According to a new report by Expert Market Research titled, “Global Robotic Process Automation Market Share, Size, Report and Forecast 2024-2032″, the global robotic process automation market size is projected to grow at a CAGR of 36.3% between 2024 and 2032. Aided by the increasing adoption across diverse industries and the growing need for business process efficiency, the market is expected to grow significantly by 2032.
Robotic process automation involves the use of software robots or ‘bots’ to automate routine, monotonous tasks traditionally performed by human workers. These bots are programmed to execute a wide range of tasks, such as data entry, processing transactions, and managing emails, with unprecedented speed and accuracy. RPA is not only redefining the concept of workforce productivity but also enabling significant cost savings and operational efficiency for businesses.
The primary catalyst for the surging robotic process automation market demand is the need for process efficiency and cost reduction across industries. In an era where digital transformation is at the forefront, RPA provides a practical solution for organisations to automate mundane tasks, thereby freeing up human resources for more strategic and creative work. This shift towards automation is particularly evident in sectors like banking, healthcare, telecommunications, and insurance, where large volumes of data processing and documentation are involved.
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Another key factor driving the growth of RPA is the advancement in AI and machine learning technologies. When combined with RPA, these technologies enhance the capabilities of bots, enabling them to handle complex tasks that require decision-making and learning from past experiences.
A notable robotic process automation market trend is the increasing adoption of cloud-based RPA solutions. These solutions offer scalability, ease of implementation, and cost-effectiveness, making them particularly attractive to small and medium-sized enterprises (SMEs).
North America has been leading the RPA market, thanks to early adoption and the presence of key market players. However, Asia Pacific is expected to witness the fastest growth during the forecast period, driven by increasing digitalisation and the growing IT sector in countries like India, China, and Japan.
According to the robotic process automation market analysis, RPA is expected to become more intuitive and intelligent, with enhanced capabilities for handling complex processes and providing deeper insights into business operations. The integration of RPA with other emerging technologies like the Internet of Things (IoT) and Big Data is likely to open new avenues for innovation and application.
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Market Segmentation
The market can be divided based on component, deployment model, organisation size, industry vertical, and region.
Market Breakup by Component
• Software
• Service
Market Breakup by Deployment Model
• On-Premise
• Cloud
Market Breakup by Organisation Size
• Large Enterprises
• Small and Medium-Sized Enterprises
Market Breakup by Industry Vertical
• BFSI
• Manufacturing
• Healthcare
• IT and Telecommunications
• Retail
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global robotic process automation market. Some of the major players explored in the report by Expert Market Research are as follows:
• Automation Anywhere, Inc.
• Blue Prism Limited
• EdgeVerve Systems Limited
• IBM Corporation
• Pegasystems Inc.
• Others
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