The latest report by IMARC Group, titled “Robotic Process Automation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. The global robotic process automation market size reached US$ 3.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.8 Billion by 2028, exhibiting a growth rate (CAGR) of 29.5% during 2023-2028.
Robotic process automation (RPA) is a cutting-edge technology that involves the use of software robots or “bots” to automate repetitive, rule-based tasks within business processes. These tasks can range from data entry and data extraction to data validation and transaction processing. RPA software is designed to mimic human interactions with various digital systems, such as software applications, databases, and websites, in order to perform these tasks efficiently and with high accuracy. One of the key advantages of RPA is its ability to enhance operational efficiency by reducing the need for manual intervention in routine tasks. This not only saves time but also minimizes errors, resulting in improved overall productivity and data accuracy. Additionally, RPA can be integrated into existing systems without the need for extensive coding or system overhauls, making it a cost-effective solution for businesses seeking process automation.
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Robotic Process Automation Market Trends and Drivers:
Businesses are constantly seeking ways to reduce operational costs. RPA enables them to automate repetitive tasks, which not only cuts labor expenses but also minimizes errors, leading to substantial cost savings over time. Additionally, RPA allows employees to focus on more strategic and creative tasks by handling mundane and rule-based processes. This boosts overall workforce productivity and efficiency. Other than this, robots perform tasks with remarkable precision and consistency. This ensures data accuracy and compliance with regulatory requirements, especially crucial in industries like finance and healthcare. Besides this, RPA solutions can be easily scaled to accommodate growing workloads. Businesses can start small and expand automation as needed, making it adaptable to changing demands. In line with this, automation accelerates processes, enabling faster response times to market changes. This agility is a critical factor in gaining a competitive edge in various industries
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Component:
- Software
- Services
Breakup by Operation:
- Rule-based
- Knowledge-based
Breakup by Deployment Model:
- On-premises
- Cloud-based
Breakup by Organization Size:
- Large Enterprises
- Small and Medium Sized Enterprises
Breakup by End User:
- BFSI
- Healthcare and Pharmaceuticals
- Retail and Consumer Goods
- IT and Telecommunication
- Government and Defense
- Transportation and Logistics
- Energy and Utilities
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Amelia US LLC
- Automation Anywhere Inc.
- AutomationEdge
- Blue Prism Group PLC
- Infosys Limited
- International Business Machines Corporation
- Kofax Inc., NICE Ltd.
- Pegasystems Inc.
- UiPath
- Verint Systems
- WorkFusion Inc.
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