Robotic Process Automation Market To Attain Positive Growth.

Fort Collins, Colorado, Oct. 05, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research published a report titled, "Robotic Process Automation Market Size, Growth, Share, Statistics Report, By Type (Software, Service), By Deployment (Cloud, On-premise), By Organization Size (Large Enterprises, Small & Medium Enterprises), By Application, By Region, and Segment Forecasts, 2023-2032."           

According to DataHorizzon Research, the robotic process automation (RPA) market size was valued at USD 3.7 Billion in 2022 and is expected to have a market size of USD 81.8 Billion by 2032 with a CAGR of 36.6%.

The global report on the RPA market comprehensively analyzes the latest trends and market conditions. It also covers the latest insights from the industry and delves into market opportunities. In today's fast-paced business world, companies have had to adapt to the changing times by automating their workflows. This shift has created an exciting new robotic process automation (RPA) technology. RPA bots emulate human interaction with software applications. These bots execute various actions, including clicking buttons, inputting data, copying and pasting information, and navigating different screens. To facilitate the automation process, RPA software comes equipped with features such as screen scraping, optical character recognition (OCR), and workflow automation. Compared to humans, RPA bots perform tasks faster and more precisely, ultimately enhancing productivity and reducing processing time.

RPA utilizes software bots to mimic human actions and automate repetitive tasks across the enterprise. From telecommunications to retail, banking to accounting, healthcare to HR, and IT, RPA can be used in various industries. By implementing robotic process automation, businesses can efficiently process transactions, trigger responses, manipulate data, and communicate with other digital systems. RPA's benefits include improved customer experience, reduced operational risk, streamlined internal processes, and cost efficiency.

Robotic Process Automation has emerged as a game-changer for organizations seeking to streamline operations and reduce reliance on manual labor. RPA technology automates repetitive tasks and processes, enabling organizations to achieve significant cost savings and improve operational efficiency. By utilizing RPA bots, organizations can process high volumes of work accurately and quickly. The result is faster processing times and reduced errors, which enhances data accuracy and quality. This is particularly important in data entry, extraction, and validation processes. With robotic process automation, organizations can eliminate human errors, which, in turn, improves their decision-making processes. Due to the power of robotic process automation, organizations can optimize their operations and avoid costly errors.

The market for Robotic Process Automation is constantly evolving due to the advancements in Artificial Intelligence, Machine Learning, and cognitive capabilities. These advancements have enabled RPA solutions to handle more complex tasks like natural language processing, sentiment analysis, and advanced data analytics. In addition, a thriving ecosystem of robotic process automation vendors, consultants, and training providers has emerged, offering a wide range of solutions and support services to facilitate the adoption and implementation of RPA. These factors have led to the positive growth and widespread adoption of robotic process automation across various industries, including banking, finance, insurance, healthcare, and manufacturing.

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Report Snapshot

Segmentation Overview:

The RPA market has been segmented by type, deployment, organization size, application, and geography. The market is divided into two categories: software and services. Services have most of the market share, accounting for over 60% of revenue. Automation services constantly improve, increasing the demand for robotic process automation. This allows for increased scalability and decreased costs. By using RPA software, businesses can operate more efficiently, automating manual and back-office tasks quickly and effectively, resulting in cost savings.

The deployment of robotic process automation is categorized into two types: cloud-based and on-premise. Notably, the on-premise segment holds a majority share of over 70%. Businesses ensure that they adhere to internal standards by utilizing RPA on-premise and implementing access controls. This is particularly important for larger businesses that prioritize safeguarding their information and avoiding sharing internal data on the cloud, contributing to the widespread adoption of robotic process automation systems.

Robotic process automation adoption in North America has been impressive, with the region leading. The United States, in particular, has seen widespread RPA adoption across various sectors, including healthcare, banking, financial services, and manufacturing. The presence of major robotic process automation software vendors and technology companies in the region has played a critical role in spurring market growth. These companies provide advanced robotic process automation solutions and support services, driving adoption and innovation. Focusing on improving operational efficiency, reducing costs, and enhancing customer experience has driven RPA adoption in North America.

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Industry Trends and Insights:

• SS&C Technologies Holdings, Inc. partners with NHS Shared Business Services to use intelligent automation in back-office processes, helping more NHS organizations to improve patient care and healthcare workers' experience.

• A collaboration between FPT Semiconductor and Silvaco contributed to the growth of Vietnam's semiconductor industry. This decision is expected to bring positive outcomes and opportunities for both parties and is crucial for the country's economic development. Vietnam's Prime Minister Pham Minh Chinh announced during his visit to the United States.

Robotic Process Automation Market Report Highlights:

• The robotic process automation market is expected to have a market size of USD 81.8 Billion with a CAGR of 36.6% by 2032. Robotic Process Automation is a technology that uses software bots to automate repetitive tasks and processes. RPA can be used in various industries, from telecommunications to healthcare. By utilizing robotic process automation bots, organizations can process high volumes of work accurately and quickly, resulting in faster processing times and reduced errors. RPA's benefits include improved customer experience, reduced operational risk, streamlined internal processes, and cost efficiency. The advancements in AI, ML, and cognitive capabilities have enabled robotic process automation solutions to handle more complex tasks, leading to positive growth and widespread adoption of RPA across various industries.

• The market is split between software and services, with services holding over 60% of revenue. Robotic process automation is in high demand due to improved automation, leading to cost savings through increased manual and back-office task efficiency.

• Robotic process automation deployment comes in two types: cloud-based and on-premise. Over 70% of businesses use the on-premise option, which helps them adhere to internal standards and implement access controls. This is especially important for larger businesses that prioritize information security and avoid sharing data on the cloud.

• Robotic process automation adoption in North America, especially in the United States, has been impressive across healthcare, banking, financial services, and manufacturing. Major RPA software vendors and technology companies in the region have fueled market growth by providing advanced solutions and support services. Robotic process automation adoption is driven by improving operational efficiency, reducing costs, and enhancing customer experience.

• Some of the prominent players in the global robotic process automation market report include Automation Anywhere, Blue Prism, EdgeVerve Systems Ltd., FPT Software, KOFAX, Inc., NICE, NTT Advanced Technology Corp., OnviSource, Inc., Pegasytems, and UiPath. 

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Robotic Process Automation Market Segmentation:

• By Type: Software, Service

• By Deployment: On-premise and Cloud
  

• By Organization Size: Large Enterprises, Small & Medium Enterprises

• By Application: BFSI, Pharma & Healthcare, Retail & Consumer Goods, Information Technology (IT) & Telecom, Communication and Media & Education, Manufacturing, Logistics and Energy & Utilities, Others

• By Region: North America, Latin America, Europe, Asia Pacific, Middle East and Africa

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