Robotic Process Automation Market is Likely to Witness High Growth with a CAGR of 27.9% During the Forecast Period

Robotic Process Automation Market

The Global Robotic Process Automation Market is likely to witness high growth with a CAGR of 27.9% during the forecast period. Robotic process automation technology is a software used to handle high-volume, repetitive tasks with machine learning and artificial intelligence capabilities.

RPA has improved and revolutionized the ways in which organizations cater to IT support, remote infrastructure, and administer their business and back-office work. RPA also provides benefits such as cost effectiveness, quality, improved analytics, organized management, and increased employee productivity.

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The traditional IT automation system is similar to the RPA technology, but the main difference between these two technologies is that the RPA technology is capable of adapting to changing circumstances and it has ability of learning itself, as compared to traditional IT automation systems. Various companies with a large employee strength use RPA software to manage high-volume data and transactions processes.

Further, RPA enables companies to boost their capabilities and save money and time. It also allows companies to process a transaction, manipulate data, and communicate with other digital systems.

The increasing adoption of robotic process automation in the BPO sector is creating opportunities for the RPA market during the forecast period. At the same time, the integration of RPA with new technologies is increasing the demand for RPA in the logistics industry.

Further, the high level of efficiency provided by RPA to companies is driving the demand in the market during the forecast period. However, a lack of awareness and data security risks are some of the factors that can restrain the growth of the market.

Based on application type, the BFS segment accounted for a large market share owing to the automation of business tasks, such as compliance regulations, data entry, assembly, and formulation.

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