North America Is Dominating Robotic Process Automation Market

the robotic process automation market is witnessing growth and is projected to reach USD 27,098 million. This is mainly ascribed to the ease of handling business procedures, better efficiency, and improved customer experience provided by RPA solutions.

In addition, the growth of the market is being driven by the increasing integration of modern technologies and the growing need for virtual workers, as robotic process automation provides a number of key advantages, including reduced overhead costs. It also reduces the scope of outsourcing and the use of external experts, removing the cost of hiring staff, transport and travel, and security costs.

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In recent years, the Majority of Revenue approximately 48% was generated by the automated solution category and is also projected to continue its dominance in the years to come. This can be credited to the snowballing efforts of enterprises to automate their basic processes and operations, like data entry, customer query handling, information verification, and scanned document uploading, for automatic rejections and approvals.

The software category is projected to grow with the highest CAGR of 34.9%, in the future. This is mainly ascribed to the growing acceptance of robotic process automation software in many industries, to increase efficiency and remove time wastage in business operations via rapid automation of rule-based, manual, and back-office administrative processes.

Small and medium-sized enterprises are estimated to grow at the same rate in the years to come. This can be credited to the growing acceptance of robotic process automation solutions by SMEs in order to increase productivity, handle more data with a smaller workforce, and transform manual business processes.

The retail and consumer goods category are projected to advance at the highest rate in the industry during the projection period, on the basis of vertical. This can be because such solutions provide numerous assistances to players working in the retail and customer goods sector, like savings on needless expenditure on resources and developments in revenue cycle management.

The APAC market is projected to grow at the fastest rate of approximately 36.9%, in the years to come. This can be attributed to the surging awareness of automation, rising internet penetration, growing IT service industry, and rapid economic growth in the region. Furthermore, the growing per-capita income of people from developing countries is significantly snowballing the acceptance of these solutions in APAC.

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In recent years, North America generated the highest revenue share and is projected to continue its dominance in the years to come. This can be credited to the high usage of automation solutions and process management solutions across Canada and the U.S.

Hence, the key propellers of the robotic process automation industry include the rising demand for virtual workforces, augmented work productivity provided by RPA, and the increasing need for boosted customer experience.

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