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:
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
126.96.36.199 North America
188.8.131.52 Asia Pacific
184.108.40.206 Latin America
3.2.3 Industry value chain
220.127.116.11 Research & development
3.2.4 Competitive landscape
18.104.22.168 Distribution network
22.214.171.124 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
3.5.3 Asia Pacific
3.5.4 Latin America
3.6 Industry impact forces
3.6.1 Growth drivers
126.96.36.199 High demand to minimize operational cost across businesses in North America
188.8.131.52 Increasing demand for RPA across BFSI and IT & telecom industries in Asia-Pacific
184.108.40.206 Rising collaboration and partnership activities with government to develop public sectors in Europe
220.127.116.11 Increasing demand for automation in oil & gas industries in MEA
18.104.22.168 Rising BPO industry in Latin America
3.6.2 Industry pitfalls & challenges
22.214.171.124 High cost associated with the technology
126.96.36.199 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.