According to a 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 – 2025”, published by Grand View Research, Inc. The global robotic process automation market size is expected to reach USD 25.56 billion by 2025, registering a lucrative growth rate of 40.6%, as per a new report by Grand View Research, Inc. The Robotic Process Automation (RPA) can be executed across several business departments to automate various processes such as order processing, customer, employee, vendor onboarding, payroll processing, and report aggregation.
The integration of technology to automate repetitive tasks across industries has resulted in reduced human error, accelerated work, and increased throughput. The integration of RPA with cognitive technologies including machine learning, speech recognition, and Natural Language Processing (NLP) is capable of maintaining higher-order tasks with Machine Learning (ML) & Artificial Intelligence (AI) assistance without humans’ decision-making intervention. RPA is designed to minimize repetitive tasks by applying a set of predefined procedures that do not require knowledge, while the incorporation of AI allows RPA softbots to function as a knowledge-based dynamic system to work beyond an automated cognitive system.
The COVID-19 pandemic has stemmed a need for cost saving by tumbling the number of employees involved in completing redundant tasks or enhancing the efficiency of its workforce with automation software. The adoption of robotic process automation has surged in small and medium companies that need to monitor its cost and human resource precisely to save on additional expenses
Robotic Process Automation Market Highlights
The COVID-19 pandemic is projected to accelerate the demand for a digital workforce and has opened up many opportunities for RPA players since the businesses have started their return towards normality. Furthermore, the companies that have already implemented RPA projects before the COVID crisis had hit, have been successful in staying lean and have earned them monetary benefits amid the ongoing pandemic
In February 2021, Digital Workforce announced that its Azure Cloud-based Roboshore service is being increasingly adopted by dozens of large organizations since the day of launch, including global technology company Nasdaq
The BFSI application is the leading segment and accounted for more than a 29% share of the overall revenue in 2019. RPA implementation is set to gain traction in the BFSI sector due to the rising automation of business tasks, including compliance regulations, data entry, and assembly & formulation
North America held the largest revenue share of more than 37% of the global revenue in 2019 and can be attributed to the increased adoption of automation and process management solutions
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Robotic Process Automation Market Segmentation
Grand View Research has segmented the global robotic process automation market report on the basis of type, service, deployment, organization, application, and region:
Type Outlook (Revenue, USD Million, 2016 – 2027)
Service Outlook (Revenue, USD Million, 2016 – 2027)
Deployment Outlook (Revenue, USD Million, 2016 – 2027)
Organization Outlook (Revenue, USD Million, 2016 – 2027)
Small and Medium Enterprises (SMEs)
Application Outlook (Revenue, USD Million, 2016 – 2027)
Pharma & Healthcare
Retail & Consumer Goods
Information Technology (IT) & Telecom
Communication and Media & Education
Logistics, and Energy & Utilities
Regional Outlook (Revenue, USD Million, 2016 – 2027)
Middle East & Africa (MEA)
List of Key Players in Robotic Process Automation Market
NTT Advanced Technology Corporation
EdgeVerve Systems Limited
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Robotic Process Automation in BFSI Market – https://www.grandviewresearch.com/industry-analysis/robotic-process-automation-bfsi-market
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