In a recent published report, Kenneth Research has updated the market report for Robotic Process Automation (RPA) Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Robotic Process Automation (RPA) Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on Robotic Process Automation (RPA) Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Robotic Process Automation (RPA) Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
The potential of achieving robust ROI from deployment of RPA completely dependent on the organizational requirements and business processes which are to be automated. In the near future, the market is expected to witness growing base of RPA vendors as they target to gain revenue share from this expanding market. This is expected through introduction of solutions which will cater to the rising need to automate business process management processes. Furthermore, the adoption is expected to intensify as the prices of RPA deployment are continually witnessing a declining trend. Moreover, this technology adoption provides organizations the capability to accomplish better outcomes from their process with benefits including reduction in costs, improved accuracy, and better compliance.
However, factors like reluctance in the transition phase from conventional business process to automation along with shortage in technical expertise required during deployment and integration of RPA solution are challenges which might affect the growth in this market. roThis market report includes insights with market size and forecast by process, by operation, by type, by industry, and by organization size. Analysis for each region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) is provided for all segmentation of the robotic process automation market research report.
North America is expected to be largest regional market while Asia Pacific regional market is expected to witness significant growth during the forecast period of 2018 to 2026. The region’s leading position is attributed to significant demand and preference of the BFSI industry vertical towards automation of business processes. Furthermore, presence of established and major players in North America region and availability of infrastructure for effective adoption of RPA is another factor responsible for the boost in adoption of robotic process automation solutions.
European region is expected to witness growth in this market as the region has a presence of significant amount of companies in the manufacturing and logistics sector. Adoption of RPA technology provides the capability to streamline pickup and drop operations. This eventually leads to reduction in cycle time ultimately resulting in enhanced customer experience.
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The major key players operating in the robotic process automation (RPA) market include Blue Prism Group Plc (UK), Celaton Ltd. (UK), Softomotive (UK), Kofax Ltd. (U.S.), Xerox Corporation (U.S.), Automation Anywhere Inc. (U.S.), Ipsoft, Inc. (U.S.), UiPath (U.S.), Verint Systems Inc. (U.S.), Pegasystems Inc. (U.S.), Redwood Software (Netherlands), Daythree Business Services sdn bhd (Malaysia), and Kryon Systems (Israel).
The global robotic process automation market can be segmented on the basis of process, operation, type, industry, organization size, and region:
Robotic Process Automation by Process Outlook (Revenue, USD Million, 2015 – 2026)
- Automated Solution
- Decision Support and Management Solution
- Interaction Solution
Robotic Process Automation by Operation Outlook (Revenue, USD Million, 2015 – 2026)
- Rule Based
- Knowledge Based
Robotic Process Automation by Type Outlook (Revenue, USD Million, 2015 – 2026)
- Tool Based
- Model-Based Application Tools
- Process-Based Application Tools
- Service Based
- Integration and Development
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Robotic Process Automation by Industry Outlook (Revenue, USD Million, 2015 – 2026)
- IT & Telecom
- Healthcare and Pharma
- Travel & Hospitality
Robotic Process Automation by Organization Size Outlook (Revenue, USD Million, 2015 – 2026)
- Small and Medium Sized Businesses (SMBs)
- Large Enterprises
Robotic Process Automation by Region Size Outlook (Revenue, USD Million, 2015 – 2026)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
- Rest of MEA
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