NEW YORK, Aug. 25, 2020 /PRNewswire/ -- With swift digitization, companies across numerous verticals are implementing virtual workforces, as this technology helps automate the business process, thereby saving time and operational expenses. Thus, by automating repetitive and less-important tasks, human employees have the freedom to engage in more-critical tasks, such as business decision making. Due to this reason, the globalrobotic process automation market is expected to grow from around $1.6 billion in 2019 to about $46.0 billion by 2030, witnessing a 36.3% CAGR between 2020 and 2030, according to the market research report published by P&S Intelligence.
This is because RPA allows companies to establish a virtual workforce, to work on mundane and repetitive tasks efficiently. Unlike humans, who can only work for limited hours in a day and require fixed leaves, an RPA system can work round the clock, thus leading to up to 50% operational cost savings.
The coronavirus pandemic is having a positive effect on the demand for RPA solutions, as organizations across all industries are looking at automation solutions and bots to deal with the ceasing of operations due to the lockdown scenario. Moreover, numerous software vendors have added RPA solutions to their portfolio, in order to help companies make up for the amount of work lost due to the worldwide shutdown of most commercial and industrial activities. Additionally, several firms have cut down their staff, to minimize their operational expenditure, which is another reason the demand for RPA solutions is high, as they make the operations efficient and cost-effective.
Till 2019, the automated solution category held the largest share in the industry, based on process. This is because companies are focusing on automating repetitive and basic processes, such as data entry, handling customer queries, verifying information for automatic approvals or rejections, and uploading scanned documents. In addition, with RPA, tasks requiring extensive human effort can be performed in quick time, without any error, which helps in saving on operational expenses. This way, by predefining the protocols for less-complex operations, organizations are able to focus on more-critical business aspects.
Browse detailed report with COVID-19 impact on "Robotic Process Automation Market Research Report: By Process (Automated Solution, Decision Support and Management, Interaction Solution), Operation (Rule-Based, Knowledge-Based), Offering (Service, Software), Organization (Large Enterprises, SMEs), Vertical (BFSI, Telecom and IT, Retail and Consumer Goods, Manufacturing, Healthcare and Pharmaceuticals) - Global Industry Analysis and Growth Forecast to 2030" @https://www.psmarketresearch.com/market-analysis/robotic-process-automation-market
Small and medium enterprises (SMEs) would grow faster in the market, at a CAGR of 39.4%, during the forecast period, based on organization. This is ascribed to the rapid adoption of this technology by SMEs to stay relevant in their respective sector and compete against better-established companies, by processing higher data volumes with less human labor and expenditure.
During 2014–2019, the highest revenue in the robotic process automation (PRA) market was generated by the banking, financial services, and insurance (BFSI) category, under the vertical segment, due to the numerous challenges it faces, including complicated back- and middle-end processes and a fragmented and expansive IT environment. This is why BFSI firms are using RPA solutions to fill forms, copy–paste data, open emails and attachments, merge data from multiple places, follow decisions and rules, and gather data and reformat it into reports.
North America has been the largest user of RPA solutions till now, on account of the high deployment rate of process management and automation solutions, presence of a large number of RPA vendors and companies providing offshore customer services, and rising requirement for cloud robotics.
To give themselves the best chance of growth, companies offering RPA solutions are engaging in partnerships, as such moves allow them to:
Integrate solutions with advanced technologies
Create advanced intelligent automation solutions
Add new partners to their alliance programs
Market their products via their partners
Offer enhanced customers support for their automation solutions
The major players in the global robotic process automation market are Pegasystems Inc., NICE Ltd., Blue Prism Limited, Automation Anywhere Inc., Redwood Software Inc., Celaton Ltd., UiPath Inc., IPsoft Incorporated, IBM Corporation, Xerox Corporation, Kryon System Ltd., Kofax Inc., and WorkFusion Inc.
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