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According to a new report Global Robotic Process Automation Market, published by KBV Research, The Global Robotic Process Automation Market size is expected to reach $7.2 billion by 2025, rising at a market growth of 32.6% CAGR during the forecast period.
The largest market share in 2019 was recorded by the large enterprises segment. Increasing demand for autonomy has accelerated the acceptance and adoption of virtual workforce by large companies. The adoption of RPA by large enterprises helps them to rely on automation to increase efficiency, lower costs, minimize human errors, and enhance compliance with regulations.
The on-premise segment represented the largest share of the market in 2019. Traditionally, robotic process automation deployment was introduced in large-scale organizations, which allowed RPA vendors to use the building cases. Over the forecast period, the cloud segment is predicted to experience the highest CAGR. The high growth rate is the result of increased adoption of cloud-based technologies. Cloud RPA provides an additional benefit in terms of ease of implementation, lower infrastructure costs, and lower installation and maintenance costs.
RPA adoption is expected to be higher in the BFSI market, as business activities such as data entry, compliance regulations and assembly and formulation are progressively automated, which leads to increased speed, efficiency and detailed insights. Financial service companies are struggling with an ever-increasing number of data volumes and transactions organized around hard-to-integrate legacy systems. Over the forecast period the pharmaceutical and healthcare segment is expected to grow at the fastest CAGR. In the healthcare industry, RPA technologies are increasingly being implemented, as the sector is defined by labor-intensive operations and demanding compliance with patient data along with increasing amounts of data processing.
The North America region led the regional market of robotic process automation in 2019, and its dominance is projected to continue over the forecast period. This can be associated with the growing proliferation of global automation and process management solutions. It is anticipated that the Asia Pacific region will see the fastest CAGR in the forecast period. The frontiers for market growth in the Asia Pacific region are automation, which involves machine learning, robotics and AI.
Structural Insights: https://www.kbvresearch.com/robotic-process-automation-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Verint Systems, Inc., NICE Ltd., Blue Prism Group PLC, Pegasystems, Inc., Genpact Limited, NTT Data Corporation (NTT Advanced Technology Corporation), Automation Anywhere, Inc., UiPath, Inc., Kofax, Inc. (Thoma Bravo LLC), and IPsoft, Inc.
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