Westford, USA, July 22, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Robotic Process Automation Market will attain a value of USD 30.34 billion by 2031, with a CAGR of 31.5% over the forecast period (2024-2031). Growing emphasis on improving productivity and the rising adoption of Industry 4.0 trend are projected to bolster the demand for robotic process automation in the future. Rising use of robots and other advanced technologies for automation will also foster new opportunities for robotic process automation providers.
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Robotic Process Automation Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 3.39 Billion |
| Estimated Value by 2031 | $ 30.34 Billion |
| Growth Rate | Poised to grow at a CAGR of 31.5% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Process, Operation and End User |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Use of artificial intelligence technologies |
| Key Market Drivers | Growing demand for efficiency and productivity in almost all industry verticals |
Automated Solutions Hold Sway Owing to their Ability to Automate Repetitive Tasks and Improve Productivity
Automated solutions are projected to maintain the top spot in the global robotic process automation market over the coming years. Increasing emphasis on automating repetitive and mundane tasks to enhance productivity and promote better resource utilization is projected to help this segment hold a major share of the global robotic process automation market.
Healthcare and Pharmaceutical Industries Slated to Witness Robust Hike in Robotic Process Automation Adoption
Growing demand for more efficiency in the healthcare space has led to the adoption of automation in this industry. Better patient care, faster document processing, and better patient outcomes are being achieved through the implementation of robotic process automation over the coming years. The wide scope of applications for robotic process automation in different aspects of the healthcare and pharmaceutical industry will also foster new opportunities in the future.
High Penetration of Automation Across Industries Helps North America Lead Global Robotic Process Automation Adoption
Strong technological infrastructure and high investments adoption of new automation solutions are helping North America lead the robotic process automation demand outlook. The growing application scope of robotic process automation across multiple applications in different industry verticals will also help augment market growth in the future. High use of robotic process automation by small and medium enterprises and large enterprises will help the United States become the most lucrative market in this region.
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Robotic Process Automation Market Insights:
Drivers
- High emphasis in improving efficiency and productivity
- Advancements in robotics and other advanced automation technologies
- Growing digital transformation across multiple industry verticals
Restraints
- High costs of implementation
- Complexity of integration with legacy systems and infrastructure
- Issues regarding job displacement
The following are the Top Robotic Process Automation Companies
- Automation Anywhere
- Blue Prism
- UiPath
- WorkFusion
- Kofax
- NICE
- Pegasystems
- Redwood Software
- SAP
- Appian
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Key Questions Answered in Robotic Process Automation Market Report
- What drives the global robotic process automation market growth?
- Who are the leading robotic process automation market providers in the world?
- Which region leads the demand for robotic process automation market in the world?
This report provides the following insights:
- Analysis of key drivers (advancements in automation technologies, growing demand for enhanced productivity, rising penetration of digital technologies in multiple industries), restraints (high costs of robotic process automation deployment, resistance to change by workforce due to job displacement concerns, interoperability and integration challenges), and opportunities (use of artificial intelligence, development of industry-specific custom robotic process automation solutions), influencing the growth of Robotic Process Automation market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Robotic Process Automation market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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About Us:
SkyQuest Technology is a leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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Mr. Jagraj Singh
Skyquest Technology
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USA (+1) 617-230-0741
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