Robotic Process Automation (RPA) Market Predicted to Reach $19.53 Billion by 2027, Claims Allied Market Research

Rise in adoption of RPA technology by organizations to improve their performance, capabilities, and reduced operational costs due to ease in business processes, surged efficiency, and cost-effective and highly profitable operation provided by RPA augment the growth of the global robotic process automation market. The market across North America dominated in 2019 and is expected to lead the trail throughout the forecast period.

Portland, OR, Jan. 12, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global robotic process automation industry was pegged at $1.63 billion in 2019, and is projected to reach $19.53 billion by 2027, registering a CAGR of 36.4% from 2020 to 2027.

Rise in adoption of RPA technology by organizations to improve their performance, capabilities, and reduced operational costs due to ease in business processes, surged efficiency, and cost-effective and highly profitable operation provided by RPA augment the growth of the global robotic process automation market. On the other hand, data insecurity risk and less potential for RPA in knowledge-based business processes hamper the market growth. In addition, integration of new technologies with robotic process automation is expected to create lucrative opportunities in the approaching years.

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COVID-19 Scenario:

• The rising digitalization and reducing labor force is leading to an increase in demand for robotic process automation.

• In addition, the investments for robotic automation process has been increased by manufacturing firms in order to minimize the risks associated with Coronavirus. Therefore, demand for robotic process automation is anticipated to elevate post COVID-19.

Get detailed COVID-19 impact analysis on the Robotic Process Automation Market: https://www.alliedmarketresearch.com/request-for-customization/4381?reqfor=covid

Based on component, the software segment accounted for the lion’s share in 2019, with nearly three-fifths of the global Robotic process automation market, and is anticipated to maintain its lead position based on revenue throughout the forecast period. At the same time, the service segment is projected to showcase the highest CAGR of 38.2% from 2020 to 2027.

Based on industry vertical, the BFSI segment dominated with more than one-fifth of the global robotic process automation market in 2019, and is expected to continue its highest contribution during the forecast period. On the other hand, the healthcare & IT segment is expected to manifest the largest CAGR of 44.9% during the forecast period.

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Based on region, the market across North America accounted for more than two-fifths of the global robotic process automation market in 2019, and is anticipated to maintain its lead position during the forecast period. However, the market across Asia-Pacific region is expected to manifest the highest CAGR of 41.0% from 2020 to 2027.

Key market players in the report include Automation Anywhere, Inc., Blue Prism, EdgeVerve Systems Limited, International Business Machines Corporation, IPsoft Inc., Kofax Inc., NICE Ltd., Pegasystems Inc., UiPath, and WorkFusion, Inc.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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