Robotic process automation (RPA) Market

The global robotic process automation market size is projected to reach USD 6.81 billion by the end of 2026. Driven by applications across diverse industries, the market will exhibit a considerable CAGR in the coming years. According to a report published by Fortune Business Insights, titled "Robotic Process Automation (RPA) Market Size, Share & Industry Analysis, By Deployment (On-premise, Cloud), By Application (Administration and reporting, Customer Support, Data Migration & Capture Extraction, Analytics, and Others), By Operation (Rule-based, Knowledge-based), By Industry (Retail, Manufacturing and Logistics Industry, BFSI, Healthcare, IT and Telecom, Hospitality, and Others), and Regional Forecast, 2019-2026," the market was worth USD 1.39 billion in 2018 and will exhibit a CAGR of 22.3% during the forecast period, 2019-2026.

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https://www.fortunebusinessinsights.com/robotic-process-automation-rpa-market-102042

Robotic process automation is the accumulation of hardware devices that are integrated with a software. This system is used to automated repetitive tasks and help reduce the overall time required to complete the processes. The use of machine learning algorithms has opened up a huge potential for the growth of the market. The growing demand for automated concepts will emerge in favour of the companies operating in the global robotic process automation market. The use of real-time concepts helps make faster decisions, as a result of which they are witnessing huge demand across the world.

Report Overview:

The report provides a thorough analysis of the robotic process automation market across five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. It analyzes the ongoing trends in each of these regions and highlights the products that have witnessed the highest demand. Besides this, it highlights the factors that have had the highest impact on the market in recent years. The competitive landscape has been discussed in detail and predictions have been made with respect to leading companies and the strategies adopted by these companies. Additionally, the report includes market figures for a forecasted period of 2019-2026.

Increasing Use of RPA in Retail Industry to Aid Growth

The report encompasses several factors that have contributed to the growth of the market in recent years. The benefits of RPA have allowed applications across diverse industries. The use of robotic process automation in the retail industry has proved highly beneficial, especially for the companies operating in this market. RPA cater to customer-centric solutions and services, which in turn have led to a wider product adoption. The ability of RPA to handle customer queries and complaints through an automated medium will bode well for the growth of the market in the coming years.

North America to Emerge Dominant; Presence of Several Large Scale Companies to Aid Growth

The market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in North America is projected to emerge dominant. The highly competitive market in this region has encouraged companies to come up with some exceptional products and make use of advanced concepts. The ability of RPA systems to reduce the overall system costs and subsequently increase product efficacies will have a positive impact on the growth of the market in the coming years. As of 2018, the market in 2018 was worth USD 0.54 billion and this value is projected to increase further in the coming years.

Some of the leading companies that are operating in the global RPA market are:

• AntWorks
• Automation Anywhere
• Blue Prism PLC
• IPsoft, Inc.
• Kofax, Inc.
• Nice Systems Ltd.
• NTT Advanced Technology Corporation
• Pegasystems, Inc.
• Redwood Software
• Uipath SRL

Noteworthy Industry Developments:

March 2019: Nice System Ltd. announced that it has completed the acquisition of CallVU, a company that offers platforms for digital customer engagement and interactive voice response (IVR). Through this collaboration, the company plans to offer high-speed operational systems and products with optimum efficiency.