Dublin, April 06, 2021 (GLOBE NEWSWIRE) -- The "Robotic Process Automation Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The robotic process automation market was evaluated at US$2.039 billion for the year 2020 and is projected to witness a CAGR of 31.5% over the forecast period.
Robotic Process Automation refers to the process of automating the tedious and repetitive tasks in an organization through the use of robots. According to UiPath, a global software company that develops platform for Robotic Process Automation, RPA can be defined as "A technology that allows anyone today to configure computer software, or a "robot" to emulate and integrate the actions of a human interacting within digital systems to execute a business process." The adoption of emerging technologies like RPA to automate the mundane, rule based repetitive tasks has resulted in accelerated work, reduced human error, and increased output. Combining RPA with advanced cognitive technologies like artificial intelligence (AI), machine learning (ML) and natural language processing (NLP) etc. will allow organisations to automate even those tasks which generally require human decision making capabilities
By using RPA, organisations can reduce their staffing costs as well as human errors by limiting the number of people working on these mundane repetitive tasks. It also increases job satisfaction of employees as they can now focus on tasks and processes which generate value for the organisation and actually make use of their intelligence and capabilities. Processes like web scraping, opening emails and attachments, making calculations, logging into applications among others can be automated with RPA. Given the advantages, some key tips should be kept in mind to derive maximum benefits from the implementation of RPA such as setting and managing goals that the organisation aims to achieve through RPA, putting RPA into the whole development lifecycle of the organisation and considering its impact on the business of the organisation among others.
Although RPA has promising benefits across industries, it has its pitfalls too. With the automation of repetitive tasks, a huge chunk of the population might get redundant leading to widespread unemployment. Moreover, the economic outcomes of RPA implementations are far from assured as installation costs of large number of bots may not be as economically viable as it might have expected to be
The global robotic process automation market can be segmented on the basis of type, enterprise size, service, application, deployment and geography:
By type, the market can be segmented into software and service.
By enterprise size, the market can be segmented into large enterprises and small and medium enterprises (SMEs).
By service, the market can be segmented into consulting, implementing and training.
By application, the market can be segmented into BFSI, pharma & healthcare, retail & consumer goods, information technology (IT) & telecom, communication and media & education, manufacturing, logistics, and energy & utilities and others.
By deployment, the market can be segmented into cloud and on - premise.
By geography, the market can be segmented into North America, South America, Europe, Middle East and Africa and Asia - Pacific.
Saves time and costs
By automating repetitive rule based tasks, organisations can save on time and costs as they no longer need employees to do them. Also with a bot capable of performing these tasks at a faster rate as compared to humans, more work can be done in less time
Improves job satisfaction
With repetitive tasks being done by robots; employees can now focus on tasks which actually require human intelligence. Thus, employees are forced to think using their intelligence rather than just doing menial repetitive work which improves their job satisfaction
Reduction in Errors
With bots performing repetitive tasks, the chances of errors diminish. When a human performs a large number of operations, there tends to be some discrepancies which may lead to huge problems if not paid proper attention to. Therefore, industries like healthcare and financial institutions which require correct data without even a single error will adopt RPA which will act as a key driver for its market growth
Human Capital Conundrum
With RPA implementation, a huge chunk of the population will become redundant leading to widespread unemployment. To prevent a situation like this, the decision makers in any organisation will be presented with the human capital conundrum referring to how they will manage their workforce who will go redundant, once RPA is implemented in the organisation
Return on Investment and Scalability
The return on investment after RPA implementation will be a concern to the executives in an organisation as according to a recent Deloitte UK study"Only three percent of organizations have managed to scale RPA to a level of 50 or more robots." Thus, with scalability a problem, whether the costs of implementing robotic process automation in an organisation will be covered or not, should be determined prior to making investment in the above mentioned
Impact of COVID-19
The coronavirus pandemic has had a positive impact on the global robotic process automation market. Due to COVID-19 pandemic, the global robotic process automation market has witnessed a sudden rise in 2020 as the pandemic is being a game-changer for the robotic process automation solution providers as industries, especially manufacturing, accelerating the use of bots for repetitive tasks. Also because of the economic downturn caused by the pandemic, more and more businesses got encouraged to adopt automation systems. Also due to the dispersed workforce and ever growing consumer engagement, businesses need systems which can automatically carry these necessary but repetitive tasks.
Key Topics Covered:
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Global Robotic Process Automation Market Analysis, By Type
6. Global Robotic Process Automation Market Analysis, By Enterprise Size
6.2. Large enterprises
6.3. Small and Medium Enterprises (SMEs).
7. Global Robotic Process Automation Market Analysis, By Application
7.3. Pharma & Healthcare
7.4. Retail & Consumer Goods
7.5. Information Technology (IT) & Telecom
7.6. Communication and Media & Education
7.8. Logistics, and Energy & Utilities
8. Global Robotic Process Automation Market Analysis, By Deployment
8.3. On - Premise
9. Global Robotic Process Automation Market Analysis, by Geography
9.2. North America
9.2.1. North America Robotic Process Automation Market Analysis, By Type
9.2.2. North America Robotic Process Automation Market Analysis, By Enterprise Size
9.2.3. North America Robotic Process Automation Market Analysis, By Application
9.2.4. North America Robotic Process Automation Market Analysis, By Deployment
9.2.5. By Country
18.104.22.168. United States
9.3. South America
9.3.1. South America Robotic Process Automation Market Analysis, By Type
9.3.2. South America Robotic Process Automation Market Analysis, By Enterprise Size
9.3.3. South America Robotic Process Automation Market Analysis, By Application
9.3.4. South America Robotic Process Automation Market Analysis, By Deployment
9.3.5. By Country
9.4.1. Europe Robotic Process Automation Market Analysis, By Type
9.4.2. Europe Robotic Process Automation Market Analysis, By Enterprise Size
9.4.3. Europe Robotic Process Automation Market Analysis, By Application
9.4.4. Europe Robotic Process Automation Market Analysis, By Deployment
9.4.5. By Country
22.214.171.124. United Kingdom
9.5. The Middle East and Africa
9.5.1. Middle East and Africa Robotic Process Automation Market Analysis, By Type
9.5.2. Middle East and Africa Robotic Process Automation Market Analysis, By Enterprise Size
9.5.3. Middle East and Africa Robotic Process Automation Market Analysis, By Application
9.5.4. Middle East and Africa Robotic Process Automation Market Analysis, By Deployment
9.5.5. By Country
126.96.36.199. Saudi Arabia
9.6. Asia Pacific
9.6.1. Asia Pacific Robotic Process Automation Market Analysis, By Type
9.6.2. Asia Pacific Robotic Process Automation Market Analysis, By Enterprise Size
9.6.3. Asia Pacific Robotic Process Automation Market Analysis, By Application
9.6.4. Asia Pacific Robotic Process Automation Market Analysis, By Deployment
9.6.5. By Country
10. Competitive Environment and Analysis
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrativeness
10.3. Mergers, Acquisitions, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. Company Profiles
11.2. Automation Anywhere Inc.
11.4. Blue Prism
11.6. KOFAX INC.
11.7. NTT Advanced Technology Corporation
11.8. EdgeVerve Systems Limited
11.9. FPT Software
11.10. OnviSource, Inc.
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