San Francisco, 19 September
2018: According to a report by Grand View Research, Inc., global Robotic
Process Automation (RPA) market is estimated to reach at USD
8.75 billion by 2024. The market is also anticipated to expand at a growth rate
of 60.5 % over the forecast period (from 2018 to 2024). Growing
requirement for fast and cost-effective business process solutions to enhance
the operational efficiency is anticipated to propel the market demand.
Implementation of the RPA technology in organizations offers tools to create
software and thus automates any business process. In addition, it can also
learn countless new skills while performing multiple prescribed functions. Such
useful functionalities of RPA technology are likely to augment its demand in
the forthcoming years.
The RPA technology can improve
and scale up data security and operational efficiency in any business by
adapting and interpreting existing application for processing a transaction and
manipulate data. It can also communicate with the existing digital systems in
an organization. The self-learning and self-correcting abilities of this
technology can influence the growth of the market in the coming years.
Increasing use of RPA to automate business processes to replace manual
operations and reduce expenses can fuel market demand in future.
Access
Research Report of Robotic
Process Automation Market@ www.grandviewresearch.com/industry-analysis/robotic-process-automation-rpa-market
The global robotic process
automation market is segregated on the basis of service, application,
organization, and region. Based on service, market is bifurcated into training
services and professional services. In 2016, training segment dominated the
market and is estimated to grow at a similar pace during the forecast period.
Based on application, the market is classified into healthcare, retail,
telecom, manufacturing, BFSI, and others. In 2016, telecom & IT segment
dominated the market and accounted for market share equivalent to USD 65.6
million and is estimated to grow at a CAGR of 60% during the forecast period.
On the basis of geographies,
the market is divided into Europe, Asia Pacific, North America, Latin America,
Middle East & Africa (MEA). In 2016, North America led the market and it is
expected to grow at a similar pace even during the forecast years. Growing
penetration of automation and process management solutions are expected to be
the key factors fueling the market growth in the region. In addition, rising
adoption of virtual workforce technology in businesses is also likely to foster
the market growth in this region.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
The Asia Pacific regional
market accounted for a market share equivalent to USD 21.3 million in 2016. The
region is likely to witness a significant growth during the forecast period due
to high adoption of automation solutions including robots, Artificial
Intelligence (AI), and Machine Learning (ML). In addition, high demand for
business process automation, particularly in the BPO sector, in emerging
economies such as India and China can bode well for the region’s growth. In
Latin America, the RPA market is predicted to grow at phenomenal CAGR of 52%
during the forecast period. Rising adoption of automation technologies and
their applications is said to stimulate the region’s development over the
coming years.
Some of the leading companies
offering RPA technologies are Jacada Inc.; Blue Prism Group Plc; Automation
Anywhere Inc.; Be Informed B.V.; and OpenSpan. The robotic process automation
market is highly competitive thus, most companies focus on offering most
advanced and superior solutions to maintain their industry positions. In
addition, these companies also implement RPA technology internally in order to
automate their back-end processes, which expedites productivity and enhances
the product quality.
Access
Press Release of Robotic Process Automation Market@ www.grandviewresearch.com/press-release/global-robotic-process-automation-rpa-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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