Robotic Process Automation Market
Robotic Process Automation Market By Type (Software, Service), By Service (Consulting, Implementation, Training), By Organization (SMEs, Large Enterprises), By Deployment (Cloud, On-Premise), By Application (BFSI, Manufacturing, Retail) & Region - Forecast to 2019-2029
Robotic Process Automation Market Value to Surge 17X through 2029
Surging adoption of industry 4.0 technologies such as cyber-physical systems, Internet of Things (IoT), cloud computing, machine learning (ML), and artificial intelligence (AI) favors the growth of robotic process automation (RPA) market.
Manufacturing departments across industries such as telecom, travel, insurance, healthcare and banking are realizing cost effectiveness and labor efficiency by automating production process components.
In a highly competitive consumer market, it is crucial for organizations to reduce the time-to-market of their products.
Robotic process automation technologies significantly reduce production timelines and possibilities of an error in finished products.
The global robotic process automation market will grow at an extraordinary 33% CAGR from 2019 to 2029. The astounding growth statistic can be attributed to the above mentioned factors along with prodigious developments in industrial automation technologies.
Consulting Services to Remain Highly Preferred
Consulting services account for a majority market value share of over 57% on the back of growing awareness among target customers.
Organizations in developing economies have now started to look for cost efficient alternatives in technology.
Hence, consulting services that educate organizations about robotic process automation are the most demanded service segment.
Training stakeholders in technical skill set required to fully utilize robotic process automation is the second largest service segment.
To enhance employee productivity and subsequent revenues, organizations are increasingly investing in training and development of industry 4.0 skillsets.
The training segment is expected to maintain its position as the second largest service segment during the forecast period.
Opportunities Prevail in North America
North America is set to remain in the vanguard of robotic process automation with a majority market value share of 54%.
This can be attributed to early adopters (example: the US) that were the first ones to leverage robotic process automation.
Multiplying millennial population along with growing geriatric population demand enhanced consumer products that require precision in manufacturing.
Robotic process automation provides this much needed precision along with speed and agility.
The robotic process automation market in North America is projected to grow at an astounding 28% CAGR from 2019 to 2029. Europe & MEA, collectively account for over 1/4th of the total market value.
Market Players Focus on Workflow Optimization
Market players can garner sustainable revenue streams by decreasing onboarding time and resolving scaling issues.
Organizations need to focus on reducing the friction surrounding robotic process automation by eliminating time consumption, and transforming effort-intensive processes.
RPA vendor selection criteria is moving towards products that offer detailed assessment of their ability to integrate, scale, and provide security and enterprise levels governance of manufacturing processes.
Measuring the effect of robotic process automation will act as a crucial factor for sustainable revenues during the forecast period.
Major players in the market that influence the competitive landscape are, but not limited to
- Automation Anywhere Inc.
- Blue Prism
- NTT Advanced Technology Corporation
- Genpact Ltd
- IPsoft Inc.
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Global Robot Process Automation Market: In-Depth Assessment on Key Segments
The global robot process automation market is segmented on the basis of type, service, organization, deployment, application and region.
This taxonomy and the detailed TOC prepared are confidential and intended exclusively for the individual or entity with whom it is being shared.
Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.
Country-specific assessment on demand for robot process automation has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous robot process automation manufacturers, experts, and suppliers.
Y-o-Y growth projections have also been offered on all regional markets incorporated in the report. Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
The report provides company-level market share analysis, which has been derived on the basis of the company’s annual sales and segmental revenue in all the target end-use industries.
The market has been forecasted based on constant currency rates. The report provides detailed competitive and company profiles of key participants operating in the global robot process automation market.
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