Cognizance into Robotic Process Automation (RPA) Market and it’s growth prospects

One of the fastest emerging and most promising verticals within the sustainable and smart technologies domain, the global robotic process automation (RPA) market is poised to witness notable growth in the future. RPA solutions are experiencing a significant adoption among business aiming to cut operational expenses. Widespread adoption of automated solutions across numerous end-use verticals will positively impact the industry outlook.

Based on the type of solution, the RPA industry is bifurcated into decision and management support, automated, interaction. Interaction solutions are expected to dominate the industry in the coming years. This can be linked with the increasing need for reducing human error rates in processes that interact with the internal IT systems.

In terms of services, the RPA industry includes professional services and training & consulting services. Training and consulting services are expected to witness a substantial demand in the forthcoming years. The demand will be mainly driven by the increasing adoption of RPA solutions among small and medium enterprises (SMEs).

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The RPA industry, on the basis of tool, is segmented into model-based and process-based. Model-based RPA solutions are anticipated to dominate the market over the next few years, with a strong demand for continuous testing tools such as analytics and dashboards.

Based on operation, the RPA market is classified into rule-based and knowledge-based solutions. The demand for knowledge-based RPA tools is expected to grow substantially in the future, with the growing use of AI technology for understanding employee and customer behavior and streamlining business processes. The implementation of advanced analytics solutions will further boost this demand.

Considering the size of the organization, the market includes SMEs and large enterprises. Large enterprises are likely to create a notable demand for robotic process automation tools to minimize operational costs and reduce the dependency on human resources. RPA service providers, meanwhile, are investing in research and development, and adopting collaboration strategies with global players to help address this demand.

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Robotic process automation is extensively used in BFSI, healthcare, IT & telecom, manufacturing, transportation, retail, energy & utilities, and others. The manufacturing sector has been one of the leading adopters of RPA tools and will account for a substantial share of the market by 2026. RPA adoption in manufacturing will be driven by the widespread adoption of industry 4.0 worldwide.

RPA is a critical innovation in industry 4.0 which can help manufacturers improve productivity, drive product innovation, and meet customers' expectations all while lowering costs. From a geographical perspective, the RPA industry in the Middle East and Africa is slated to witness notable growth over the next several years. The regional trends can be associated with the presence of well-established oil and gas companies as well as the emergence of new players.