RPA Market Size Projection – $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.
Highlights of the report
- 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.