Robotic Process Automation Market to Exhibit a 24.9% CAGR by 2027, Finds Fortune Business Insights
The global robotic process automation (RPA) market is expected to gain momentum by reaching $6.10 billion by 2027.
This momentum is attributable to the increasing adoption of advanced technologies such as artificial intelligence (AI) and machine learning, driving demand for modern robotic process automation around the world.
The report found that the market stood at $1.03 billion in 2019 and is likely to exhibit a CAGR of 24.9% between 2020 and 2027.
The global robotic process automation (RPA) market is expected to gain momentum by reaching USD 6.10 billion by 2027. This is attributable to the increasing adoption of advanced technologies such as artificial intelligence (AI) and machine learning that drives the demand for modern robotic process automation across the globe.
Phillippe Norre, KPMG
This information is published by Fortune Business Insights, in its latest report, titled, “Robotic Process Automation Market Size, Share & COVID-19 Impact Analysis, By Deployment (On-Premises, Cloud), By Operation (Rule-Based, Knowledge-Based), By Application (Administration and reporting, Customer Support, Data Migration & Capture Extraction, Analysis, Others), By Industry (Retail, Manufacturing and Logistics Industry, BFSI, Healthcare, IT and Telecom, Hospitality, Others) and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 1.03 billion in 2019 and is likely to exhibit a CAGR of 24.9% between 2020 and 2027.
KPMG Launches Robotic Process Automation Tool in Bahrain to Amplify its Position
In May 2020, KPMG introduced its innovative RPA tool solution that aids in enhancing VAT compliance of a business. According to the company, the new tool automates and facilitates heaps of data workflow, along with dealing with several critical controls for quality assurance.
“Tax accounting and data gathering requires a vital switch to an automated process in tax and other compliance services. Our IT enabled automatic tax solution is specially designed to meet and cater to the requirements of end-to-end automation services of the National Bureau of Revenue (NBR).”, says, Philippe Norre, Head of Tax & Corporate Services at KPMG.
The growing demand for fast and reliable automation processes by several industrial peripherals across the globe is expected to boost the global robotic process automation market growth in the forthcoming years.
Increasing Adoption of Advanced Technologies to Augment Growth
According to a survey by RELX, a leading provider of information-based analytics and decision tools, the adoption of artificial intelligence (AI) has jumped from 48% in 2018 to 72% in 2019. The increasing adoption of modern technologies such as machine learning and AI to automate business functionalities and efficiently handle complex unstructured information is expected to drive the demand for robotic process automation solutions across the globe.
Additionally, the surging adoption of the Industry 4.0 that is leading to the introduction of advanced technologies will bode well for the growth of the market during the forecast period.
Collaboration between Major Companies to Consolidate Their Market Positions
The global market comprises of major companies such as UiPath that are focusing on collaborating with other players to develop innovative RPA solutions and further expand their product portfolio. The other players are striving to maintain their presence by adopting strategies such as partnership, the introduction of new products, and merger and acquisition that is expected to drive the market in the forthcoming years.
Industry Development:
October 2019 – Automation Anywhere announced the launch of AI-based RPA service platform that aims to accelerate the adoption of the advanced technology across the globe.
Further Report Findings:
North America is expected to remain at the forefront and hold the largest global robotic process automation market share in terms of revenue during the forecast period. This is attributable to the growing adoption of automatic process management solutions across several small, medium, and large enterprises in countries such as the U.S. in the region between 2020 and 2027. The region stood at USD 0.38 billion in 2019.
The market in Asia-Pacific is anticipated to showcase an exponential growth owing to the increasing adoption of advanced RPA solutions by several industrial applications such as automotive, manufacturing, and healthcare.
The data migration & capture extraction segment, based on application, held a market share of about 16.3% in 2019 and is expected to experience a considerable growth during the forecast period. This is ascribable to factors such as the rising demand of the consumers for fast and instant solutions to their problems.
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