Market Research Report
Robotic Process Automation Market Size, Share & Trends Analysis Report By Type (Software, Service), By Application (BFSI, Retail), By Organization, By Service, By Deployment, By Region, And Segment Forecasts, 2020 - 2027
|Published by||Grand View Research, Inc.||Product code||952598|
|Published||Content info||140 Pages
Delivery time: 2-3 business days
|Robotic Process Automation Market Size, Share & Trends Analysis Report By Type (Software, Service), By Application (BFSI, Retail), By Organization, By Service, By Deployment, By Region, And Segment Forecasts, 2020 - 2027|
|Published: July 3, 2020||Content info: 140 Pages||
Market Growth & Trends
The global robotic process automation market size is expected to reach USD 25.66 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 40.6% over the forecast period. The organization's need to automate structured, repetitive processes to focus on core business activities and reduce operation time and effort is anticipated to drive the growth. The Robotic Process Automation (RPA) can be implemented across various business departments to automate numerous processes such as employee, customer, vendor onboarding, payroll processing, order processing, and report aggregation.
The integration of technology to automate the repetitive task across industries has resulted in accelerated work, reduced human error, and increased throughput. The combination of RPA with cognitive technologies such as speech recognition, machine learning, and Natural Language Processing (NLP) is capable of handling higher-order tasks with Artificial Intelligence (AI) assistance without humans' decision-making capabilities. RPA was designed to reduce the repetitive task by following a set of predefined procedures that do not require knowledge or insights, while the integration of AI allows RPA softbots to function as a knowledge-based dynamic system-to work beyond an automated cognitive system. The application of RPA from the bill of materials to customer query handling with the intelligence of AI has led to a high growth trajectory of the RPA market.
The COVID-19 pandemic effect has resulted in inclination towards cost saving by reducing the number of employees involved in performing the redundant task or improving the efficiency of its workforce using automation software. Specifically, the adoption of robotic process automation has increased in small and medium organizations that need to monitor its cost and human resource more precisely to save on additional and unwanted expenses. The significant benefit of RPA for SMEs includes improved employee and customer satisfaction, enhanced compliance, and accelerated productivity gains with reduced cost and time. Moreover, large enterprises are also adopting RPA to improve their business operation due to the implication of remote working that has affected the overall company business. Hence, changing workforce dynamics is expected to increase the adoption of RPA over the forecast period.