Robotic Process Automation Market - Forecast(2022 - 2027)

Every organisation that involves large amounts of human interaction for general process work such as heavy transactions, data entry, data manipulation, triggering responses, and recurring mechanical tasks is transitioning to a fully automated workforce, and as a result, robot software, attended automation, and business process automation are becoming an integral part of the operation in a variety of ways. These organisations are also utilising robot process automation (RPA), which is implemented using RPA software that sits on top of the infrastructure and mimics a human worker. The current wave of the Industry 4.0 revolution, aided by advanced technologies like as artificial intelligence, cloud computing, and machine learning, is increasing demand in the process automation industry, which produced $984.4 million in 2020. The global robotic process automation market is expected to develop at an outstanding CAGR of 31.1% from 2021 to 2026, owing to the prevalent digital migration and automation trend in every end-user industrial vertical.

The report: “Robotic Process Automation Industry Outlook – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the RPA market report. 

By Type: Attended Automation, Unattended Automation, Hybrid RPA.

By Solutions: Automated Solutions (Self-learning solutions, Cognitive automation, Programmable RPA bots, others), Decision support solution, Interaction solution

By Deployment: On-premise, Cloud

By Application: Small & Medium scale industries, Large scale industries.

By Industry: Aerospace and Defence, BFSI, Automobile, Food & Beverage, Retail, Governments, Manufacturing, Automotive, Telecommunication & IT, Energy and Utilities, Healthcare, Others.

By Geography: North America, South America, Europe, APAC, and RoW

• Robotic process automation (RPA), also known as intelligent automation or smart automation, refers to advanced technologies that can be programmed to perform a variety of tasks, such as data manipulation, response triggering, and creating necessary communication with other processes and systems that previously required human intervention.
• The increase in the adoption of Artificial Intelligence and cloud-based solutions for internal efficiency among SMEs is thriving the market growth.
• The rising trend of cloud-based solutions and increasing use of robot-based solutions across various end-user industries is predicted to open up new chances for the global establishment of robotic process automation growth.

 

 

The on-premise sector accounted for more than 90% of revenue in 2020 and will continue to grow at a steady CAGR from 2021 through 2026. Initially, large-scale enterprises were the most enthusiastic adopters of RPA market solutions, which enabled them to create use cases for large-scale applications. Furthermore, large-scale organisations were hesitant to expose their internal data and information, resulting in large-scale on-premise deployment of such systems. The RPA tool installed on the organization's premises ensures that it has access to policies and follows in-house regulations. Large organisations, are now turning to cloud-based infrastructure since building a stable technical environment for on-premise deployed RPA is extremely expensive.

By industry type, Retail industry is expected to grow at highest CAGR of 7.2% during the forecast period 2021-2026. Returns processing, workflow management, customer service management, accounting and finance, ERP management and marketing, and consumer behavior analysis are just a few of the retail applications where RPA can assist. It is estimated that by automating nearly half of the operations performed by humans in a worldwide workforce, more than USD 2 trillion can be saved, especially in a growing industry like retail. Along with adopting innovative practises to attract and engage more customers, retail industry operators have been utilising newer retail automation technology to smoothen their processes and gain a growth momentum to battle various challenges. Because of the expanding number of warehouses, the retail industry is turning to robotic process automation statistics to do tasks more efficiently and effectively.

North America is analysed to be the major region with a share of 40.2% in 2020 for the Robotic Process Automation Market size. One of the greatest markets is the United States, which is one of the main innovators and pioneers in robotics adoption. The use of robots in the region is increasing, which is making US companies more competitive and creating employment opportunities. Furthermore, the most significant driver of year-to-date growth in industrial robots, according to the Robotic Industries Association (RIA), was an 83% rise in units purchased by automotive OEMs for process automation. According to the Association for Advancing Automation, over 180,000 robots have been dispatched to various American enterprises since 2010, resulting in the creation of over 1.2 million new manufacturing jobs. According to MIT, automotive manufacturing accounted for a sizable share of industrial robot demand in the United States, followed by electronic, plastics, and chemical manufacturing. This is expected to accelerate the rise of RPA market size.

With the recent outbreak of COVID-19, the robotic process automation market is predicted to grow significantly, leading to greater employment of robotic process automation solutions as social distancing norms increase. Because of the current COVID-19 outbreak, the human resource crunch witnessed by enterprises in industries is projected to significantly affect RPA adoption over the next two years, creating demand for such solution vendors. Internal and external business procedures were both impacted by the global pandemic. Retail, manufacturing, and IT & Telecom were all experiencing a drop in business, while healthcare organisations were being overwhelmed by the increasing number of Covid-19 cases. This unique event had an impact on both back-end and front-end office operations, resulting in extended reaction times, employee burnout, documentation backlog, and supply chain delays, among other things. As a result, adopting an automation solution was critical in lowering costs, providing speedier customer response, and streamlining testing and reporting.

Companies are turning to RPA in many industries like as retail and manufacturing to save labour expenditures as labour costs continue to rise. Furthermore, by adopting robotics technology, companies can produce high-quality products while eliminating the possibility of human error. Furthermore, numerous manufacturing industries require high energy consumption and intend to cut energy costs by implementing robotics technology, which drives the growth of the RPA market. Though the initial cost of robotics technology is significant, it allows companies to efficiently manage their processes while reducing their overall expenditure. Cost increases are projected to have less of an impact on the market in the future due to technological advancements.

According to Deloitte, SMEs might pay between $4,000 and $15,000 for a single bot. Enterprise organisations, on the other hand, may need as much as $20 million for a complete RPA solution of up to 500 robots, which can replace over 1,000 employees and save more than $100 million. The cost of RPA implementation varies depending on the vendor. UiPath RPA solutions can cost up to $20,000, depending on the level of automation needed. The cost of Automation Anywhere is likewise within that range, however it is based on the number of RPA robots. Most RPA products are rigidly priced because neither buyers nor vendors have put a price on automation. This gives sellers more leeway in determining how much value businesses derive from RPA products. While organisations may wish to focus on the cost savings associated with replacing human work, RPA vendors must also consider other automation benefits.

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Mobile BPM. The key players in the market include Automation Anywhere, Blue Prism, Celaton Ltd, IPSoft, Nice Systems Ltd, Pegasystems, Redwood Software, UiPath, Verint, and Xerox Corporation among others.

• In February 2020, Blue Prism PLC and EXL, an operations management and analytics company, have formed a relationship. EXL will integrate analytics, artificial intelligence (AI), machine learning (ML), and other cutting-edge technologies into Blue Prism's connected-RPA platform as part of the agreement.
• In January 2020, Blue Prism and Nexis Solutions have joined forces. Blue Prism's connected-RPA platform will be integrated with Nexis Diligence to assist organisations in improving the efficiency and effectiveness of their entity due diligence process through intelligent automation capabilities. While Blue Prism RPA and Nexis Diligence collaborate to expedite screening, due diligence analysis, and reporting.