The study reveals that the Global Robotic Process Automation Market is expected to cross USD7, 000 Million by 2024, with a CAGR over 27% during the forecast period. Due to significant growth in technologies such as artificial intelligence (AI) and cognitive learning, the adoption of business automation technologies by enterprises has also increased. This has led to a rapid increase in demand for a virtual workforce to eliminate repetitive human efforts, on the back of which, the global robotic process automation market is gaining traction.
Continuous advancement in AI and cognitive computing escalates market growth. With growing advancement in Artificial intelligence & cognitive computing, which include machine learning techniques and greater computational power, Robotic process automation is also gaining traction and is anticipated to show robust growth in the years to come. Earlier AI & RPA were considered as two different technologies, but now they are complimenting each other to process huge volumes of data and providing better decision making for organizations. Cognitive-based computing which includes adaptive learning, speech recognition, and pattern identification algorithm is inherited in robotic process automation to transform business and taking the organization to the next level.
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Rule-based operations: the global market leader
Rule-based robotic process automation operations have been the largest larger contributor to the global robotic process automation market as compared to knowledge-based operation. This operation uses sophisticated computer software that automates rule-based processes, which are statements pre-defined in a software system, without the need for constant supervision of the human workforce.
The rule-based operation has gained significant interest from all sized enterprises as it enables organizations to configure software robots that effectively automate various annual and highly repetitive tasks. It also helps organizations in saving a lot of time by completing an actual human task within a fraction of seconds. The market for rule-based operations is expected to continue its dominance, during the forecast period, as it can be easily integrated within a business ecosystem without disrupting the traditional or legacy business framework
The market to witness the fastest growth in Asia-Pacific during the forecast period
Geographically, North America has been the largest market for robotic process automation, whereas Asia-Pacific is expected to witness the fastest growth among all regions, during the forecast period. The anticipated growth in the market can be attributed to factors such as advancement in new technologies, growing digitalization, growth in the automation software industry, and increasing adoption of business process automation solutions by small and medium scale enterprises in the region. Further, due to increasing demand for automation in major industry tasks such as business process outsourcing (BPO), outbound sales, and other back-office work, industries in the region have high tendency to adopt robotic process automation solutions at a rapid scale in the next few years.
Operational Excellence in the Middle-East is driving the global robotic process automation market
One of the foremost driver due to which the Global Robotic Process Automation Market is gaining traction is considered to be its success in increasing operational excellence in the rapidly developing Middle-East and North Africa (MENA). The regions in line with the global trend have rapidly opened up to embark on the RPA transformation wave. Although in its nascent stage, Robotics process automation has already created significant traction in the GCC region, due to high interest shown by the Middle-East CXOs.
Market Segmentation: Global Robotic Process Automation Market
- Automated Solution
- Decision Support & Management
- Interaction Solution
- Rule based
- Knowledge based
- Training & Support
By User Size
- Large Enterprize
- Telecom & IT
- Retail and Consumer Goods
- Healthcare and Pharmaceuticals
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