New York, NY 18 Sep 2020: The robotic process automation (RPA) market size is anticipated to reach USD 8,781.2 million by 2026 growing at a CAGR of 29.5%. Requirement of businesses to eliminate human errors due to manual interference in processes along with reduction in time consumption are factors responsible for positively influencing the adoption rate of RPA technology.
Previously artificial intelligence and robotic process automation were largely considered to be different technologies. But, with advancements in the offerings it is observed these technologies are complimenting each other in terms of handling processes. It enables organizations in processing huge volumes of data and in providing support for better decision making. Cognitive computing which covers wide array of areas including adaptive learning, speech recognition, and pattern identification is integrated in robotic process automation (RPA) solutions to transform and automate crucial business processes of organizations across multiple industry verticals.
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However, factors like reluctance in the transition phase from conventional business process to automation along with shortage in technical expertise required during deployment and integration of RPA solution are challenges which might affect the growth in this market. roThis market report includes insights with market size and forecast by process, by operation, by type, by industry, and by organization size. Analysis for each region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) is provided for all segmentation of the robotic process automation market research report.
North America is expected to be largest regional market while Asia Pacific regional market is expected to witness significant growth during the forecast period of 2018 to 2026. The region’s leading position is attributed to significant demand and preference of the BFSI industry vertical towards automation of business processes. Furthermore, presence of established and major players in North America region and availability of infrastructure for effective adoption of RPA is another factor responsible for the boost in adoption of robotic process automation solutions.
European region is expected to witness growth in this market as the region has a presence of significant amount of companies in the manufacturing and logistics sector. Adoption of RPA technology provides the capability to streamline pickup and drop operations. This eventually leads to reduction in cycle time ultimately resulting in enhanced customer experience.
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The major key players operating in the robotic process automation (RPA) market include Blue Prism Group Plc (UK), Celaton Ltd. (UK), Softomotive (UK), Kofax Ltd. (U.S.), Xerox Corporation (U.S.), Automation Anywhere Inc. (U.S.), Ipsoft, Inc. (U.S.), UiPath (U.S.), Verint Systems Inc. (U.S.), Pegasystems Inc. (U.S.), Redwood Software (Netherlands), Daythree Business Services sdn bhd (Malaysia), and Kryon Systems (Israel).
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