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Robotic Process Automation Market Analysis Report By Type, By Application, By Organization, By Service, By Deployment, By Region And Segment Forecasts From 2020 To 2027

Report ID: MN17618448  |  Published: September 2020  |  No of Pages: 140
Format: Electronic (PDF)  |  Industry: Robotics

Industry Insights

The global robotic process automation (RPA) market size was accounted for USD 1.40 billion in 2019 and expected to grow with a CAGR of 40.6% during the forecast period, 2020 to 2027. The growing demand for eliminating the mundane and repetitive processes and increasing competition across industries are forcing companies to use automation technologies like RPA, to improve the efficiency and productivity of the business.

This is expected to propel market growth in the forthcoming years. Furthermore, the rising emergence of advanced technologies like Machine Learning (ML) and Artificial Intelligence (AI) is expected to create huge growth opportunities for the market in the upcoming years.

U.S. robotic process automation market

RPA is an application technology, which is incorporated with software having capabilities of advanced technologies such as machine learning, computer vision, artificial intelligence, and cognitive automation. These technologies process a huge volume of data and handle monotonous, lengthy, and complex tasks easily. RPA is an advanced business processing solution, which eradicates repetitive, routine, and mundane tasks and improves customer experience services by providing faster responses for queries. Furthermore, over the last few years, RPA has gained huge popularity among large enterprises and SMEs, owing to its ability to provide seamless business operation with efficient usage of resources. Companies across the globe are emphasizing automating the business process, to accelerate productivity and increase the profit of the company. These are some of the factors which are expected to fuel the demand for RPA in the forthcoming years.

Rising adoption of automation in various industries such as BFSI, healthcare, defense, and others are changing the scenario of back-office and customer-facing business processes, as a result, expected to bolster the market growth. Growing demand for automation has encourages companies to adopt automation software and services, which is in turn expected to increase the robotic process automation market growth. Furthermore, it allows a rapid transformation of central management processes, to enhance the flexibility and growth of the business services. The COVID-19 pandemic is projected to increase the demand for the digital workforce, which is expected to create new opportunities for the market players post COVID-19 pandemic. The growing adoption of industrial robots and intelligent process automation systems in the manufacturing industries are also propelling the demand for RPA. Thus, projected to boost the market growth during the forecast period, 2020 to 2027.

RPA reduces the need for human workers/staff in tedious and repetitive activities. Moreover, it provides a much faster and effective working option; as a result, there is growing adoption of RPA across the industries. The technology also enhances the data protection features, and productivity of the enterprises by automating the business process. Furthermore, RPA systems reduce the operational cost and allow employees to work on other tasks. The growing adoption of RPA in various business segments such as human resources management, customer care services, banking, financial services, and procurement outsourcing is projected to create huge growth opportunities for the market in the forthcoming years.

Type Insights

The type segment has been bifurcated into software and service. The service segment held more than 60% of the market revenue share, in 2019 and is projected to dominate the market during the forecast period, 2020 to 2027. the adoption of RPA systems is upsurging, the demand for advisory, consulting, implementation, training, and maintenance services also kept on increasing, which is in turn, projected to drive the segment growth over the forecast period. These services will help users in minimizing operational costs and increase the efficiency and productivity of the business. For example, RPA services deployment helps in identifying the automation opportunities improves the identified processes and assists in building efficient business strategies. Additionally, it also improves the vendor selection capabilities and helps in deploying the pilot projects efficiently. Thus, increasing the demand for RPA deployment, this, in turn, is expected to fuel the demand for RPA services in the forthcoming years. 

The software segment is projected to see substantial growth with a CAGR of 38.7% during the forecast period, 2020 to 2027, owing to the growing adoption of RPA, to address the remote working problems and minimizes the additional cost borne by employees. The key players in the RPA market are providing license-based software/platform as per the enterprise need, to automate the business processes. For example, the UiPath of the RPA platform contains UiPath robots, UiPath Orchestrator, UiPath studio, unattended robots, non-production robots, and attended robots. Moreover, users need to take the license for using the platforms either for a single user or multiple users. Furthermore, the pricing model of the software or platform varies from vendor to vendor, whereas organizations can get customized solutions according to their business requirements. These features are projected to boost the market growth during the forecast period, 2020 to 2027.

Service Insights

The service segment is segmented into consulting, implementing, and training. The consulting segment held the largest market share and accounted for more than 42%, in 2019. The segment growth is attributed to increasing awareness about the advantages of RPA solutions in organizations and their efficient utilization, in transforming various business processes. Additionally, consultancy services enable organizations to identify critical business processes, which can be automated. Thus, expected to positively support the segment growth.

The rising adoption of advanced technologies across various industries such as retail, manufacturing, IT and telecom, BFSI, and various others are expected to boost the demand for RPA implementation solutions. Furthermore, continuous development in the technology of RPA is expected to fuel the demand for training services. As a result, anticipated to propel the segment growth in the forthcoming years. The growing demand for customized solutions across these industries is expected to further boost market growth in the forthcoming years. 

Deployment Insights

The deployment segment has been bifurcated into cloud and on-premise. The on-premise segment held the largest market revenue share and captured more than 90% of the market revenue share, in 2019. The demand for on-premise deployment of RPA is very high among the large enterprises, which allow RPA vendors to provide advanced on-premise solutions. Furthermore, large organizations are highly concern about data security and breach of information, as a result, creates an opportunity for on-premise deployment. However, the on-premise deployment is time-consuming, costly, and requires a robust environment for the deployment. This is expected to hamper the segment growth in the forthcoming years.

The cloud segment is expected to see the fastest growth with a CAGR of 43.2% during the forecast period, 2020 to 2027. The rising adoption of cloud-based solutions and increasing advantages over on-premise deployments are expected to drive the segment growth. Moreover, cloud-based RPA deployments provide various benefits such as easy deployment, cost-effective solutions, and reduce up-gradation & maintenance costs. Thus, organizations are shifting towards cloud-based deployment. Furthermore, with the advancement in technology, the cyber-security concerns are reducing, thus, projected to drive the segment growth over the forecast period. The cloud-deployed RPA solutions provide flexibility while integrating the business process and remote accessibility features, which enable employees to access real-time data regardless of their locations. 

Organization Insights

The organization segment has been divided into large enterprises and small & medium enterprises. The large enterprise segment has captured more than 67% of the RPA market revenue share, in 2019. Growing demand for automation in the business processes and an increasing number of the virtual workforce among the large enterprises are expected to propel the segment growth over the forecast period. RPA solutions help large enterprises in automation by improving productivity & efficiency, reduces operational costs, minimizes human errors, and improved regulatory compliance. Furthermore, the RPA vendors are offering additional services to the existing clients by extending their licensing period without charging any extra cost, thus, expected to propel the demand for RPA solutions amidst the COVID-19 pandemic. For example, FPT software has extended the licensing period of its product called akaBot in April 2020, by three months for their existing clients. Similarly, UiPath is offering free software to its healthcare sector clients and Automation HUB products to enterprises without any cost.

The SME segment is expected to see the fastest growth during the forecast period, 2020 to 2027. The RPA implementation helps SMEs in improving productivity, reducing operational costs, and gaining a competitive edge in the market. Over the last few years, there has been a huge upsurge in the demand for RPA among SMEs, owing to raising awareness about the benefits of RPA deployment. The growing demand for RPA in BPOs and back-office business processes is projected to create huge growth opportunities for the market in the forthcoming years. Small & medium-sized enterprises require less human resources and the business segments are also limited, which can increase the adoption of RPA among the SMEs. 

Application Insights

The application segment has been divided into pharma & healthcare, IT & telecom, retail & consumer goods, communication, and media & education, BFSI, logistics, and energy & utilities, manufacturing, and others. The BFSI segment held more than 29% share, in 2019. The BFSI sectors require RPA solutions for automating repetitive tasks, such as compliance regulations, transaction emails, advertising offers, and data collection, etc. These solutions improve the accuracy and efficiency of the processes and help in adhering to the regulatory compliances as well as gather a variety of data from different systems. This data is then used for cross-validation purposes and helps in authenticating the person. Additionally, growing security concerns related to bank frauds and cyber-attacks are expected to fuel demand for RPA solutions in the forthcoming years.

The pharma & healthcare segment is expected to see the fastest growth over the forecast period, 2019 to 2025. Rising adoption of RPA solutions in the healthcare sector, owing to the increasing number of labor-intensive activities, rising demand for patient data compliances, and growing number of remittance services. Furthermore, healthcare companies are using smart tools like electronic health record systems, to save the patient data on particular databases, which can be retrieved on the next visit of the patient. Moreover, it also helps in fast automation for various processes like admissions & discharge, health plans, and clinical data interoperability.

Global robotic process automation market

The deployment of RPA technology is expected to help the hospital sector in automating the time-consuming and complex processes such as data flow among the departments, laboratory work, human resources, and paperwork digitization. For example, in April 2020, Automation Anywhere, Inc. has launched intelligent process automation solutions, to help the healthcare sector, commercial organizations, and government sector by enabling them to work remotely. Furthermore, the growing work pressure across the pharma & healthcare sector, due to the outbreak of the COVID-19 pandemic, is expected to increase the adoption of RPA solutions over the forecast period.

Regional Insights

North America held the largest market revenue share and captured more than 37% of the robotic process automation market revenue share, in 2019 and is projected to dominate the market during the forecast period, 2019 to 2025. The market growth is attributed to the high adoption of automated process solutions across the regions, especially in the U.S. Additionally, high penetration of advanced technologies such as AI, NLP, RPA, and machine learning in the large enterprises and growing inclinations of SMEs towards these technologies are expected to drive the regional growth in the forthcoming years. Further, the strong presence of leading players in the market and growing emphasis by the government for deploying RPA across the government agencies are anticipated to augment the regional growth over the forecast period.

The Asia Pacific market is projected to see the fastest growth with a CAGR of 43.3% during the forecasted period, 2020 to 2027. The rising number of multinational companies and growing adoption of automation solutions across various sectors such as BFSI, healthcare, and retail is projected to fuel the market growth. Growing awareness regarding automation technologies is also expected to propel market growth. Furthermore, the rising demand for business process automation solutions in the BPO sector, especially in China, India, the Philippines, Thailand, and Vietnam is augmenting the regional market growth. Although, SMEs in the region are worried about data security and affordability, which is expected to be a challenge for the market players. Additionally, the shortage of RPA expertise and lack of knowledge about the implementation of RPA in the regions are also projected to restrain regional growth. However, the growing number of outsourcing services and increasing awareness about RPA technology are projected to create huge growth opportunities for the market in the upcoming years.

Impact of COVID-19

The COVID-19 pandemic has positively affected the industry, as the demand for automating the hospital management process such as patient records, remittance, and health insurance is continuously increasing during this pandemic. Furthermore, the rising adoption of chatbots and virtual assistants in the BPO sectors are expected to reduce the requirement for human resource, which, in turn, is projected to fuel the demand RPA solutions. The rising integration of RPA with advanced technologies like Cloud computing, AI, and ML is expected to create huge growth opportunities for the market in the forthcoming years. Moreover, AI integrated RPA will improve the accuracy, productivity, and flexibility of the business process. Further, it will eliminate the staff requirements in the back-office process across various industries such as BPO, banking, and insurance, and healthcare. Thus, driving the market growth in the upcoming years. 

Robotic Process Automation (RPA) Market Share Insights

Key companies in the market are Automation Anywhere; Pegasystems; FPT software; OnviSource, Inc.; Pegasystems Inc.; Blue Prism; KOFAX INC.; UiPath; NICE, and others. The competition is very high in the market, due to the presence of several small & large RPA service providers. The leading players of the market are providing advanced automation solutions for the back-office processes. These solutions are cost-effective and provide a user-friendly robotic platform, which processes complex services securely and provides greater flexibility in the business process. Furthermore, the market players are emphasizing offering diverse solutions, to meet the customer requirements and gain a larger share of the market. Moreover, organizations such as Blue Prism and Automation Anywhere, Inc., are increasing their business operations and product offerings & services with the help of strategic initiatives such as partnerships, product development, and merger & acquisitions.

For example, BMC and Automation Anywhere have done a strategic partnership in March 2019, for providing RPA solutions with the BMC Helix. Moreover, the company has enhanced the cognitive automation features of BMC Helix for expanding the deployment of RPA across different business processes. Similarly, in August 2019, Blue Prism has done a partnership with Wipro, to set up an Automation Lab in Australia. Furthermore, Blue Prism has also acquired the Thoughtonomy Company in, June 2019. The acquisition has helped the company in improving the RPA platform, with the help of Software as a service (SaaS) features. Moreover, it will allow customers to enhance productivity without any infrastructure facilities.

Report Scope

Attribute

Details

The market size value in 2020

USD 2.35 Billion

The revenue forecast in 2027

USD 25.56 Billion

Growth rate

CAGR of 40.6% from 2020 to 2027

The base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD million and CAGR from 2020 to 2027

Report coverage

Revenue forecast, competitive ranking, competitive landscape, growth factors, and trends

Segments covered

Type, service, deployment, organization, application, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; France; U.K.; Germany; China; India; Japan; ANZ; Singapore; ASEAN; Brazil; Mexico

Key companies profiled

UiPath; Automation Anywhere; Blue Prism; NICE; Pegasystems; KOFAX INC.; NTT Advanced Technology Corporation; OnviSource, Inc.; EdgeVerve Systems Limited; HelpSystems

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail of customized purchase options to meet your exact research needs.


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For this study, Million Insights has segmented the global robotic process automation market report based on type, service, deployment, organization, application, and region:

• Type Outlook (Revenue, USD Million, 2016 - 2027)
    • Software
    • Service

• Service Outlook (Revenue, USD Million, 2016 - 2027)
    • Consulting
    • Implementing
    • Training

• Deployment Outlook (Revenue, USD Million, 2016 - 2027)
    • Cloud
    • On-Premise

• Organization Outlook (Revenue, USD Million, 2016 - 2027)
    • Large Enterprise
    • Small and Medium Enterprises (SMEs)

• Application Outlook (Revenue, USD Million, 2016 - 2027)
    • BFSI
    • Pharma & Healthcare
    • Retail & Consumer Goods
    • Information Technology (IT) & Telecom
    • Communication and Media & Education
    • Manufacturing
    • Logistics, and Energy & Utilities
    • Others

• Regional Outlook (Revenue, USD Million 2016 - 2027)
    • North America
        • The U.S.
        • Canada
    • Europe
        • France
        • Germany
        • The U.K.
    • The Asia Pacific
        • China
        • India
        • Japan
        • ANZ
        • Singapore
        • ASEAN
    • Latin America
        • Brazil
        • Mexico
    • Middle East & Africa (MEA)

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