Robotic Process Automation (RPA) Market Analysis

Robotic Process Automation Market Analysis

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.

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.

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.
 

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.

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.

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 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.