According to a market report, published by Sheer Analytics and Insights, the total Robotic Process Automation Market was valued at $2.3 billion in 2021 and it is expected to reach $24.3 billion at a CAGR of 24.1% through the forecast period. Robotic process automation deals with the various application of software to complete repetitive works that naturally takes a lot of time and effort for humans to accomplish. Working shifts in business operations to work from home due to the pandemic situation of COVID-19 is expected to benefit the market growth over the forecast period. Furthermore, the rising need for automatic tasks is also expected to drive market growth. The combination of robotic process automation with machine learning and artificial intelligence can help in improving the advanced technology to grow its capabilities to execute works that are similar to human decision-making skills.
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Robotic process automation and artificial intelligence can work together in structuring unstructured data and enhancing and improving business data. Few companies are developing robots that would display the importance of artificial intelligence systems in the robotic automation system. The bot solution would help in overcoming the challenges at work such as recording and analyzing keystrokes from a worker’s desktop for official purposes. The COVID-19 pandemic shattered both the internal and external business processes and industries such as IT and telecom, were affected due to the increasing cases of COVID-19. Therefore, to tackle the growing cases of COVID-19, more testing and registration has needed. In this case, industries of robotic process automation have helped the healthcare system to cope with this situation. Medical sectors have started to deploy automation solutions for desktop operations such as tracking health records, registering cases, and maintaining the treatment status of individual patients.
Large enterprises are expected to increase the capacity of their existing RPA with new advanced technologies during the forecast period. Many organizations are planning to add the license to run innovative RPA software on new servers. However, a corporation must have a professional team and a proper infrastructure to take care of all the operations before installing a robotic process automation technology. Although it is very complex and expensive to set up the infrastructure, therefore, a team must be very well-knowledgeable about this work. Cloud services are playing an essential role in new initiatives these days and this service is providing technology solutions to IT sectors and organizations.
Many retail and manufacturing companies have started to install RPA to reduce manpower work and labor costs. In addition, companies can provide RPA to various sectors for eliminating human errors. Therefore, many industries would need a large number of investments and high consumption of energy to decrease the cost of energy by adopting innovative robotics technology. Key players such as Automation Anywhere (U.S), Blue Prism (U.K), Celaton Limited (U.K), IPSoft (U.S), Nice Systems Limited (Israel), Redwood Software (U.S), UiPath (Romania), Xerox Corporation (U.S) FPT Software and others are dominating the robotic process automation market.
Scope of the Report:
The Global Robotic Process Automation Market Has Been Segmented Into:
The Robotic Process Automation Market – by Type
The Robotic Process Automation Market – by Deployment Mode
The Robotic Process Automation Market – by Organization Size
The Robotic Process Automation Market – by Application
The Robotic Process Automation Market – by Region
North America
Europe
Asia-Pacific
LAMEA
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