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