Robotic Process Automation Market to Come Out Stronger in the Next 10 Years

The growing requirement for virtual workforces is driving the demand for robotic process automation. This is because robotic process automation enables businesses to develop a virtual workforce which can work on mundane and routine tasks with high efficiency, thereby eliminating the requirement for human intervention. Moreover, it provides scalability and also allows enterprises to reduce their operational expenditure by 50%, on account of the fact that virtual workforces can work round the clock, unlike humans, who can only work for a limited number of hours and require regular leaves.

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Additionally, robotic process automation systems work non-stop, which leads to higher customer satisfaction and lower overall production costs. Besides this factor, the high efficiency of RPA-managed tasks is also contributing to its booming popularity all over the world. The robotic process automation software can run continuously in the background, which assists in mechanizing back-end processes, thereby allowing human employees to focus heavily on more important tasks such as product development and client handling.

Because of the aforementioned factors, the robotic process automation market is growing rapidly, owing to which, its value is predicted to rise from $1.6 billion in 2019 to $46.0 billion by 2030. Furthermore, the market will demonstrate a CAGR of 36.3% from 2020 to 2030, as per the forecast of P&S Intelligence, a market research company based in India. Interaction solutions, decision support and management, and automated solutions are the most widely used robotic process automation processes. Out of these, the demand for decision support and management-based robotic process automation is predicted to rise at the fastest pace over the next few years.

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Across the world, the demand for robotic process automation was found to be the highest in North America in 2019. This was because of the large-scale usage of automation and process management solutions, the existence of several organizations that provide offshore customer services, and the availability of well-established robotic process automation solution vendors in the region. Additionally, the region is witnessing a massive rise in the demand for cloud robotics, which is also propelling the requirement for robotic process automation.

Thus, it can be said without any doubt that the demand for robotic process automation will surge in the coming years, primarily because of the growing requirement for virtual workforces, lower operating costs, and higher customer retention among businesses all over the world.

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This release was published on openPR.