Robotic Process Automation Market Technological Advancements, Evolving Industry Trends and Insights

Factors such as a rise in the need for virtual workforces, increased efficiency of robotic process automation (RPA)-based tasks, enhanced customer experience offered by RPA solutions, and reduced operational costs are projected to drive the growth of the robotic process automation market at a CAGR of 36.3% during the forecast period (2020–2030). At this rate, the market size is expected to reach $46.0 billion by 2030 from $1.6 billion in 2019. Moreover, the market is witnessing a trend of the surging integration of artificial intelligence (AI) in RPA solutions.

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One of the prime factors aiding the robotic process automation market growth is the surging need for virtual workforces. RPA solutions allow businesses to eliminate the need for human intervention, by forming a virtual workforce, which helps in reducing operational cost by around 50%, as they have the capability to work from anywhere, at any time. The solutions also offer higher customer satisfaction and scalability. Therefore, the increasing demand for virtual workforces to automate repetitive and routine tasks will boost the market growth in the coming years.

Another key factor driving the robotic process automation market is the high efficiency of RPA-based tasks. RPA software can run 24x7 in the background, which can help automate back-end processes. This enables employees to involve in important tasks, such as product development and client handling. For example, IBM Corporation partnered with Automation Anywhere Inc. in 2017 to improve the efficiency and digitize the operations of businesses, by offering a set of tools that automate and simplify data-intensive tasks within processes controlled by the process management software of IBM.

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The process segment of the robotic process automation market is categorized into decision support and management, automated solution, and interaction solution. Among these, the automated solution category accounted for the largest market share in 2019. This is ascribed to the surging efforts by companies to mechanize their processes and operations, like data entry, handling customer queries, verifying information, and uploading scanned documents. Moreover, RPA solutions allow companies to reduce their operating costs, by performing high-volume repetitive tasks free of error.

Moreover, the robotic process automation market is categorized into banking, financial services, and insurance (BFSI), telecom and information technology (IT), manufacturing, retail and consumer goods, and healthcare and pharmaceuticals, based on vertical. Out of these, the BFSI category held the largest market share in 2019. This was due to the fact that RPA solutions execute common banking tasks, like filling forms, copying and pasting data, integrating data from multiple places, and collecting and reformatting the data into reports. Also, the solutions manage various challenges of the industry, like complex processes.

Geographically, the Asia-Pacific (APAC) robotic process automation market is expected to witness the fastest growth during the forecast period. This can be ascribed to the increasing gross domestic product (GDP) and growing awareness about automation solutions in the region. Moreover, with the implementation of RPA solutions, businesses are experiencing significant benefits like better-quality processes and increased productivity. North America held the largest market share in 2019 owing to the presence of a large number of vendors and companies offering RPA solutions and rise in the demand for cloud robotics.

Thus, the surge in the need for virtual workforces and the high efficiency of RPA-based tasks are expected to propel the market growth in the future.

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This release was published on openPR.