Global robotic process automation (RPA) market is flourishing because of an increasing demand for robotic process automation in healthcare, a surging demand for business process automation, and high adoption of advanced technologies including robotic process automation solutions.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global robotic process automation (RPA) market size at USD 3.42 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global robotic process automation market size to grow at a robust CAGR of 28.5% reaching a value of USD 19.25 billion by 2029. Major growth factors of global RPA market include increasing need to optimize operations in order to enhance efficiency and achieve maximum return, rising integration of cutting-edge technologies, and the transformation of business processes across companies. The market is expected to trend incline towards RPA owing to the reduction in workforce cost coupled with rise in adoption process. Also, robotic process automation market further includes surge in demand for virtual workforces along with ease of doing business. Some of the major trends observed in this market are the evolution of robust software platforms, overall cost reduction related to workforce and continuous advancement in fields of AI and cognitive computing. The integration of the newest technology, changing business processes across companies, and the need to optimize operations in order to increase efficiency and create the greatest return are likely to fuel market expansion. Additionally, due to a shift in company culture toward remote work during the COVID-19 pandemic and a rise in the requirement for process automation, the market growth is expected to expand during the period in analysis. However, data insecurity risk in the financial sector is anticipated to restrain the market growth.
Global Robotic Process Automation Market – Overview
Robotic process automation (RPA) refers to the use of software bots to automate business processes. These bots can be programmed to do tasks such as data entry, processing transactions, and responding to customer inquiries. RPA can help businesses to improve efficiency, reduce errors, and increase speed by automating repetitive and routine tasks. It can be used in a variety of industries and can be integrated with other systems and software. The technology known as robotic process automation, which is controlled by business logic and structured inputs, enables software robots to be configured to simulate and interpret applications for interacting with other digital systems, altering data, and evoking replies. Robots used in robotic process automation are employed by businesses to complete boring and repetitive activities.
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Global Robotic Process Automation Market – By Operation
Based on operation, the global robotic process automation market is bifurcated into Rule-based and Knowledge-based segments. In 2022, the rule-based operation segment dominated the market, and it continues to dominate over the projection period. This is because repetitive tasks are carried out effectively by rule-based software without the assistance of humans or specialized knowledge. Additionally, this solution makes advantage of the already-existing user interfaces to execute corporate program using pre-defined inputs. The need for rule-based software is further increased by its expanding application fields, which include office jobs like customer service and IT assistance, as well as office chores like invoice processing, data input, and data collecting from various applications.
Impact of COVID-19 on Global Robotic Process Automation Market
The COVID-19 pandemic had a significant impact on the market for robotic process automation (RPA). In general, the demand for RPA increased as businesses have sought ways to automate processes and reduce the need for human labor in the face of economic uncertainty and social distancing measures. Many businesses have turned to RPA as a way to maintain business continuity and keep operations running smoothly during the pandemic. At the same time, the pandemic has also disrupted supply chains and disrupted the market for RPA in some cases. Some companies have experienced delays in the deployment of RPA projects due to disruptions in the availability of hardware and software. In addition, the economic downturn caused by the pandemic has led to reduced spending on RPA and other types of technology in some cases. Overall, the COVID-19 pandemic has had a mixed impact on the RPA market, with increased demand in some cases and disruptions in others.
Competitive Landscape
Major players operating in global robotic process automation market include Nice Systems Limited, Pegasystems Inc., Automation Anywhere Inc., Blue Prism Limited, Celaton Limited, Redwood Software Inc., Ipsoft Inc., UiPath, Xerox Corporation, and IBM Corporation. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The report’s in-depth analysis provides information about growth potential, upcoming trends, and the Global Robotic Process Automation Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Robotic Process Automation Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market’s growth drivers, challenges, and competitive dynamics.
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