The global RPA market is anticipated to grow at a significant CAGR of 31.6% during the forecast period. The rising trend of cloud-based solutions is propelling the growth of the RPA market. The increasing use of Artificial Intelligence (AI) and Machine Learning (ML) is also contributing to market growth. The continuous product improvement targeted by the market players is also contributing significantly towards the growth of the growth the industry. These product improvements are leading to the introduction of new capabilities such as automation lifecycle management, workload management, SLA-based automation, credential management, and Citrix automation. This is coupled by the addition of new data Application Programming Interfaces (APIs).
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Key Trends in the Global RPA Market
- The market is segmented by type (into software and service), by deployment (into cloud and on-premise), by process (into automated solutions, decision support and management solutions, and interaction solutions), by application (into BFSI, healthcare, retail, IT & telecom, manufacturing & logistics, and others) and by region (into North America, Europe, Asia-Pacific, and the Rest of the World).
- In the process segment, automated solutions are expected to hold a considerable market share. This is attributed to the rising demand for automation for repetitive tasks. This helps in streamlining the workflow boosting the profitability, flexibility, and responsiveness of the business.
- The retail sector holds the major market share of the market, resulting from several applications such as returns processing, workflow management, customer support management, accounting and finance, ERP management and marketing, consumer behavior analysis, and more. The rapid growth of the e-commerce industry is also contributing to the growth of the RPA market.
- The North American region is expected to hold a prominent share in the RPA market. The key factors driving the growth of the regional market are the presence of several players and well-developed infrastructure in the region. The increasing initiatives by the government and the regulatory authorities are also driving the industry growth.
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- In addition to North America, Asia Pacific is also expected to hold a considerable share of the market. This would be primarily backed by the rapid development of AI, ML, and robotic technologies in the region.
- Digital assistants in both personal and professional settings are contributing positively to the growth of the industry. This is led by the introduction of intelligent bots and digital assistants (such as Siri and Alexa). Several government organizations and private companies are investing in R&D to develop conversational RPA chatbots, to aid in process automation.
The key market players include Automation Anywhere, Inc., Blue Prism Ltd., Celaton Ltd., FPT Software Ltd., HelpSystems, LLC, NTT Advanced Technology Corp., Pegasystems, UiPath, and others. These are contributing to the growth of the global RPA market through the adoption of various industries such as mergers & acquisitions, collaborations, funding, and new product launches.
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