Robotic Process Automation Market | Present Scenario and Growth Prospects - 2027

According to the report published by Allied Market Research, the global robotic process automation industry was pegged at $1.63 billion in 2019, and is projected to reach $19.53 billion by 2027, registering a CAGR of 36.4% from 2020 to 2027.

Growth in adoption of RPA technology by organizations to enhance their performance, capabilities, and reduced operational costs due to ease in business processes, increased efficiency, and cost-effective and highly profitable operation provided by RPA drive the growth of the global robotic process automation market.

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However, data insecurity risk and less potential for RPA in knowledge-based business processes restrain the market growth. On the other hand, integration of new technologies with robotic process automation is anticipated to create new opportunities in the coming years.

Based on component, the software segment accounted for the lion's share in 2019, with nearly three-fifths of the global Robotic process automation market, and is anticipated to maintain its lead position based on revenue throughout the forecast period. At the same time, the service segment is projected to showcase the highest CAGR of 38.2% from 2020 to 2027.

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Based on industry vertical, the BFSI segment dominated with more than one-fifth of the global robotic process automation market in 2019, and is expected to continue its highest contribution during the forecast period. On the other hand, the healthcare & IT segment is expected to manifest the largest CAGR of 44.9% during the forecast period.

Based on region, the market across North America accounted for more than two-fifths of the global robotic process automation market in 2019, and is anticipated to maintain its lead position during the forecast period. However, the market across Asia-Pacific region is expected to manifest the highest CAGR of 41.0% from 2020 to 2027.

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Key market players in the report include Automation Anywhere, Inc., Blue Prism, EdgeVerve Systems Limited, International Business Machines Corporation, IPsoft Inc., Kofax Inc., NICE Ltd., Pegasystems Inc., UiPath, and WorkFusion, Inc. 

COVID-19 Scenario:

• The rising digitalization and reduced labor force is leading to an increase in demand for robotic process automation.

• In addition, the investments in the robotic automation process have been increased by manufacturing firms in order to minimize the risks associated with Coronavirus. Therefore, demand for robotic process automation is anticipated to elevate post-COVID-19.

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