According to the report published by Allied Market Research, the global robotic process automation market was pegged at $1.63 billion in 2019, and is projected to reach $19.53 billion by 2027, registering a CAGR of 36.4% from 2020 to 2027.
Rise in adoption of RPA technology by organizations to improve their performance, capabilities, and reduced operational costs due to ease in business processes, surged efficiency, and cost-effective and highly profitable operation provided by RPA augment the growth of the global robotic process automation market. On the other hand, data insecurity risk and less potential for RPA in knowledge-based business processes hamper the market growth. In addition, integration of new technologies with robotic process automation is expected to create lucrative opportunities in the approaching years.
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Based on component, the software segment accounted for the lion’s share in 2019, with nearly three-fifths of the global Robotic process automation market, and is anticipated to maintain its lead position based on revenue throughout the forecast period. At the same time, the service segment is projected to showcase the highest CAGR of 38.2% from 2020 to 2027.
Based on industry vertical, the BFSI segment dominated with more than one-fifth of the global robotic process automation market in 2019, and is expected to continue its highest contribution during the forecast period. On the other hand, the healthcare & IT segment is expected to manifest the largest CAGR of 44.9% during the forecast period.
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Based on region, the market across North America accounted for more than two-fifths of the global robotic process automation market in 2019, and is anticipated to maintain its lead position during the forecast period. However, the market across Asia-Pacific region is expected to manifest the highest CAGR of 41.0% from 2020 to 2027.
Key market players in the report include Automation Anywhere, Inc., Blue Prism, EdgeVerve Systems Limited, International Business Machines Corporation, IPsoft Inc., Kofax Inc., NICE Ltd., Pegasystems Inc., UiPath, and WorkFusion, Inc.
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Key Findings of the Study:
- By component, in 2019, the software segment dominated the robotic process automation market size. However, the services segment is expected to exhibit significant growth during the forecast period.
- On the basis of deployment model, the on-premise segment accounted for the highest revenue in 2019, however, the cloud segment is expected to witness highest growth rate during the forecast period.
- Depending on organization size, the large enterprises generated the highest revenue in 2019. However, the small & medium enterprises segment is expected to witness highest growth rate in the near future.
- Depending on industry vertical, the BFSI segment accounted for the highest revenue of RPA market in 2019. However, the healthcare & pharmaceuticals segment is expected to witness highest growth rate in the near future.
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