ROCKVILLE, MD / ACCESSWIRE / April 28, 2020 / The global robotic process automation market is forecasted to exhibit a stellar CAGR of 33% during the forecast period (2020-2029), according to a market study by Fact.MR. Factors predominantly fueling the growth are manufacturers in telecom, travel, insurance, healthcare, and banking realizing cost-effectiveness and labor efficiency by automating production process components.
Robotic process automation bolsters organizations in reducing production timelines and eliminates errors possible in manual processes, thereby significantly benefitting in terms of revenue. Despite the adverse effects the COVID-19 outbreak is having on businesses across the globe, the robotic process automation market is likely to benefit from the outbreak of COVID-19.
The outbreak has disrupted supply chains and manual manufacturing plants have halted production, or operating with limited workforce. This bestows a significant opportunity for players in the robotic process automation market to cater to such and improve sales by installing automation systems. Thereby, robotic process automation helps other industries in mitigating a huge business impact.
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Consulting service segment is expected to register significant growth and account for nearly 57% of overall market share. The growth is primarily attributed to the growing awareness among organizations in developing economies, that are looking for cost-efficient alternatives in technology.
Training segment will remain the second most lucrative segment, owing to increasing investments in training and development by organizations to enhance employee skillset and productivity.
Service product types are projected to lead in terms of market share, accounting for more than 58% of the total value, on the back of enterprise organizations’ preference for end-to-end services to ensure organization-wide deployment of robotic process automation initiatives.
Smart software-based robot process automation is projected will grow at a tremendous rate during the forecast period, owing to suitability and flexibility of deployment which befits the demands of small and medium scale enterprises (SMEs).
Large enterprises will capture the majority of market value share owing to the increasing need of these organizations to expand their global footprint in highly competitive environments.
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North America is expected to persist its dominance in the top spot, accounting for more than half of the global market value. The demand in the region is due to the growing adoption of robotic process automation to cater to the demand for the increasing millennial population.
Banking, Financial Services & Insurance is forecasted to lead the end-use segment, holding more than a quarter of market value, owing to the surging application of artificial intelligence and big data analytics in evaluating consumer candidature for financial services.
Types covered: Software and service
Services covered: Consulting, implementation, and training
Organizations covered: SMEs, and large enterprises,
Deployments covered: Cloud and On premises
Applications covered: BFSI, Manufacturing, Pharma & Healthcare, Retail, Telecom & IT, and others
Regions covered: North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa
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Expert analysis, actionable insights, and strategic recommendations of the veteran research team at Fact.MR helps clients from across the globe with their unique business intelligence requirements. With a repository of over thousand reports and 1 million+ data points, the team has scrutinized the ICT sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Fact.MR’s latest market reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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