The global Robotic Process Automation Market size is expected to reach USD 13.74 billion by 2028, according to a new report by Grand View Research, Inc., registering a CAGR of 32.8% over the forecast period. The COVID-19 pandemic disrupted enterprise business activities worldwide, resulting in a revenue loss in FY 2020. The decline in enterprises’ revenue resulted in the need for cutting overhead expenses by automating the process and reducing the number of employees involved in performing redundant tasks. Market players leveraged this as an opportunity to introduce robotic process automation (RPA) to enterprises.
The RPA adoption increased in small- and medium-scale
organizations that were adversely affected by the slow business and temporary
shutdowns. The need to monitor cost and human resources are expected to boost
the demand for RPA in organizations of all sizes. The SMEs, in particular,
benefited by using RPA by improving employee and customer satisfaction. The
need for automating structured and repetitive processes across the organization
to increase productivity and rescue operation time is anticipated to drive
market growth over the forecast period.
The RPA implementation for automation across different
business departments, such as finance and accounting, procurement, human
resource, contact center, and industry-specific process, is contributing to the
market growth. The industry-specific processes, such as onboarding employee,
customer, and vendor; order processing, payroll processing, and report
aggregation, are some of the business areas automated using RPA solution.
Innovations to computerize redundant undertaking across businesses have
accelerated business processes, reduced human error, and amplified throughput.
The inclusion of RPA with cognitive technologies, such
as Artificial Intelligence (AI), machine learning, speech
recognition, and Natural Language Processing (NLP), can handle high-level tasks
using unstructured data and exhibit decision-making capability without human
intervention. Robotic process automation was intended to decrease monotonous
tasks by following a set of predefined procedures that don’t need information
or experiences. However, with AI integration, RPA softbots can function beyond
an automated cognitive system by creating a knowledge-based dynamic system. The
use of such systems in applications ranging from customer query handling to
assembly lines will promote market growth over the forecast period.
Related Press Release@ Robotic Process Automation Market Report
Robotic Process Automation Market
Report Highlights
- The services segment is estimated to register the fastest CAGR of
more than 30.0% over the forecast period
- The need to develop and implement business-specific automation
solutions that save time and reduce operational cost is expected to drive
segment growth over the forecast period
- The BFSI application segment is anticipated to account for the
highest revenue share of the global market by 2028
- Automation of critical business functions in banking &
financial institutions, such as compliance regulations, rekeying, data
entry, and assembly & formulation, to reduce human error and save
processing time is expected to drive the BFSI segment growth
- North America dominated the global market in 2020 on account of
increased product demand across the BFSI, manufacturing, healthcare, and
IT & telecom industries
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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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