Robotic Process Automation Market is expected to reach USD 8.75 billion by 2024

The global RPA market is expected to reach USD 8.75 billion by 2024, according to a new report by Grand View Research, Inc. RPA is maturing in terms of clarity, credibility and applicability, as organizations are increasingly implementing these solutions.

RPA is emerging as a disrupting technology with capabilities of providing benefits such as enhanced accuracy, compliance, cost saving and scalability. As these tools are 65% less expensive than the full-time employees, industry experts have been expecting RPA to disrupt the conventional Business Process Outsourcing (BPO) model and alter the global outsourcing industry.

The key difference between other automation methods and RPA is the approach used for completing the tasks carried by employees. RPA utilizes applications through a standard interface along with the deployment of software without modification to the applications or systems being automated.

The RPA software, despite being a new technology, is neither expensive nor complex as compared with other technologies. The financial sector is embracing RPA within the application industry, followed by healthcare and telecom & IT. The common denominators among these industries are the large volume of data entry and switching among various applications.

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http://www.grandviewresearch.com/industry-analysis/robotic-process-automation-rpa-market

Further key findings from the study suggest:

• The professional services segment is anticipated to grow at a CAGR of over 60% from 2016 to 2024. The growing demand for Business Process-as-a-Service (BPaaS) and is expected to provide growth opportunities.
• Small and medium enterprise are expected to witness the highest CAGR owing to the growing need to reduce the operational cost and enhance efficiency
• Healthcare accounted for over 11% market share in 2015. RPA solutions are increasingly adopted in the healthcare industry as the sector is requires labor-intensive activities and demands on patient rules along with ever increasing amount of data processing.
• The North American robotic process automation market is anticipated to reach over USD 3.5 billion by 2024. This is owing to the increased penetration of automation and process management solutions among small and medium enterprises.
• Latin America is expected to grow at a CAGR of over 52% over the forecast period. The region is embracing automation technologies and applications at a faster pace, owing to the rising RPA awareness.
• The key players in the robotic process automation market include Blue Prism Group Plc, Automation Anywhere Inc., Jacada Inc., Be Informed B.V. and OpenSpan. The cooperation strategy within the ecosystem is enabling business process management service providers and technology integrators to enter into a licensing agreement with the RPA technology providers.