The global robotic process automation (RPA) market size is expected to reach USD 3.97 billion by 2025, according to a new study by Grand View Research, Inc. It is estimated to expand at a CAGR of 31.1% over the forecast period. Different organizations in different sectors are increasingly challenged by the growing competition due to shift in technology and consumer preferences.
The adoption of Artificial Intelligence (AI) and automation solutions has enabled organizations to tackle such challenges while meeting consumer expectations. Moreover, these technologies focus on enhancing the employee experience rather than replacing them. One of such technologies gaining rapid traction is RPA, which handles repetitive and rule-based tasks without human intervention. Thus, RPA enables organizations to automate repetitive functions and focus more on core business tasks.
In Small and Medium-scale Enterprises (SMEs) that face business limitations, in terms of financial and human resources allocation, the implementation of RPA is expected to provide growth avenues. As the deployment of robotic process automation can assist an organization to keep its operations as lean as possible. Also, the use of automation technologies has become a crucial factor to gain long-term profitable growth. These software bots exhibit the maximum efficiency and can work 24/7 through the year on their assigned task, which results in achieving accelerated productivity.
Moreover, deployment of RPA increases the quality of services to the end-users as it eliminates the potential of human error that results in inconsistency in process execution. Furthermore, RPA offers organizations with comprehensive intelligence and assists the users with actionable information and better insights. The role of technology in a complex business environment is evolving continuously. The ever-increasing stringency of regulations and necessary compliance functions hamper employee efficiency.
With the deployment of RPA, organizations can achieve greater compliance. Furthermore, the RPA processes are customizable aimed at operating with the existing, as well as new standards and regulations. Thus, automation technologies can help organizations streamline different structured processes at a lower cost.
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Further key findings from the study suggest that:
- Services type segment is anticipated to register the highest CAGR over the forecast period. Consulting service was valued at USD 179.8 million in 2018 and is estimated to witness a healthy growth in near future
- Implementation services is anticipated to register the highest CAGR of 33.5% over the forecast period
- Large enterprise segment is expected to maintain its dominance in the Robotic Process Automation (RPA) market and is projected to reach USD 2.51 billion by 2025
- BFSI application segment led the market in 2018; however, SME segment is anticipated to register the highest CAGR over the forecast period
- North America is expected to be the dominant region while Asia Pacific is anticipated to witness the maximum growth
- Some of the key companies in the market include Automation Anywhere, Inc.; Blue Prism Group Plc; UiPath; Be Informed B.V.; OpenSpan; and Jacada, Inc.
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.