The global Robotic Process Automation market is growing rapidly. Every year, more and more organizations are onboarding RPA solutions to achieve operations efficiency.
The implementation of Robotic Process Automation has started to make sense for organizations of all sizes. Whether it’s a small or big enterprise, RPA technologies are helping businesses reinvent how they operate.
In this article, we’ll have a look at the Robotic Process Automation (RPA) market size, the industry analysis of RPA, and the Robotic Process Automation market growth.
It will enable you to get a better understanding of how large the RPA services market size is and why you should get on the journey of implementing RPA.
The latest report on Robotic Process Automation market analysis by MarketsandMarkets estimates that the global Robotic Process Automation (RPA) market will reach $ 2.467 billion by 2022.
The Robotic Process Automation market growth is estimated at a CAGR of 30.14% between 2017 to 2022.
With Robotic Process Automation (RPA), your enterprise can complete rule-based tasks, including the processing of transactions, triggering responses and communicating with other digital systems.
The report also estimates an intelligent convergence of Robotic Process Automation with traditional business processes. There will be immense growth of Robotic Process Automation market size in banking and financial services, business process outsourcing, and human resource outsourcing.
The report published by Grand View Research in July 2020 showcases the market size and trends in the Robotic Process Automation Market growth.
According to the report, the global Robotic Process Automation market size was valued at $1.4 billion. The projected compound annual growth rate from 2020 to 2027 is estimated to be 40.6%.
Because of the pandemic, remote work is becoming a new priority, allowing enterprises to focus more on Robotic Process Automation solutions for achieving operational efficiency. It is expected to reshape the business operations of organizations across the globe.
The report also delivers the following insights about the implementation of RPA:-
RPA improves the effectiveness of operations by adapting and interpreting the existing application for processing a transaction, triggering responses, manipulating data, and communicating with other digital systems.
RPA reduces the costs of processes that are repetitive in nature and were done manually by the employees. It can learn various skills without any interference from human personnel.
Robotic Process Automation solutions can work in unison with legacy systems and efficiently automate complex traditional processes. However, it doesn’t eliminate the need for business management and enterprise application integration.
Companies that implement RPA Technology before COVID19 are successful in staying lean and have reaped the monetary benefits from its implementation.
The service sector accounted for 60% of the Robotic Process Automation services market size in 2019 and is expected to continue this dominance.
Considering the high demand, the Robotic Process Automation market in the software segment is expected to expand at a CAGR of 38.7%. According to the report, UiPath is one of the top Robotic Process Automation vendors for the global RPA market.
The largest Robotic Process Automation market share goes to the consulting sector, with 42% contribution in RPA services. RPA services ensure continuous development of application management and infrastructure management.
BFSI applications led the market in RPA implementation for applications with a whopping 29% share in the global RPA revenue in 2019.