Robotic Process Automation (RPA) has been gaining popularity in recent years as a means of improving business processes and increasing productivity. RPA uses software robots to automate repetitive and rule-based tasks, allowing employees to focus on more complex and high-value tasks.
According to a report by MarketsandMarkets, the global RPA (Robotic Process Automation) Market is estimated to be 2,467.0 million in 2022 and is projected to grow at a CAGR of 30.14% between 2023 to 2028.
The report identifies several factors that are driving the growth of the RPA market. One of the main drivers is the need for organizations to improve their operational efficiency and reduce costs. RPA can help organizations achieve these goals by automating repetitive tasks, which reduces the need for manual labor and minimizes the risk of errors. RPA can also improve the accuracy and speed of processes, leading to increased productivity and faster turnaround times.
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The growth of this RPA market is mainly driven by the ease in business processes with the installation of robotic process automation; and convergence of robotic process automation with traditional business processes. Moreover, integration of new technologies such as artificial intelligence (AI), and cognitive systems with robotic process automation; and high demand of robotic process automation (RPA) in logistic industry are few major opportunities for robotic process automation market.
The report also highlights the role of artificial intelligence (AI) and machine learning (ML) in the RPA market. AI and ML are being increasingly integrated into RPA solutions to enable intelligent automation. This means that RPA robots can learn from experience and make decisions based on data, rather than just following pre-programmed rules. This can lead to even greater efficiencies and productivity gains.
Benefits of Robotic Process Automation (RPA) in various industries
Robotic process automation market for healthcare and pharmaceuticals will likely to grow at the highest CAGR during forecast period
The robotic process automation market for the healthcare and pharmaceuticals industry is expected to grow at the highest CAGR during forecast period. The healthcare and pharmaceuticals industry is highly information-dependent, as it involves medical records of patients, credentials of patients, information on claims processing, revenue cycle management, etc. In this regard, robotic process automation not only helps reduce operational costs but also ensures greater accuracy. The interactive solutions offered by robotic process automationhelp efficiently manage data, reduce medical transportation costs, lower appointment scheduling errors, and so on.
Robotic process automation tools, expected to hold the largest market size of the overall robotic process automation market
Robotic process automation tools held the largest market size in 2018 owing to its capability of eliminating repeatable and predictable human interactions with business applications by mimicking the way people interact with applications through a user interface and also by following simple rules to make decisions. Tool-based lifecycle management can be divided into requirement definition, initial design, application development, testing, deployment, and release and maintenance. It also involves tracking and documenting changes throughout the process of the application.
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North America is expected to dominate the robotic process automation market during forecast year
The robotic process automation market for North America held the largest market size in 2018 and is expected to dominate the market during the forecasted period. In the US, BFSI has been leveraging robotics process automation to improve business processes since 2010. Due to the high degree of flexibility and scalability of the solution, as well as greater data processing and workflow management capabilities, there is widespread deployment of robotic process automation in the BFSI space. The growth of robotic process automation in Canada is driven by the ramp-up of the banking and financial industry. Human resource outsourcing, business process outsourcing, and contact center outsourcing have seen tremendous growth in Canada in recent times. The growth of the RPA market in Mexico is driven by the booming manufacturing industry. New factories and manufacturing units are being built in Mexico, requiring proper supply chain management to be implemented to reduce costs. Inventory management, purchase order, stocking goods, and economic order quantity management require automated processes—backed by software bots.
The RPA market report profiles the most promising players in the RPA market. The competitive landscape of the market presents an interesting picture of strategies adopted by many players. Nice Systems Ltd. (Israel), Automation Anywhere (US), Blue Prism Group Plc (UK), Celaton Ltd. (UK), IPSoft, Inc. (US), Pegasystems Inc. (US), Redwood Software (US), UiPath SRL (UK), Verint Systems Inc. (US), and Xerox Corporation (US) are few dominant players in the robotic process automation market.
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