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Source: Global Market Insights, Inc

Robotic Process Automation Market to hit $23 Bn by 2026; Global Market Insights, Inc.

Some of the major robotic process automation market participants are NTT Data Inc., Kofax Inc., UiPath, HelpSystems, Blue Prism, Pegasystems, Nice Systems, Rocket Software, Inc., Automation Anywhere and EdgeVerve.

Selbyville, Delaware, Jan. 13, 2021 (GLOBE NEWSWIRE) --

Global Market Insights, Inc. has recently added a new report on the robotic process automation market which estimates the market valuation for RPA will cross US$ 23 billion by 2026.  The increasing need for Enterprise Resource Planning (ERP) by businesses is expected to boost market growth during the forecast timeline.

The RPA industry is facing a few growth restrictions owing to the spread of COVID-19 pandemic across the globe. Companies are facing challenges due to employees not working from office and have incurred losses during lockdown. However, many companies are adopting various industrial practices such as RPA and industry 4.0 to reduce human intervention, digitalization of machine processes, reduce human errors, and streamline the supply chain management.

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RPA software automates large-scale data process and workflow management, billing management, and financial datasheet management. The RPA software provides centralized platform to control all the business process and helps in auditing the information. Moreover, the integration of RPA software with other digital technologies such as natural language processing, AI, and machine learning will help to add more value in the intelligent automation processing. 

Professional services consist of support & consultation services. Professional services help to automate the workflows in the organization. Professional services support organizations to effectively and securely extend RPA to additional services.

The Asia Pacific RPA market is expected to witness growth during the forecast timeline owing to increasing investments in the IT & telecom industry and growing manufacturing & healthcare industry. Organizations in the region are focusing on collaborating and partnering with key global players to provide RPA software for banking and healthcare industries. In April 2018, the China Construction Bank opened a branch in Shanghai managed by AI-operated bots.

Industry players in the market are focusing on developing AI and machine-learning-powered RPA software to expand its product portfolio and ready to offer wide range of applications. Companies are also focusing on acquiring small businesses to increase the company strength and expanding foothold in various regions. For instance, in November 2018, SAP SE acquired Contextor to accelerate expansion and development of SAP Leonardo Machine Learning portfolio.

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Some major findings in the RPA market report include:

  • Growing need for RPA software in the BFSI sector and increasing small-scale businesses in the U.S. will drive the market during the forecast timeline.
  • The energy & utilities segment is expected to grow at a faster rate owing to the need for RPA in various back-office processes such as meter management, customer billing, account management, and electricity consumption management, among others.
  • Europe and North America have many key players focusing on collaborating with respective governments to develop the public sector. Key players are focusing on adopting advanced technologies such as machine learning and AI to provide various automation solutions for BFSI, healthcare, and energy & utilities industries.
  • Key players operating in the RPA include Automation Anywhere, Blue Prism Limited, Nice Systems, Pegasystems Inc., Kofax Inc.., NTT Data Inc., Rocket Software Inc., EdgeVerve, and UiPath. among others.
  • Major strategies adopted by the market players include mergers and acquisitions, new product launches, increasing investments in research & development for new product development, and collaborations with various government organizations to improve the back-office processes.

Partial chapters of report table of contents (TOC):

Chapter 3   Industry Insights

3.1    Industry segmentation

3.2    Impact of COVID-19 on robotic process automation industry landscape

3.2.1    Global outlook

3.2.2    Regional impact    North America    Europe    Asia Pacific    Latin America    MEA

3.2.3    Industry value chain    Research & development    Marketing    Supply

3.2.4    Competitive landscape    Strategy    Distribution network    Business growth

3.3    Industry ecosystem analysis

3.3.1    Technology providers

3.3.2    Software Developers

3.3.3    End use landscape

3.3.4    Distribution channel analysis

3.3.5    Vendor matrix

3.4    Technology & innovation landscape

3.5    Regulatory landscape

3.5.1    North America

3.5.2    Europe

3.5.3    Asia Pacific

3.5.4    Latin America

3.5.5    MEA

3.6    Industry impact forces

3.6.1    Growth drivers    High demand to minimize operational cost across businesses in North America    Increasing demand for RPA across BFSI and IT & telecom industries in Asia-Pacific    Rising collaboration and partnership activities with government to develop public sectors in Europe    Increasing demand for automation in oil & gas industries in MEA    Rising BPO industry in Latin America

3.6.2    Industry pitfalls & challenges    High cost associated with the technology    Lack of awareness regarding RPA in underdeveloped and emerging economies

3.7    Growth potential analysis

3.8    Porter's analysis

3.8.1    Supplier power

3.8.2    Buyer power

3.8.3    Threat of new entrants

3.8.4    Threat of substitutes

3.8.5    Internal rivalry

3.9    PESTEL analysis

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.