Robotic Process Automation Market Is Projected To Expand At A 60.5% CAGR From 2014 To 2024: Grand View Research, Inc.

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According to new report published by Grand View Research, the global robotic process automation market will reach USD 8.75 billion by 2024. Increasing demand for automation of business processes with the help of software robots and artificial intelligence (AI) can drive market growth during the forecast period.

Based on a report by Grand View Research, Inc.; the global robotic process automation (RPA) market is projected to achieve USD 8.75 billion by 2024. The market is anticipated to expand at a 60.5% CAGR from 2014 to 2024 (forecast period). Increasing demand for automation of business processes with the help of software robots and artificial intelligence (AI) can drive market growth during the forecast period. The maturity of the software in terms of application and credibility can lead to rapid implementation of RPAs by enterprises in years to come.

The ability to learn countless skills to meet the increasing demand while following set functions can drive market over the forecast period. In addition, robotic process automation can relieve employees of mundane work and expedite processes to streamline the workflow. This factor can further boost the RPA market in near future. The demand from modern enterprises and the implementation of RPA to transform businesses into a digital work hub can bode well for the market.

Full Research Report On RPA Market Analysis:

Global robotic process automation market by services, 2014 – 2024 (USD Million)

RPA can overcome various obstacles and meet the goals of small and medium enterprises. Continuous advances in robotic process automation technology allow it to deliver operational excellence and eliminate high costs. The implementation of these tools can disrupt the conventional business models in business process outsourcing (BPO) companies which can bolster market expansion during the forecast period. Adoption of RPA across industrial sectors such as finance, healthcare, and telecom & IT can also augment market growth.

The robotic process automation market (RPA) market is segmented by services, organization, application, and region. On the basis of services, the market is divided into professional and training services. The professional services segment is anticipated to exhibit a strong growth rate over the forecast period due to its requirement within organizations for integration and development and infrastructure management. Customized solutions by RPA providers are expected to culminate in high demand. The training segment can rise significantly due to awareness about RPA among small and medium enterprises.

By organization, the market is fragmented into small & medium and large enterprises. The small & medium enterprises segment is projected a high growth rate due to increasing need to reduce operational costs and maximize efficiency. The large enterprises segment can expand due to rising adoption of software by companies. Development of multiple platforms is predicted to augur segment growth during the forecast period.

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U.S. robotic process automation market share, by application, 2016(%)

On the basis of application, the market for robotic process automation is segregated into manufacturing, healthcare, telecom/IT, banking, financial services and insurance (BFSI), retail, and others. The telecom/IT application segment is expected to experience a good growth rate due to implementation to replace archaic business models in the BPO and IT sectors. The healthcare application segment is projected to exhibit a robust growth rate over the forecast period due to the ability of RPA to eliminate processes which restrict information flow.

Regions covered in the market report include North America, Latin America (LATAM), Middle East and Africa (MEA), Asia Pacific (APAC), and Europe. North America dominated the market in 2016 and may reach a valuation exceeding USD 3.5 billion by 2024. Adoption of automation and process management solutions among small and medium enterprises can be credited to this exponential growth. The LATAM market is anticipated to exhibit a CAGR above 52% due to increasing automation of processes and rise in RPA awareness.

The APAC robotic process automation market is expected to showcase a robust growth rate during the forecast period due to advances in machine learning, robots, and AI. It had a valuation of USD 21.3 million in 2016. Awareness regarding RPA and demand for business process automation from BPO solutions providing countries such as China and India can augment market demand.

Key players in the RPA market are OpenSpan; Blue Prism Group plc; Be Informed B.V.; Automation Anywhere, Inc.; and Jacada Inc. The market is highly fragmented with various players offering solutions to scale and expand businesses. The solutions aim to expedite productivity and deliver improved end-solutions to clients. Business process management providers and technology integrators have made a concerted effort with robotic process automation technology providers by entering into licensing agreements. The aim to minimize human errors and maximize productivity can lead to development of better solutions in the market.

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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