A report on Robotic Process Automation (RPA) Market has been appended into the market research report database of Reports and Insights, in recent times, that promises to offer a complete analysis to its readers on the growth forecasts and development prospects of the market, together with the potential business opportunities in the industry. The study, which emphasizes the most recent business dynamics, trends, growth drivers and opportunities that are impacting the market growth, also comprises the market size and the compounded average growth rate (CAGR) for the projected period 2023 and 2031. The report on Robotic Process Automation (RPA) Market also incorporates an in-depth assessment on both the macro- and micro-environmental factors that are likely to impact the market growth over the forecast period. In addition to that, analytical tools such as Porter's five forces analysis and PESTEL analysis are utilized to reckon and gather the factors that are playing the role of the driving force for the growth of the market.

Robotic Process Automation (RPA) Market Overview

The report is titled as ‘Robotic Process Automation (RPA) Market: Opportunity Analysis and Future Assessment 2023-2031’. An overview of conceptual frameworks, analytical approaches of the Robotic Process Automation (RPA) market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The Robotic Process Automation (RPA) market is expected to grow at a significant rate in the near future.

The global Robotic Process Automation (RPA) market is estimated to reach at a value of US$ 1.6 Bn by the end of 2020 and expected to reach at a value of US$ 6.9 Mn by 2028 with a significant CAGR of 19.9%.

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Robotic Process Automation (RPA) Introduction

Robotic process automation (RPA), more commonly known as smart automation or intelligent automation, can be perceived as advanced technologies that can be prioritized to accomplish a string of tasks, including triggering responses, data manipulation, and generating crucial communication with other systems and processes, which originally required human intervention. RPA consists of two distinct types - automation of regular office work and automation of modern intelligent processes via mediums such as Artificial Intelligence (AI). To put it in another way, robotic process automation or RPA can be comprehended as the introduction of digital workers in the corporate organization for the purpose to carry out and perform the work that only human workers were formerly considered capable of doing.

In addition to that, the leading players of the global markets are also aiming their attention to improve their offerings, via adding new and advanced attributes, including workload management, credential management, automation lifecycle management, SLA-based automation, and Citrix automation, as well as introducing latest data APIs. These modifications are further projected to attract newer industries that are looking for higher security and operational capabilities.

Some of the key questions answered in this report: 

• Which are the five top players of the Robotic Process Automation (RPA) Market?
• How will the Robotic Process Automation (RPA) Market change in the upcoming years?
• Which product and application will take a share of the Robotic Process Automation (RPA) Market?
• What are the drivers and restraints of the Robotic Process Automation (RPA) Market?
• Which regional market will show the highest growth?
• What will be the CAGR and size of the Robotic Process Automation (RPA) Market throughout the forecast period?
• What is the current market size, what will the market size be in 2030 and what will the growth rate be?
• What are the challenges to grow in the market?
• What are the market opportunities and challenges faced by the key vendors?
• Who are the major competitors and what is their strategy?
• What are the barriers to entry for new players in the market?

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Robotic Process Automation (RPA) Dynamics

The enormous rise in acceptance and adoption of on-premise RPA solutions by organizations across the world that are pursuing to economize costs by turning a huge volume of processes to be automated through robotic process automation or RPA owing to several benefits it has to offer, comprising compliance, improved accuracy, cost-effectiveness, as well as scalability is measurable, which further leaves a positive impact on various financial services such as error reduction and audit savings, is majorly boosting the growth of the global robotic process automation (RPA) market. In addition, businesses and organizations are shifting to RPA solutions in order to have adequate IT support for keeping up with the infrastructure. Such factors positively fuels the demand of RPA in the global market, thus the global market of RPA is projected to grow rapidly in the near future.

Moreover, the rapid emergence and advancements in technologies like machine learning (ML) and artificial intelligence (AI) is also offering numerous growth opportunities for RPA solutions in the years to come, therefore estimated to propel the growth of the global robotic process automation (RPA) market over the forecast period.

In addition to that, subsequent to 1990s, many businesses and firms are increasingly outsourcing their white-collar work to emerging or developing countries across the world, where labor cost is low in order to reduce their additional operational costs. However, there has been a rise in the labor cost of developing countries as well, which compelled the businesses and organisations to incline towards advanced automation technologies.

With the same token, the automation of white-collar work through RPA, employing technologies like robotics and AI is accelerating the efficiency and effectiveness of work. Owing to which, the RPA is witnessing great demand in the global markets in the present-day world, which is further anticipated to give a positive push to the overall growth of the global robotic process automation (RPA) market over the coming years.

However, the employment of RPA solutions initially requires an appropriate infrastructure as well as skilled and experienced workforce to carry out all the processes in a right manner, which is likely to restrain the growth of the global RPA market in the given timeframe.

 Robotic Process Automation (RPA) Market Segmentation

The global Robotic Process Automation (RPA) market is segmented on the basis of process, operations, type, industry and region. On the basis of the process, the Robotic Process Automation (RPA) market is segmented into Automated Solution, Decision Support And Management Solution, and Interaction Solution. The operations segment is divided into Spend Analysis, E-Sourcing, E-Procurement, Contract Management, and Supplier Management. Furthermore, the type segment is divided into Tools, Services, and Travel & Logistics. On the basis of industry, the market is bifurcated into BFSI, Healthcare & Pharmaceuticals, Manufacturing & Logistics, IT & Telecommunication, Retail, Travel, Hospitality, Transportation, and Others.

By Process

Automated Solution

Decision Support and Management Solution

Interaction Solution

By Operations

Spend Analysis

E-Sourcing

E-Procurement

Contract Management

Supplier Management

By Type

Tools

Services

Travel & Logistics

By Industry

BFSI

Healthcare & Pharmaceuticals

Manufacturing & Logistics

IT & Telecommunication

Retail

Travel

Hospitality

Transportation

Others

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Robotic Process Automation (RPA) Market

Report Spotlights

• Progressive trends in the Robotic Process Automation (RPA) industry to help players develop effective long-term strategies
• Business growth strategies adopted by companies to secure growth in developed and developing markets
• Quantitative analysis of the global Robotic Process Automation (RPA) market from 2023 to 2031
• Estimation of the demand for Robotic Process Automation (RPA) across various industries
• Porter's Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the Robotic Process Automation (RPA) industry
• Recent developments to understand the competitive market scenario and demand for Robotic Process Automation (RPA)
• Market trends and outlook, and factors governing the growth of the Robotic Process Automation (RPA) market
• Understanding the strategies that underpin commercial interest with regard to the market growth, aiding in the decision-making process
• Robotic Process Automation (RPA) market size at various nodes of market
• Detailed overview and segmentation of the market, as well as its industry dynamics
• Robotic Process Automation (RPA) market size in various regions with promising growth opportunities

Robotic Process Automation (RPA) Market Key Players

The global Robotic Process Automation (RPA) market is dominated by Automation Anywhere, Blue Prism, Celaton Ltd, Ipsoft, Nice Systems Ltd., Pegasystems, Redwood Software, Uipath, Verint, Xerox Corporation, among others.

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