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Robotic Process Automation (RPA) Market Size

Report ID: GMI2035
Published Date: Dec 2020
Report Format: PDF

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Robotic Process Automation Market Size

Robotic Process Automation (RPA) Market size exceeded USD 2 billion in 2019 and is estimated to witness around 40% CAGR from 2020 to 2026. Rising demand for automating processes with less human intervention is likely to fuel the RPA industry growth.

Rising demand for RPA in the BFSI industry is creating more market opportunities. The BFSI industry uses RPA software for automating new account entries, financial report generation, loan approval process, and auditing support & validation process.

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Several market factors challenging the industry growth include lack of experienced employees for the implementation of RPA software within an organization. Practical implications of RPA software increase the ROI of the organization, hence RPA providers arrange training and consultation services for the small- and large-scale businesses to develop and acquire new skill set related to RPA.

The global RPA market is poised to see a provisional stoppage due to the spread of the COVID-19. With the rising number of COVID-19 positive cases, many businesses are experiencing financial losses and immediate disruption in the supply chain management, hampering the industry growth. However, many industry players are focusing on acquiring small businesses, new product development, product launches, and partnerships with government organizations to augment the market share.

Robotic Process Automation Market Report Attributes
Report Attribute	Details
Base Year:	2019
Robotic Process Automation Market Size in 2019:	USD 2 Billion
Forecast Period:	2020 to 2026
Forecast Period 2020 to 2026 CAGR:	40%
2026 Value Projection:	USD 23 Billion
Historical Data for:	2016 to 2019
No. of Pages:	200
Tables, Charts & Figures:	353
Segments covered:	Service, Tools, Organization Size, Solution, Operation, Application
Growth Drivers:	High demand to minimize operational cost across business in North America Increasing demand for RPA across BFSI and IT & telecom industries in Asia-Pacific Rising collaboration and partnership activities with government to develop public sectors in Europe Increasing demand for automation in oil & gas industries in MEA Rising BPO industry in Latin America
Pitfalls & Challenges:	High cost associated with the technology Lack of awareness regarding RPA in underdeveloped and emerging economies

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For instance, in May 2020, Kryon, one of the providers of RPA software partnered with Bank of Jerusalem to offer financial services to customers during the COVID-19 pandemic.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The RPA market valued at USD 2 billion in 2019 and is poised to grow at around 40% CAGR through 2026, according to this GMI report.

The process-based segment in Europe is estimated to expand at over 38% CAGR through 2026.

The rule-based operation segment captured more than 65% of Europe robotic process automation market share.

The Europe automated solutions segment is expected to grow at a nearly 43% rate through 2026.

North America BFSI application segment is set to grow at over 40% rate through 2026 as robotic process automation software helps in automating various banking processes.