Robotic Process Automation Market - Growth, Trends, COVID-19 Impact, and Forecas

Posted by Statzy Market Research on May 14th, 2021

 Robotic process automation (RPA), also called as intelligent automation or smart automation, basically refers to advanced technologies that can be programmed to perform a series of tasks, like data manipulation, triggering responses, and creating necessary communication with other process and systems, which previously required human intervention. Market vendors are also enhancing their offerings, by adding new features in areas, such as automation lifecycle management, workload management, SLA-based automation, credential management, and Citrix automation, as well as adding new data APIs. These enhancements are attracting new industries that are looking for higher operational and security capabilities.

- The increase in the adoption of Artificial Intelligence and cloud-based solutions for internal efficiency among SMEs is thriving the market growth. According to Vistage, among the 13.6% of SMBs leveraging AI, a prominent share is using it to improve business operations, followed by customer engagement.

- Growing deployment of SaaS, IaaS, and PaaS offerings for customer relationship management, cloud computing, enterprise resource management, open source resources, cooperative robot learning, network connectivity, and other financial applications is also developing a market for RPA solutions.

- The rising trend of the shift toward cloud-based solutions and increasing adoption of robot-based solutions, throughout various end-user industries, are expected to create new opportunities for establishment of robotic process automation, globally.

- The adoption of software robots for managing routine work carried out by temporary or seasonal staff, or for staff bursts that are required by regulatory spikes, new product launches, or some new operation being introduced, is further developing the market growth.

Key Market Trends

IT and Telecom is expected to hold major share

- The increase in the adoption of RPA among the IT and telecommunication industries to reduce the operational costs and enhance overall customer satisfaction is expected to be the major growth driver. IT and telecommunication companies can experience other benifits by deploying RPA which includes centralization and consolidation of request management systems for increased efficiency, improved transparency and visibility for service functions, automation of request service-level agreement reporting, and reduction of manual efforts.

- A European telecom provider based in Spain faced various challenges, such as low levels of operational agility, inefficient information flows, and high OPEX and CAPEX. The company over time adopted RPA which helped the company to easily manage its back-office workflow and deal with repetitive and rules-based operational processes. It witnessed almost 14% increase in productivity and was able to decrease the duration of data transfers to just a few minutes, which resulted in total cost reductions totaling EUR 3 million, annually.

- In the information technology (IT) industry various processes such as password management and the logging of service requests, and tasks, like maintenance scheduling in operations, are back-office functions that are highly repetitive and mundane tasks which can easily be replaced by Robotic Process Automation (RPA).

- Moreover, employee onboarding, payroll processing, due diligence, task tracking to CRM updating, adopting RPA in the IT industry can benefit by automating the highly repetitive tasks and can avail additional benefits which inludes saving costs and time.

North America Expected to Hold Significant Market Share

- North America accounted for significant share in the robotic process automation market. The increased demand for robotic process automation in this region is attributed to the rising of automation in various sectors, such as healthcare, electronics, retail, education, services, and government. Due to the high number of outsourced customer services companies and the presence of major vendors in the market studied, the region is dominating the global RPA market.

- Due to the presence of prominent players in the region, coupled with the availability of infrastructure for the successful adoption of RPA, the adoption of robotic process automation solutions is increasing in this region. North America is expected to account for a substantial share in the market, due to the increasing adoption of digital transformation across industries.

- The United States, which is the largest in the BPO sector (as per the data from NASSCOM, the Philippines Labor Statistics, and the US Labor Statistics), is an early adopter of RPA, across enterprises. The growth of the IT and telecom industry in the country is expected to augment the growth of RPA, owing to the benefits it offers.

- The increasing demand for cloud robotics and many companies entering partnerships based in United States is expected to positively impact the market. The region is witnessing increasing focus of the BFSI toward the RPA. For instance, the Bank of America deployed robotic process automation technology to help protect the bank and better serve its customers.

Competitive Landscape

The robotic process automation market is moving towards consolidation, as various acquisitions and collaboration of large companies are expected to take place shortly.

- Feb 2020 - Automation Anywhere launched one of the first integrated artificial intelligence (AI)-driven process discovery solution that discovers business processes and creates bots to automate them. Automation Anywhere Discovery Bot uses AI and machine learning to automatically capture and analyze user actions to uncover common, repetitive process steps, as employees navigation between business applications.

- Feb 2020 - EXL, an operations Management and Analytics company, formed a partnership with Blue Prism PLC. The partnership will see EXL incorporate analytics, artificial intelligence (AI), machine learning (ML), and other innovative technologies into Blue Prism’s connected-RPA platform.

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