Robotic Process Automation Market, RPA Market Research and Industry Forecast Report, 2020-2027 (Includes Business Impact of COVID-19)

  • TBI290099
  • November 28, 2020
  • Global
  • 132 pages
  • Lucintel

Industry Insights, Market Size, CAGR, High-Level Analysis: Robotic Process Automation Market

The global robotic process automation market size was valued at USD 1.1 billion in 2019 and is anticipated to witness a CAGR of 33.6% from 2020 to 2027. Increasing demand for business process automation (BPA) through the use of artificial intelligence (AI) and software robots is anticipated to be the key growth driver. Few of these technologies are now declining since businesses across the globe are transforming into a dynamic digital environment. However, robotic process automation (RPA) is anticipated to evolve and soar over the forecast period. The modern enterprises need robotic process automation for faster implementation, execution, and scaling. Technological advancements have triggered businesses to overcome new challenges aimed to cope with changing consumer demand and requirements. In the recent past, the adoption of robotic process automation has captured the attention of many SMEs and large enterprises. This can be attributed to RPAs ability to deliver seamless operation coupled with significant value addition from the resources. The organizations worldwide are continually looking to identify processes that can be automated to accelerate productivity. RPA alleviates human workers of their mundane and repetitive daily tasks by processing workflow much quicker and subsequently more efficiently. The technology also improves and scales up businesses, data security, and effectiveness by adapting and interpreting the existing application for processing a transaction, triggering responses, manipulating data, and communicating with other digital systems. Robotic process automation technologies can reduce the impact of the costs by automating the processes that were done manually. Furthermore, RPA ability to learn countless skills without human intervention while consistently carrying out prescribed functions and scaling up or down to meet the demand is expected to augment market growth. The role of robotic process automation is evolving continuously at a faster pace. The last few decades witnessed various waves of technology progression that significantly impacted business growth. RPA solutions do not eliminate the need for business management or enterprise application integration. Still, they offer a means to automate complex and costly processes and expedite back office and middle office tasks. It also eases the process in complicated systems and allows them to interact together fluidly. Furthermore, it enables a quick transformation of central management processes to leverage agility and growth in business services.

Type Insights of Robotic Process Automation Market

The type segment can be segregated into software and service. The service segment accounted for largest RPA market size in 2019 and it is also expected to grow at fastest growth rate over the forecast period. The service segment accounted for more than 58% of the overall revenue share of the market for robotic process automation in 2019 and is anticipated to continue its dominance over the forecast period. With intense competition, service providers are continuously enhancing advisory, consulting, and training services. Such continuous development assists the user to achieve reduced costs and increased scalability. For instance, RPA services implementation identifies the automation opportunities, optimizes the identified processes, builds a business case, focuses on right vendor selection, and takes a step for pilot project deployment. Such methods strengthen the core of RPA and result in successful implementation of the platform.

Service Insights of Robotic Process Automation Market

By service type, the robotic Process Automation market can be segregated into consulting, implementation, and training. The consulting segment accounted for the largest market share for robotic process automation in 2019. The growth is attributable to growing awareness of automation among organizations. Organizations are focused on adopting robotic process automation solutions to provide enhanced solutions to customers. Thus, demand for consulting services is anticipated to grow significantly over the forecast period. The robotic process automation services ensure infrastructure management by continuous development of application management services and related consulting. These services are vital for integration and development of a robust automation environment. An increased adoption of these solutions is propelling growth of the consulting and implementation services in the market for robotic process automation. The RPA providers are offering customer-specific solutions. Thus, the implementation service segment plays an important role in market growth and is anticipated to witness the highest CAGR over the forecast period.

Organization Insights

By organization, the RPA market can be segregated into SMEs and large enterprises. The large enterprises segment accounted for largest the market share in 2019. Increasing demand for autonomy has propelled virtual workforce acceptance and adoption among large enterprise. The adoption of RPA among large enterprises enables them to rely on automation for improved efficiency, reduced costs, reduced human errors, and enhance regulatory compliance. The SMEs segment is projected to witness the highest CAGR over the forecast period. With the implementation of RPA, SMEs can improve their productivity and hence gain a competitive edge. In recent past, there has been an upsurge in the awareness regarding the benefits of using automation among SMEs. Higher adoption of robotic process automation in BPOs is expected to provide growth avenues in the emerging economies. However, several small and medium-sized organizations have limitations, in terms of cost and human resources, hence they are focused on keeping their operations as lean as possible. This has resulted in leveraging of robotic process automation among small enterprises for transitioning from human workers to automation.

Deployment Insights of Robotic Process Automation Market

By deployment, the market for robotic process automation can be segregated into cloud and on-premise. The cloud segment is projected to exhibit the highest CAGR over the forecast period. The growth is attributed to increasing adoption of cloud-based solutions. RPA on cloud offers an added advantage of the ease of deployment, lower infrastructure cost, and lesser upgrade and maintenance costs. Customers are inclining more towards cloud-based deployment over on-premise as it can deal with the cyber security concerns in a robust manner. Furthermore, the cloud-deployed RPA enables flexibility in scaling the operations and helps in gaining real-time access to data regardless of the location of the employees. The on-premise segment accounted for the largest market share in 2019. Traditionally, the deployment of robotic process automation was initiated in large-scale enterprises, which enabled the RPA vendors in building use cases. As these organizations were skeptical about the exposure of their data and information, it led to large-scale deployment of on-premise based offerings. Also, it is an expensive affair for providing a robust technical environment for RPA on-premise deployment; the organizations are anticipated to move to cloud-based deployment, which also enables them to improve the speed of execution.

Application Insights of Robotic Process Automation Market

The market for robotic process automation can be segmented on the basis of application into BFSI, Manufacturing, pharma and healthcare, retail, telecom and IT, and others. The BFSI application segment accounted for the largest revenue share in 2019 and is anticipated to continue its dominance over the forecast period. RPA implementation is expected to be higher in the BFSI sector due to the increasing automation of business tasks, such as data entry, compliance regulations, and assembly and formulation, which results in increased speed, efficiency, and comprehensive insights. Financial service organizations are coping with an ever-increasing number of data volumes and transactions structured around legacy systems that are hard to integrate. The implementation of robotic process automation is enabling the organizations to realign resources intended to focus on high-value customers and strategic roles. The pharma and healthcare segment is projected to expand at the highest CAGR over the forecast period. RPA solutions are increasingly being adopted in the healthcare industry as the sector is characterized by labor-intensive activities and demanding patient data compliances along with the ever-increasing amount of data processing. Healthcare service organizations are using smart tools to implement fast automation for processes such as admissions and discharge, clinical data interoperability, and health plans. The implementation of RPA is expected to assist the hospital management in covering complicated and time-consuming processes, including data flow between departments, paperwork digitization, laboratory work, and human resources.

Regional Insights of Robotic Process Automation Market

The North America region dominated the market for robotic process automation in 2019, and it is expected to continue its dominance over the forecast period. This can be attributed to the increased penetration of automation and process management solutions across the region. Additionally, a strong inclination of SMEs for adopting RPA within their business functions such as accounting/finance, human resource-related processes, and procurement has contributed significantly towards market growth. The U.S. government has realized the benefits of the RPA tool and has encouraged all other government agencies to implement robotic process automation, which has fostered market growth. The Asia Pacific region is expected to witness the fastest CAGR over the forecast period. Automation, which includes machine learning, robots, and AI, are the frontiers for market growth in the Asia Pacific region. Rising awareness about automation in the region is also expected to boost demand. Furthermore, increasing demand for business process automation solutions in the BPO sector in China and India is contributing to regional growth. However, SMEs in Indian are more concerned about data security and have affordability issues that prove to the challenges for the RPA vendors. Additionally, the lack of training for RPA among the SMEs in Japan proves to be a concern while implementing the technology. However, the enhanced awareness within the region is anticipated to boost the growth of the market for robotic process automation.

Market Share Insights of Robotic Process Automation Market

Prominent participants in the market for robotic process automation offer sophisticated solutions for automation of back-office processes with a cost-effective and efficient software robot platform to deliver complex services securely and adapt business processes with greater control. These companies include UiPath; Automation Anywhere, Inc.; NICE; Blue Prism; Pegasystems; Kofax; NTT Advanced Technology Corporation; Genpact Ltd; EdgeVerve; and IPsoft, Inc. The market leaders are focusing on providing diverse solutions suitable to cater to the needs of each customer for gaining a more significant market share for robotic process automation. Moreover, companies like Automation Anywhere, Inc., and Blue Prism are expanding their operations with partnerships and offering new solutions and services. For instance, In March 2019, Automation Anywhere and BMC entered into a strategic partnership to provide RPA with BMC Helix. The latter company aimed at extending the cognitive automation capabilities of BMC Helix to include RPA across various business processes. Whereas, in August 2019, Blue Prism entered into a partnership agreement with Wipro for the establishment of a new Wipro Automation Lab in Australia. Blue Prism happens to be a principal sponsor and a strategic partner, which showcases the latest automation capabilities that also include Blue Prisms intelligent automation solutions and connected-RPA platform. As the competition is expanding, enterprises are focused more on enhancing the efficiency of operations and providing better customer experience management.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Robotic Process Automation Market Research Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global Robotic Process Automation market report on the basis of type, service, organization, deployment, application, and region:

Type Outlook (Revenue, USD Million, 2019 - 2030)

  • Software
  • Service

Service Outlook (Revenue, USD Million, 2019 - 2030)

  • Consulting
  • Implementation
  • Training

Organization Outlook (Revenue, USD Million, 2019 - 2030)

  • SMEs
  • Large Enterprises

Deployment Outlook (Revenue, USD Million, 2019 - 2030)

  • Cloud
  • On-Premise

Application Outlook (Revenue, USD Million, 2019 - 2030)

  • BFSI
  • Manufacturing
  • Pharma & Healthcare
  • Retail
  • Telecom & IT
  • Others

Table of Contents
Chapter 1 Methodology and Scope                    1.1 Market Segmentation & Scope                    1.2 Market Definition                    1.3 Methodology                         1.3.1 Information Procurement                         1.3.2 Purchased Database                         1.3.3 GVR’s internal database                         1.3.4 Secondary sources & third-party perspectives                         1.3.5 Primary Research                    1.4 Information Analysis                    1.5 Market Formulation & Data Visualization                    1.6 Data Validatio
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