Robotic Process Automation Market Analysis
Spend growth of this market has the potential to touch a value of over USD 4 billion with spend momentum that will accelerate at a CAGR of more than 30% between 2019-2024. This spend growth will be credited to the extensive adoption of RPA software by buyers in the banking sector. Implementation of RPA software reduces errors while verifying and sending loan applications to concerned departments. The leading enterprises across geographies are levering RPA software to minimize their reliance on offshore employees. This will act another major growth driver in the global robot process automation market.
Top Spending Regions in the Robotic Process Automation Market
According to the forecasts, North America will be one of the leading regions in the global robot process automation market.
North America
Spend growth in the robotic process automation market in this region is the result of a combination of factors such as a robust cloud infrastructure, easy access to employees with a high skill sets, reliable cybersecurity regulations, and strong awareness about emerging technologies among businesses.
Europe
A high demand from buyers from industries such as BFSI and IT will be the primary growth driver for the market in the region. The introduction of stringent data privacy regulations such as GDPR will have also have a positive impact on spend growth in the robot process automation market in this region.
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What are the Key Price Trends in this Market?
- The development of RPA solutions requires highly skilled employees which will consequently propel service providers’ employee acquisition costs. This will ultimately drive the market price of the finished product.
- Rising consolidation in the cloud industry and the robotic process automation market will increase licensing costs.
- Maintenance costs comprise compliance costs, security costs, storage costs, among others which are expected to increase and further propel service providers’ OPEX.
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Insights Offered in this Robotic Process Automation Market Report
- Global and regional spend potential for the robotic process automation market for the period of 2019-2024
- Supplier relationship management practices in the robotic process automation market
- Supplier margins and selection criteria in the robotic process automation market
- Top robotic process automation service providers and their cost structures
- Top robotic process automation service providers in the US and their cost structures
- Robotic process automation market spend analysis in the US
- Robotic process automation price trends, and forecasts
- Cost drivers influencing the robotic process automation prices
Insights into Robotic Process Automation Supply Market
- The robotic process automation market in Europe is expected to exert a strong supply influence with many regional service providers increasingly engaging in strategic M&A for the expansion of their product portfolios and geographical presence.
- Service providers can lower the costs associated with product development by adopting a collaborative approach to new product development. Additionally, cutting down contingency funds during the last stages of the project and adopting a rapid prototyping approach to new product development are also effective ways of reducing product development costs.
- Prior to finalizing a contract with service providers, buyers are advised to conduct an extended live pilot project which will help them to assess the applicability of the solution to the organization’s needs.
Insights into Some of the Leading Robotic Process Automation Service Providers
This robotic process automation market procurement intelligence report has enlisted the top service providers and their cost structures, SLA terms, best selection criteria, and negotiation strategies for the top robotic process automation service providers. The top service providers highlighted in this report include:
- Automation Anywhere Inc.
- NICE Ltd.
- Blue Prism Ltd.
- UiPath
- Kryon System Ltd.
- Kofax Inc.
Criteria to select suppliers in this dynamic robotic process automation market is subject to change based on the day-to-day market outlook. Get a free demo of our procurement platform to gain immediate access into real-time insights to the changing suppliers selection criteria.
