Robotic Process Automation Market Research Report: The market is also predicted to advance at a CAGR of 36.3% from 2020 to 2030

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Nov 04, 2020, 11:40 ET

NEW YORK, Nov. 4, 2020 /PRNewswire/ --

Robotic Process Automation Market Research Report: By Process (Automated Solution, Decision Support and Management, Interaction Solution), Operation (Rule-Based, Knowledge-Based), Offering (Service, Software), Organization (Large Enterprises, SMEs), Vertical (BFSI, Telecom and IT, Retail and Consumer Goods, Manufacturing, Healthcare and Pharmaceuticals) - Global Industry Analysis and Growth Forecast to 2030

Read the full report: https://www.reportlinker.com/p05982454/?utm_source=PRN

The growing requirement for virtual workforce is significantly pushing up the demand for robotic process automation solutions around the world. These solutions allow businesses to set up a virtual workforce, that can work on mundane and routine tasks with extremely high efficiency. This eliminates the requirement for human intervention, which in turn, reduces the operational cost by 50%. Moreover, these solutions offer scalability, on account of their ability to work around the clock.
Unlike humans, robotic process automation systems don't require leaves and can work continuously, which leads to higher business productivity and lower cost of production and allows businesses to attain to higher customer satisfaction. Another huge advantage of these solutions is that they can run continuously in the background, which assists companies in mechanizing back-end processes. This consequently allows the human workers to focus more on other important tasks such as product development and client handling.
For example, IBM Corporation and Automation Anywhere Inc. entered into a partnership with each other in 2017 for helping organizations digitize their operations and attain higher efficiencies in business processes. This partnership aims to provide a set of tools to businesses for simplifying and automating data-intensive operations. These tools would be provided within the processes managed by the process management software of IBM. This way, this partnership would help businesses attain higher customer engagement and revenue growth than before.
Because of the aforementioned factors, the popularity of robotic process automation solutions is growing rapidly across the globe. This is, in turn, driving the expansion of the global robotic process automation market. According to the forecast of P&S Intelligence, a market research firm based in India, the valuation of the market would grow from $1.6 billion to $46.0 billion from 2019 to 2030. The market is also predicted to advance at a CAGR of 36.3% from 2020 to 2030.
Retail and consumer goods, healthcare and pharmaceuticals, banking, financial services, and insurance (BFSI), telecom and IT, and manufacturing are the major industries in which robotic process automation solutions are used. Out of these, the adoption of these solutions is predicted to increase even more in the healthcare and pharmaceuticals industry in the forthcoming years. This is because these solutions offer numerous benefits such as reducing unnecessary expenditure on administrative resources to the companies operating in the healthcare and pharmaceutical industry.
Geographically, the robotic process automation market is predicted to demonstrate the fastest growth in the Asia-Pacific (APAC) region in the future years. This would be because of the increasing gross domestic product (GDP) of the developing nations of APAC such as India and China and the rising public awareness about automation in these countries. Moreover, the adoption of this automation technology is significantly enhancing the productivity of the businesses operating in this region.
Thus, it can be said with confidence that the demand for robotic process automation would increase sharply all over the world in the years to come, primarily because of the growing requirement for automated technologies in various industries and the rising popularity of virtual workforce throughout the world.

Read the full report: https://www.reportlinker.com/p05982454/?utm_source=PRN

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