RPA Market Analysis by Industry Segments, Share, Application, Development, Growing Demand, and Top Key Players
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The robotic process automation (RPA) software provides improved work efficiency by mechanizing the back-end processes. Moreover, the software can easily run in the background continuously, which allows human employees to focus on more important tasks, such as client handling. For example, IBM Corporation and Automation Anywhere Inc. partnered with each other in 2017 in order to provide enterprises with a set of tools that automate and simplify data-intensive tasks, which would subsequently assist enterprises in digitizing their operations and improving efficiency.
Furthermore, the improved customer experience offered by these solutions is also fueling the expansion of the RPA market. This is primarily evident in the finance industry, where many companies are rapidly adopting digital solutions. The RPA software handles tasks, such as producing statements and the transactions made in real-time, which assists banks in sending computerized reminders to customers. Because of these factors, many players operating in the market are providing industry-centric solutions to banking, financial services, and insurance (BFSI) companies.
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Globally, North America contributed the highest revenue to the RPA market in 2020, and the situation will not change during the forecast period as well. This is ascribed to the presence of a well-developed information technology (IT) infrastructure, surging investments being made in the IT sector, and growing use of advanced technologies in the region. Whereas, the Asia-Pacific (APAC) region is expected to be the fastest-growing region in the market throughout the forecast period. This is attributed to the soaring investments being made in the development of IT infrastructure and rising public awareness about automation in the region.
Hence, the market will expand massively in the upcoming years, mainly because of the growing demand for virtual workforces and rising need for higher business efficiency.
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