Global Robotic Process Automation Market: Market Segments: By Process (Automated solution, Decision Support and Management and Interaction Solution); By Operation (Rule-based & Knowledge-based);By Offering (Service & Software); By Organization (Large Enterprises &SMEs); By Vertical (BFSI, Telecom and IT, Retail and Consumer Goods, Manufacturing, Healthcare and Pharmaceuticals Others);and Region - Analysis of Market Size, Share & Trends for 2014 - 2019 and Forecasts to 2030
Robotic Process Automation (RPA), also referred to as smart automation or intelligent automation, refers essentially to advanced technology that can be programmed to perform a variety of tasks, such as manipulating data, triggering responses, and establishing the appropriate contact with other processes and systems that previously needed human interaction. By following a collection of predefined processes that do not involve information or observations, RPA was designed to minimize the repetitive activity, while the incorporation of AI enables RPA softbots to act as a knowledge-based dynamic system-to operate beyond an automated cognitive system. A fast-growing trend of the RPA industry has contributed to the application of RPA from the bill of materials to customer question handling with the intelligence of AI. Robotic Process Automation (RPA) can be introduced in different business divisions to automate various procedures, such as onboarding of payroll processing, order processing, staff, clients, suppliers, and report aggregation.
The rise in demand for virtual staff, the need to minimize operating costs and increase productivity, the need to make business processes simpler, and the importance of delivering an improved customer experience are the main factors that have a positive impact on market development. Also, some companies are laying-off their workers to decrease the operating costs incurred during the pandemic. To make their processes more effective, reduce the time needed to execute different tasks, and keep the workflow smooth, these factors are forcing companies to implement robotic process automation solutions.
Global Robotic Process Automation Market is segmented by the process into an automated solution, decision support and management, and interaction solution. The greater market share in 2019 was accounted for by the decision support and management and is projected to attain the fastest growth. A regular aspect of day-to-day work is operational business decisions. Decision support and management-based RPA helps robots to more effectively make decisions and obey business rules without suggesting any technical debt to the company.
Global Robotic Process Automation Market is segmented by operations into rule-based and knowledge-based operations. The greater market share in 2019 was accounted for by the knowledge-based and is expected to see the highest growth during the forecast period. Knowledge-based operations provide a modern paradigm in the logistics and warehouse industries for effective decision-making processes. It helps users to use hybrid strategies by providing collaborative monitoring and optimization of the flow of logistics operations.
Global Robotic Process Automation Market is segmented by Vertical into BFSI, telecom and IT, retail and consumer goods, manufacturing, healthcare and pharmaceuticals, and others. The major growth driver is expected to be the increase in the adoption of RPA among the IT and telecommunications industries to reduce operating costs and boost overall customer satisfaction. By deploying RPA, which includes centralization and consolidation of request management systems for improved performance, enhanced accountability and visibility for service functions, automation of request service-level agreement reporting, and reduction of manual efforts, IT and telecommunications companies will experience other advantages.
Demand for RPA solutions is also emerging with the growing deployment of SaaS, IaaS, and PaaS offerings for customer relationship management, cloud computing, business resource management, open-source tools, cooperative robot learning, network communication, and other financial applications. Market growth is further generated by the adoption of digital robots for the management of routine work carried out by temporary or seasonal workers, or for workers bursts needed by regulatory spikes, new product releases, or other new operations being implemented.
The growing number of companies around the world is one of the most outrageous drivers of growth in the RPA industry. The specifications for robot automation will flourish shortly with the increased volume of enterprises. Demands for robotic process automation are rising with the increasing prevalence of the e-commerce industry in the retail sector. The introduction of RPA improves efficiency and decreases duplication of money, facilitating the introduction of RPA systems by retail companies.
Lack of technical workforce
The data security risk in the financial sector, lack of awareness regarding RPA, and less potential for RPA in knowledge-based business processes are some of the restrains in the robotic process automation market
Global Robotic Process Automation Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Global Robotic Process Automation Market in North America held the largest market share of XX.X% in the year 2019 because of high development in the field of technology and the presence of developed countries The growing demand for automation of robotic processes in this area is due to the automation in various sectors, such as healthcare, electronics, retail, education, services, and government. The area dominates the global RPA market due to the high number of outsourced customer services companies and the involvement of major suppliers in the RPA market.
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
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