial losses and immediate disruption in the supply chain management, hampering the industry growth. However, many industry players are focusing on acquiring small businesses, new product development, product launches, and partnerships with government organizations to augment the market share.
 

For instance, in May 2020, Kryon, one of the providers of RPA software partnered with Bank of Jerusalem to offer financial services to customers during the COVID-19 pandemic.
 

Proliferation of process-based tools for business process improvement

The process-based tool in Europe is anticipated to expand at more than 8% CAGR through 2026. Increasing demand to improve business operations such as non-voice processes across enterprises provide opportunities segment growth. Use of such technological solutions across the industries provide efficiency in terms of speed as well as operations.
 

Rising demand for advanced software in the market

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The rule-based operation holds around 65% of the robotic process automation market share in Europe. Organizations are increasingly focusing on systematizing the rule-based operations making use of the advanced software solutions. These solutions are applied to the systems such as ERP, databases and workflow management.
 

Growing trend of process-as-a-service driving the professional services demand

The RPA market from professional services to observe significant growth during 2020 to 2026 owing to the rising trend of business process-as-a-service. This provides an opportunity for professional services firms to harness the potential of automation for high operational efficiency. Increasing demand for service providers with adequate technical expertise to properly manage the facilities will support the market revenue.
 

Rising demand for automated processes to propel the RPA solutions market

The Europe automated solutions are set to register a growth rate of about 43% up to 2026. Automated solutions, such as handling customer queries, sending & responding to messages, are increasing the use of RPA software in various end-use industries. The solutions help companies to automate the basic activities and help in focusing on their core competencies to simplify various tasks.
 

Increasing adoption of RPA Software in SMEs

SMEs accounted for about 35% of the RPA market share in North America in 2019. Due to high market price of software, only large enterprises were able to afford RPA software and their supportive services. In recent technological shift, many software providers developed RPA software for small-scale businesses to increase operational efficiency and automate their processes.
 

BFSI to capture the largest share of robotic process automation market

The BFSI application in North America to achieve more than 40% CAGR through 2026. The RPA software is helping to automate various banking processes such as customer verification, form processing, claim processing, customer on-boarding, data management, loan processing, and compliance maintenance. Many leading banks in India had implemented RPA software in their financial processes.
 

North America is poised to dominate the RPA market

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North America robotic process automation market size surpassed USD 900 million in 2019 and is projected to grow at over 40% CAGR through 2026. The presence of major market players such as UiPath, Automation Anywhere, and Pegasystems Inc. will create new market growth opportunities for small, medium, and large-scale businesses in the region to automate their businesses with low operational costs.
 

Increasing investments in RPA by the U.S. government are expected to contribute to the growing market demand. Moreover, many AI capabilities such as natural language processing and natural language understanding also offered by the company to provide accurate and sophisticated analytics to understand the business impacts.
 

Industry players are focusing on partnerships, M&A strategies with software manufacturers to enhance market share

RPA providers are engaged in developing effective software to meet the growing demand of consumers. Companies are focused on developing advanced software and bots and integrate with the latest technologies such as AI to fulfill the demands of SMEs and large organizations.

Key robotic process automation market players include UiPath, Automation Anywhere, Blue Prism, Pegasystems, Nice Systems, Kofax Inc., NTT Data Inc, HelpSystems, Rocket Software, Inc., and EdgeVerve, among others.
 

This market research report on robotic process automation (RPA) includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2020 to 2026 for the following segments:

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Market, By Service

• Training & consulting services
• Professional services

Market, By Tool

• Model-based
• Process-based

Market, By Organization Size

• SMEs
• Large enterprises

Market, By Solution

• Automated
• Decision and management support
• Interaction

Market, By Operation

• Rule-based
• Knowledge-based

Market, By Application

• BFSI
• IT & Telecom
• Healthcare
• Manufacturing
• Retail
• Transportation
• Energy & utilities
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • Malaysia
  • Singapore
• Latin America
  • Brazil
  • Mexico
• MEA
  • South Africa
  • Saudi Arabia
  • UAE