RPA Market Size Projection – $8.75 Billion by 2024
The global RPA market is expected to reach US $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. There is a growing demand for Business Process-as-a-Service (BPaaS) and it is expected to provide growth opportunities.
- Small and medium enterprises are expected to witness the highest CAGR due 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 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 US $3.5 billion by 2024. This is due 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, because of the rising RPA awareness.