According to a P&S Intelligence report, the global robotic process automation market reached a value of $1.6 billion and is projected to attain $46.0 million by 2030, progressing at a 36.3% CAGR during the forecast period (2020–2030). The RPA technology provides three processes, namely interaction solution, automated solution, and decision support & management solution.
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Because of the growing adoption by the banking, financial services, & insurance (BFSI) industry for enhancing process efficiency and reducing cost, the demand for automated RPA solutions was the highest in the past. North America and Europe have been the largest users of RPA in the past, which is ascribed to reasons including digitalization, technological advancements, increasing adoption of artificial intelligence and machine learning, and rising IT spending across all industries in the regions.
This market research report provides a comprehensive overview of the robotic process automation market
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
- Major players operating in the market and their service offerings
- Recent strategic developments by the major players in the market
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This being said, the requirement for this technology is also projected to rise in the Asia-Pacific region in the coming years due to the growing adoption of new technologies in developing countries such as India and China, which, in turn, is driving the RPA market. The ability to work from home is crucial for days when getting out of the house is impossible for people.
There no better time to realize the importance of working from home than these days, when because of lockdown and the COVID-19, people are unable to leave their houses. Hence, the adoption of RPA is increasing due to the growing need for virtual workforce and need for automating repetitive tasks.