Organizations worldwide are identifying processes that can be automated. This is in response to the increase in productivity and efficient use of resources that robotic process automation offers. The global robotic process automation market will project an astounding 17X growth from 2019 to 2029. This can be attributed to the growing adoption of industry 4.0 technologies in modern manufacturing. On the back of benefits such as precision, capacity expansion, and significant reduction in time-to-market of products, robotic process automation is set for a sky rocketing growth trajectory.
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Key Takeaways of Robotic Process Automation Market Study
North America is set to remain in the vanguard of robotic process automation with a majority market value share of 54%. This can be attributed to early adopters (example: the US) that were the first ones to leverage robotic process automation. Multiplying millennial population along with growing geriatric population demand enhanced consumer products that require precision in manufacturing. Robotic process automation provides this much needed precision along with speed and agility. The robotic process automation market in North America is projected to grow at an astounding 28% CAGR from 2019 to 2029. Europe & MEA, collectively account for over 1/4th of the total market value.
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The global robot process automation market is segmented on the basis of type, service, organization, deployment, application and region.
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Upgradation of Workforce Skillset to Propel Market Growth
Market players must invest in developing product offerings that can measure increase in productivity post deployment. It is important for continued success, that all stakeholders of the client organization can understand and utilize robotic process automation technologies. Training and development of workforce skill sets will ensure frictionless adoption of robotic process automation. Hence, to garner increasing revenues it is important for market players to position themselves as a knowledge resource coupled with industry leading technologies. Industry 4.0 technologies will propel market demand for robotic process automation as organizations move towards hyper automation by leveraging the advancements in artificial intelligence (AI), natural language processing (NLP), and communication analytics.
Fact.MR, in its new offering, provides an in-depth analysis of the global robotic process automation market, displaying data on historical demand (2014-2018) and forecast data for the period, 2019-2029. The study provides readers with essential insights on the robotic process automation market on the basis of type (software and service), service (consulting, implementation, and training), organization (SMEs, and large enterprises), deployment (cloud and on premises), application (BFSI, Manufacturing, Pharma & Healthcare, Retail, Telecom & IT, and others), and across 6 key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa)
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