The rise in demand for virtual staff, the need to minimize operating costs and increase productivity, the need to make business processes simpler, and the importance of delivering an improved customer experience are the main factors that have a positive impact on market development.

Report Overview

Robotic Process Automation (RPA), also referred to as smart automation or intelligent automation, refers essentially to advanced technology that can be programmed to perform a variety of tasks, such as manipulating data, triggering responses, and establishing the appropriate contact with other processes and systems that previously needed human interaction. By following a collection of predefined processes that do not involve information or observations, RPA was designed to minimize the repetitive activity, while the incorporation of AI enables RPA softbots to act as a knowledge-based dynamic system to operate beyond an automated cognitive system. A fast-growing trend of the RPA industry has contributed to the application of RPA from the bill of materials to customer question handling with the intelligence of AI. Robotic Process Automation (RPA) can be introduced in different business divisions to automate various procedures, such as onboarding of payroll processing, order processing, staff, clients, suppliers, and report aggregation.

Market Highlights

The rise in demand for virtual staff, the need to minimize operating costs and increase productivity, the need to make business processes simpler, and the importance of delivering an improved customer experience are the main factors that have a positive impact on market development. Also, some companies are laying-off their workers to decrease the operating costs incurred during the pandemic. To make their processes more effective, reduce the time needed to execute different tasks, and keep the workflow smooth, these factors are forcing companies to implement robotic process automation solutions.

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Global Robotic Process Automation Market: Segments

Global Robotic Process Automation Market is segmented by the process into an automated solution, decision support and management, and interaction solution. The greater market share in 2019 was accounted for by the decision support and management and is projected to attain the fastest growth. A regular aspect of day-to-day work is operational business decisions. Decision support and management-based RPA helps robots to more effectively make decisions and obey business rules without suggesting any technical debt to the company.

Global Robotic Process Automation Market is segmented by operations into rule-based and knowledge-based operations. The greater market share in 2019 was accounted for by the knowledge-based and is expected to see the highest growth during the forecast period. Knowledge-based operations provide a modern paradigm in the logistics and warehouse industries for effective decision-making processes. It helps users to use hybrid strategies by providing collaborative monitoring and optimization of the flow of logistics operations.

Global Robotic Process Automation Market is segmented by Vertical into BFSI, telecom and IT, retail and consumer goods, manufacturing, healthcare and pharmaceuticals, and others. The major growth driver is expected to be the increase in the adoption of RPA among the IT and telecommunications industries to reduce operating costs and boost overall customer satisfaction. By deploying RPA, which includes centralization and consolidation of request management systems for improved performance, enhanced accountability and visibility for service functions, automation of request service-level agreement reporting, and reduction of manual efforts, IT and telecommunications companies will experience other advantages.

Global Robotic Process Automation Market: Market Dynamics

Demand for RPA solutions is also emerging with the growing deployment of SaaS, IaaS, and PaaS offerings for customer relationship management, cloud computing, business resource management, open-source tools, cooperative robot learning, network communication, and other financial applications. Market growth is further generated by the adoption of digital robots for the management of routine work carried out by temporary or seasonal workers, or for workers bursts needed by regulatory spikes, new product releases, or other new operations being implemented.

Top Market Players:

Interaction solution
Company Overview
Business Strategy
Key Product Offerings
Financial Performance
Key Performance Indicators
Risk Analysis
Recent Development
Regional Presence
SWOT Analysis
Automation Anywhere Inc.
NICE
Blue Prism
Pegasystems
KOFAX INC.
NTT Advanced Technology Corporation
EdgeVerve Systems Limited
FPT Software
OnviSource, Inc.
HelpSystems

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