The "Robotic Process Automation Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.

The robotic process automation market was evaluated at US$2.039 billion for the year 2020 and is projected to witness a CAGR of 31.5% over the forecast period.

Robotic Process Automation refers to the process of automating the tedious and repetitive tasks in an organization through the use of robots. According to UiPath, a global software company that develops platform for Robotic Process Automation, RPA can be defined as "A technology that allows anyone today to configure computer software, or a 'robot' to emulate and integrate the actions of a human interacting within digital systems to execute a business process." The adoption of emerging technologies like RPA to automate the mundane, rule based repetitive tasks has resulted in accelerated work, reduced human error, and increased output. Combining RPA with advanced cognitive technologies like artificial intelligence (AI), machine learning (ML) and natural language processing (NLP) etc. will allow organisations to automate even those tasks which generally require human decision making capabilities

By using RPA, organisations can reduce their staffing costs as well as human errors by limiting the number of people working on these mundane repetitive tasks. It also increases job satisfaction of employees as they can now focus on tasks and processes which generate value for the organisation and actually make use of their intelligence and capabilities. Processes like web scraping, opening emails and attachments, making calculations, logging into applications among others can be automated with RPA. Given the advantages, some key tips should be kept in mind to derive maximum benefits from the implementation of RPA such as setting and managing goals that the organisation aims to achieve through RPA, putting RPA into the whole development lifecycle of the organisation and considering its impact on the business of the organisation among others.

Story continues

Although RPA has promising benefits across industries, it has its pitfalls too. With the automation of repetitive tasks, a huge chunk of the population might get redundant leading to widespread unemployment. Moreover, the economic outcomes of RPA implementations are far from assured as installation costs of large number of bots may not be as economically viable as it might have expected to be.

Companies Mentioned

Market Dynamics

Growth Factors

Restraints

Impact of COVID-19

The coronavirus pandemic has had a positive impact on the global robotic process automation market. Due to COVID-19 pandemic, the global robotic process automation market has witnessed a sudden rise in 2020 as the pandemic is being a game-changer for the robotic process automation solution providers as industries, especially manufacturing, accelerating the use of bots for repetitive tasks. Also because of the economic downturn caused by the pandemic, more and more businesses got encouraged to adopt automation systems. Also due to the dispersed workforce and ever growing consumer engagement, businesses need systems which can automatically carry these necessary but repetitive tasks.

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

3.1. Research Highlights

4. Market Dynamics

4.1. Market Drivers

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.4. Industry Value Chain Analysis

5. Global Robotic Process Automation Market Analysis, By Type

5.1. Introduction

5.2. Software

5.3. Service

6. Global Robotic Process Automation Market Analysis, By Enterprise Size

6.1. Introduction

6.2. Large enterprises

6.3. Small and Medium Enterprises (SMEs).

7. Global Robotic Process Automation Market Analysis, By Application

7.1. Introduction

7.2. BFSI

7.3. Pharma & Healthcare

7.4. Retail & Consumer Goods

7.5. Information Technology (IT) & Telecom

7.6. Communication and Media & Education

7.7. Manufacturing

7.8. Logistics, and Energy & Utilities

7.9. Others

8. Global Robotic Process Automation Market Analysis, By Deployment

8.1. Introduction

8.2. Cloud

8.3. On - Premise

9. Global Robotic Process Automation Market Analysis, by Geography

9.1. Introduction

9.2. North America

9.3. South America

9.4. Europe

9.5. The Middle East and Africa

9.6. Asia Pacific

10. Competitive Environment and Analysis

10.1. Major Players and Strategy Analysis

10.2. Emerging Players and Market Lucrativeness

10.3. Mergers, Acquisitions, Agreements, and Collaborations

10.4. Vendor Competitiveness Matrix

11. Company Profiles

11.1. UiPath

11.2. Automation Anywhere Inc.

11.3. NICE

11.4. Blue Prism

11.5. Pegasystems

11.6. KOFAX INC.

11.7. NTT Advanced Technology Corporation

11.8. EdgeVerve Systems Limited

11.9. FPT Software

11.10. OnviSource, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/9pd6v6

View source version on businesswire.com: https://www.businesswire.com/news/home/20210401005529/en/

Contacts

ResearchAndMarkets.comLaura Wood, Senior Press Managerpress@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470For U.S./CAN Toll Free Call 1-800-526-8630For GMT Office Hours Call +353-1-416-8900

Read the original:

Worldwide Robotic Process Automation Industry (2021 to 2026) - Featuring Automation Anywhere, NICE and Blue Prism Among Others -...