The global market for robotic process automation was USD 898.3 million in 2018 and is forecast to progress from 2019 to 2027 to CAGR at 31.8% and to USD 10 781.0 million in 2027.
“Robotic process automation improving the work efficiency”
Robotic Process Automation (RPA) is helping to automate business processes and workflows. Instead of removing the person from the process, it understands that, in virtually every case, automation will involve some combination of human and robotic input for successful execution. The major secret of RPA is that person can identify the optimum combination of human and robotic collaboration for any specific workflow or process. The robot does what the person does — just much faster and without making mistakes. Within a workflow it can be possible for the user to break down the tasks and to select those which can be executed by the robot and tasks where the robot needs some human support.
The RPA has the flexibility to evolve as the process changes. Thus, RPA doesn’t require businesses to change either the business process or the IT infrastructure that underpins it. As systems are updated or new technologies added, the robot can be quickly and cost-effectively updated to incorporate new capabilities with minimal or no business disruption.
The current situation of COVID-19 pandemic organisations around the world is turning to automation to become faster and more agile in the face of increased demand and rapidly changing environments. From managing high volumes of test results to supporting the increased need for call centres to prepare and enable remote workers, organisations are realising the benefits of automation right now. Overall, the COVID-19 pandemic is expected to increase RPA adoption across the globe.
The overall market for robotic process automation is competitive in nature and is growing at a moderate rate. Market players are adopting strategies such as the launch of innovative & new products, agreements, partnership & collaboration, and investment in R&D to remain competitive on the market.
- In April 2020, UiPath, the leading enterprise Robotic Process Automation (RPA) software company, is offering healthcare organizations free RPA software to accelerate critical processes and free up strapped employees so they can more rapidly respond to issues arising as a result of the COVID-19 pandemic. With this tool, enterprises can capture automation ideas from their staff to build an automation pipeline that will support new and evolving employee needs, especially as they work remotely.
- In March 2020, Meliá announced its agreement to automate business processes with UiPath. The implementation of the UiPath RPA platform at Meliá is designed to improve customer service and the working day of employees and driven by the “Robotics 360” program, one of the cornerstones of the Digital Hub created by the company as part of its “Be Digital 360” global digital transformation program.
Key Market Movements:
- Based on solution, service segment captured the largest share in 2018. Subsequently, the same segment expected dominate the market during the forecasted period.
- Based on the region, North America was the largest regional market for robotic process automation in 2018. On the other hand, Asia Pacific is expected to drive market growth with the highest CAGR from 2019 to 2027.
List of Companies Covered:
- Automation Anywhere Inc.
- Blue Prism Ltd.
- Pegasystems Inc.
- Kofax Inc.
- NTT Advanced Technology Corporation
- EdgeVerve Systems Ltd.
- ActiveOps Ltd.