Robotic Process Automation (RPA) Market| Non-availability of Low-cost Industrial Labor to Boost the Market Growth | Technavio

The global RPA market size is poised to grow by USD 7.43 billion during 2020-2024, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

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Technavio has announced its latest market research report titled Global Robotic Process Automation Market 2020-2024 (Graphic: Business Wire)

The non-availability of low-cost industrial labor is one of the major factors driving robotic process automation market growth. Industries demand skilled labor for monitoring supervising various data flow, inputs, and outputs. However, there is a dearth of cost-intensive labors, which encourages industries to implement robotic process automation. These factors will propel the robotic process automation market despite the decelerating growth momentum during the forecast period.

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Report Highlights:

• The major RPA market growth came from the BFSI segment. As the banking and financial services industry is a capital-intensive market that requires a high level of precision and speed, robotic process automation is allowing the industry to improve the service deliverables. The automation of business processes will result in streamlining and managing critical operations within the banking and financial services industry, thereby improving the outcomes and profits for companies.
• North America was the largest robotic process automation market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The large integration of automation in industries will significantly drive robotic process automation market growth in this region over the forecast period.
• The global RPA market is fragmented. Accenture Plc, Atos SE, Blue Prism Group Plc, Cognizant Technology Solutions Corp., Deloitte Touche Tohmatsu Ltd., Infosys Ltd., International Business Machines Corp., IPsoft Inc., NICE Ltd., and UiPath Srl. are some of the major market participants. To help clients improve their market position, this RPA market forecast report provides a detailed analysis of the market leaders.
• As the business impact of COVID-19 spreads, the RPA market 2020-2024 is expected to have Positive and Superior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

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Digitization of Business Processes will be a Key Market Trend

Digitization of business operations is gaining traction due to the focus on value propositions, internal processes, and client relationships. RPA provides several advantages such as data collection, processing, data presentation, and ultimately decision-making. Automation in industries is consequent to the integration of IoT and advanced data analytics that facilitate the improvement of the business processes. The digitization of business processes is one of the key robotic process automation market trends.

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RPA Market 2020-2024: Key Highlights

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will assist RPA market growth during the next five years
• Estimation of the RPA market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the RPA market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of RPA market vendors

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Executive Summary

• Market Overview

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by End-user

• Market segments
• Comparison by End-user
• BFSI - Market size and forecast 2019-2024
• IT/ITES - Market size and forecast 2019-2024
• Telecom - Market size and forecast 2019-2024
• Logistics - Market size and forecast 2019-2024
• Others - Market size and forecast 2019-2024
• Market opportunity by End-user

Customer landscape

• Overview

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• North America - Market size and forecast 2019-2024
• Europe - Market size and forecast 2019-2024
• APAC - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Overview
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Accenture Plc
• Atos SE
• Blue Prism Group Plc
• Cognizant Technology Solutions Corp.
• Deloitte
• Infosys Ltd.
• International Business Machines Corp.
• IPsoft Inc.
• NICE Ltd.
• UiPath Srl

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

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View source version on businesswire.com: https://www.businesswire.com/news/home/20201022005525/en/