RPA Market size worth $23 Bn by 2026
Published Date: January 4, 2021 Authors: Preeti Wadhwani, Prasenjit Saha
Robotic Process Automation Market size is likely to surpass USD 23 billion by 2026, according to a new research report by Global Market Insights, Inc.
The rising need for automating redundant tasks in business processes with the help of machine learning and AI will drive the RPA market. For instance, in May 2020, UiPath launched an End-to-End Hyperautomation platform to support various deployment options and every phase of the automation lifecycle. This platform provides various automation services with AI capabilities, such as document understanding, to provide analytics to calculate the impact of automation in respective businesses.
The use of robotic process automation in the BPO industry is anticipated to create wide range of market opportunities through 2026. Robotic process automation can be used in the BPO industry to streamline various processes and can address the major market challenges faced such as labor arbitrage, customer queries handling, and maintaining complex datasheets. According to the market analysis done by UiPath, BPO services across the globe are focusing on adopting RPA software to reduce the workforce, automate query handling process, and enhance operational efficiency.
Lack of awareness regarding the usage of robotic process automation and use of traditional methodologies for business processes in emerging economies will hinder the market growth. Due to less funds allocated for R&D efforts, many SMEs cannot afford RPA software and services. Companies in undersized economies are hence following the traditional human machine interaction methodology to run the business, hampering RPA market demand.
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Analyst view: “Increasing demand for enhancing the operational efficiency, accuracy, and agility & performance is driving the RPA market size.”
The outbreak of COVID-19 has majorly impacted the market growth of various manufacturing, retail, and transportation industries. Owing to strict lockdown, many companies implemented work-from-home policy for the safety of their employees. However, BFSI, IT& telecom, and healthcare industries are implementing RPA software for providing better automated services without human intervention. Shortage of workers, many businesses are adopting RPA software to automate manual tasks. Companies are also adopting RPA to increase the control over the processes for enhancing governance and reduce errors & fraud risks, supporting the market trends.
Browse key industry insights spread across 200 pages with 332 market data tables & 21 figures & charts from the report, “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” in detail along with the table of contents:
High demand for training & consulting services will drive the RPA market
Training & consulting market segment in Europe surpassed around USD 220 million in 2019. Many companies are focusing on providing professional services to organizations, which include deployment, installation, engineering, configurations, and maintenance of the software solutions. Additionally, the rising demand from small & medium scale businesses will create more opportunities for training & consultation in the RPA industry. In May 2019, NEOOPS, an authorized and delivery training partner of Blue Prism Inc., started technology consulting services and training for the company. These services will help clients to automate the end-to-end process with the use of AI technology.
Knowledge-based operation segment will witness high market growth
The North America knowledge-based operation segment is anticipated to grow at 40% CAGR through 2026. Knowledge-based operation uses AI technology to collect the knowledge and machine related information from employee’s behavior towards business related processes. In October 2020, AgreeYa developed RPA solution to automate the rule-based and knowledge-based work by transferring smart, scalable, and secure through digital workers or intelligent bots.
Rising need for designing testing strategies and continuous testing will drive the model-based tools market
North America model-based segment captured around 30% of the RPA market share in 2019. Model-based tools are mainly used for designing, testing, and evaluating the objects to perform software testing. Model tools can be used for representing overall behavior of the system or to represent testing strategies. For instance, In May 2019, Tricentis launched model-based RPA for delivering resilient end-to-end automation to handle difficult business processes. This tool supports over 150 enterprise technologies, ranging from SaaS-based applications to legacy applications.
Increasing adoption of RPA within the public sector of various European nations
The Europe RPA market crossed more than USD 520 million revenue in 2019. The UK government is continuously developing operational methodologies in the public sector to cut down the operational costs, increasing productivity, accuracy, and decision-making and data analysis capabilities.
Brexit had created an unparalleled workload for the central government. To increase the operating efficiency of the public sector, the UK government is continuously focusing on developing public sector of the country. According to UiPath, it is estimated that the RPA industry could save UK national Health Service over USD 630 million each year. However, in February 2019, the European Parliament had approved the use of robotic process automation to transform all traditional methodologies with the help of AI.
The key market leaders include NTT Data Inc., Kofax Inc., UiPath, HelpSystems, Blue Prism, Pegasystems, Nice Systems, Rocket Software, Inc., Automation Anywhere, and EdgeVerve.