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Robotic Process Automation
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Intelligence covers market and price outlook, SWOT analysis, demand & supply drivers, engagement models and Procurement best practices

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Intelligence on category covers the following aspects market outlook, supply market, SWOT analysis, Cost components & Price outlook, Demand and supply drivers, Engagement Models and Procurement Best Practices

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Assess Supplier Risk based on key risk and compliance parameters

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Supplier assessment covers the following parameters Financial Risk, Ethical, Labor, Environmental Compliance, IT Security.

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Supplier assessment is powered by world’s leading data partners including D&B, CreditSafe, Dow Jones, Refinitiv, Orpheus

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Select suppliers based on industry, country, classification from a database of 4.2 mn suppliers. Get detailed supplier profiles with supplier capabilities, revenue, certifications, risk ratings

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Measure category performance on 15 key parameters across cost, risk and strategy KPIs

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Source Macro Data and Market Indices information from leading data sources across these key areas - Labor Rates, Currency, Energy, Country Risk, Trade Flow/Transportation, Port Data, Tariff, Weather and Epidemics

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Abi will answer all Robotic Process Automation related
procurement queries with relevant data points

Abi - AI powered digital procurement assistant

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Get up-to-date market and supplier info on Robotic Process Automation to help you build

Intelligence covers market and price outlook, SWOT analysis, demand & supply drivers, engagement models and Procurement best practices

1

Intelligence on category covers the following aspects market outlook, supply market, SWOT analysis, Cost components & Price outlook, Demand and supply drivers, Engagement Models and Procurement Best Practices

manage-risk

Assess Supplier Risk based on key risk and compliance parameters

1

Supplier assessment covers the following parameters Financial Risk, Ethical, Labor, Environmental Compliance, IT Security.

2

Supplier assessment is powered by world’s leading data partners including D&B, CreditSafe, Dow Jones, Refinitiv, Orpheus

discover-supplier

Identify right fit suppliers based on your selection criteria including revenue, capabilities, certification, geography

1

Select suppliers based on industry, country, classification from a database of 4.2 mn suppliers. Get detailed supplier profiles with supplier capabilities, revenue, certifications, risk ratings

assess-category-perforamnce

Benchmark your category performance against peers and the market

1

Measure category performance on 15 key parameters across cost, risk and strategy KPIs

source-market-indices

Get information on key factors affecting your supply

1

Source Macro Data and Market Indices information from leading data sources across these key areas - Labor Rates, Currency, Energy, Country Risk, Trade Flow/Transportation, Port Data, Tariff, Weather and Epidemics

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Report Coverage

  • Key Trends and Benefits of RPA
  • RPAs Role in Key Business Process
  • RPA Maturity and Key Industries of Deployment
  • Pricing Models and Cost Components

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Regional Market Outlook on Robotic Process Automation (RPA)

  • The worldwide RPA market was estimated to value $2.29 Bn in 2020 and is forecasted to grow at a CAGR of about 40% during 2020-2024, reaching $8.85 Bn in 2024.
  • Cobots are moving towards heavy-duty material handling, part-handling, and machine tending from their previous small payloads and lighter applications.
  • The robotic process automation market size will expand exponentially despite the economic pressures due to the COVID-19 pandemic.
  • The major driver affecting robotic process automation market trends is the ability of robots to step up process speed, quality, and productivity, all of which are increasingly crucial as businesses strive to fulfill the demands of cost-cutting during the pandemic.
  • Organizations are quickly making headway on their digital optimization moves by investing in RPA software, and the trend is here to stay.

Global RPA: Drivers and Constraints  

Drivers

Reduced labor costs

  • RPA replaces manually-intensive tasks with machines reducing the need for capital resources.
  • The annual cost of a robot ranges from $5,000 to $10,000, which is approximately one-third of an FTE.
  • The reduced reliance on the human workforce for routine, digital tasks will be highly attractive to end-users not only for cost-cutting benefits but also for safeguarding their business against potential impacts of COVID-19-like disasters.

Better Employee Productivity with Minimal Efforts

  • RPA elevates employees into higher functioning roles that make use of their expertise rather than invest a significant time in mundane workflow-based tasks

Rise of innovative RPA applications

  • With companies constantly looking for more ways to apply automation (i.e., cognitive computing, NLP, ML, etc.) in their operations and the continuous technological advancements, this demand would create opportunities for greater number of tasks to be performed entirely by the automated workforce

Constraints

Lack of technical ambiguity

  • Though RPA takes a minimal implementation time, the workforce must satisfy technical and operating requirements for sound implementation, as it involves risk factors across multiple impact points
  • E.g., Defining process rules, modifying IT architecture, data compliance and management, etc.

Managing stakeholder expectations

  • RPA implementation also includes managing expectations of both individual employees whose jobs are impacted by RPA and their managers

Global RPA Industry: Regional Analysis

North America remains in the vanguard of the robotic process automation market given the high penetration of tech solutions among businesses and government agencies across the region. 

Furthermore, the adoption of RPA among small and medium businesses (SMB) in North America – owing to the rising need to improve various business operations, including data entry, accounting/finance, and record-keeping – is favoring the market growth in the developed region. 

The robotic process automation market in the Asia Pacific (APAC) will witness rapid CAGR over the forecast period, with major demand coming from the healthcare, pharma, telecom, and IT industries. Moreover, the rising adoption of automation in the Business Process Outsourcing (BPO) sector in APAC is offering another leg of growth.

Porter's Five Forces Analysis

Supplier Power

  • The RPA market is highly fragmented. Hence, the supplier power is low
  • RPA has a high supplier base, ranging from global to regional vendors, who can cater to specific business needs
  • Due to this, competitive pricing and stiff competition exist across all tiers of players

Barriers to New Entrants

  • The RPA market has low barriers to entry owing to low capital investment and an abundance of the technical workforce.

  • The market is driven by demand for value-added solutions that can deliver value-added services, such as consulting, training, and support.

Intensity of Rivalry

  • Intense competitive rivalry exists, as the vendors are competing to establish product, service differentiation, and competitive advantage in the marketplace by providing a variety of services

Threat of Substitutes

  • The threat of substitution is low as RPA itself is an alternative for the human workforce.

Buyer Power

  • A competitive supplier landscape will be an advantage to the buyer, since they can choose the best-fit service provider from a diversified supplier base
  • Hence, the bargaining power of a buyer is high, as they are provided with choice of selecting a supplier with best-in-class rates and service portfolio (i.e., market leaders to start-ups)

Why You Should Buy This Report

The market report on the robotic process automation trends contains a detailed analysis of various growth drivers, restraints, challenges, and opportunities that the market players will face during the projected timeline. In addition, the research study offers extensive research into the regional developments of the market, affecting its growth during the forecast period. 

Our research analysts have used several methodologies to source insights from industry professionals. The competitive landscape delivers further detailed information into strategies such as collaborations, product launches, mergers and acquisitions adopted by industry players to maintain their edge. 

Robotic Process Automation Frequently Asked Questions

  1. What’s the projected growth of the RPA market?
  2. As per Beroe, the RPA market is forecasted to grow at a CAGR of 40 percent and raise its valuation from $630 million to $3.39 billion by 2023.
  1. What percent share does North America contribute to the RPA market?
  2. Currently, North America contributes nearly 50 percent of the global RPA market and it’s estimated that it will contribute significantly by 2023.
  1. What drives the Robotic Process Automation market in Europe and APAC region?
  2. The contribution to the RPA market w.r.t Europe region is driven by the increase in innovative service quality requirements from end-consumers while for APAC, it’s driven by an increase in IT service providers especially in China, India, Japan, etc.
  1. What are the key robotic process automation market trends worth knowing?
  2. According to Beroe’s analysis, the key industry trend is the fact that Y-o-Y spends for the RPA improved over the last 3 – 5 years and was nearly more than 125 percent.
  1. Who are the key players in the RPA market?
  2. The prominent players of the RPA market include the following names: Accenture Cognizant Capgemini IBM TCS Automation Anywhere Blue Prism UiPath Redwood Verint
  1. Name the major end-use industries that are extensively using RPA technology?
  2. Six major end-use industries are making the most out of RPA and their names are: Manufacturing Media and Advertising Healthcare BFSI Transportation Retail
  1. What percent share do enterprises based out of the US adopt w.r.t RPA?
  2. As per Beroe’s report, enterprises based in the US region capture more than 60 percent of the RPA market.
  1. What’s the estimated annual cost of an RPA robot?
  2. As per the analysis, the annual cost of an RPA robot falls within the range of $5000 to $10,000 and it’s approximately one-third of what an FTE (full-time employee) gets.
  1. How is RPA benefitting the industry and the employees worldwide?
  2. The primary benefit of RPA is that it replaces manually intensive tasks with machines minimizing the need for resources. Additionally, it allows the employees to shift to higher functioning roles and avoid wasting time in mundane workflow-based tasks.
  1. What two parameters indicate that innovative robotic process automation market applications will create demand for the automated workforce?
  2. According to Beroe’s insights, the two parameters that will create more demand and opportunities within the RPA market are: Companies are continuously evolving and looking for ways to apply automation (NLP, cognitive computing, etc.) in their operation cycle Rapid improvements in technology
  1. What are the primary constraints that influence the RPA workflow?
  2. The two constraints that affect the RPA workflow include: The workforce must satisfy technical and operating requirements for proper implementation and minimize risks involved in processes like modifying IT architecture, data compliance, etc. RPA must meet the expectations of both individual employees and the managers whose jobs are affected by its implementation
  1. How does robotics process automation in procurement division impact the suppliers?
  2. The RPA market in general is quite fragmented and involves a huge supplier base (global to regional) and thus competitive pricing and stiff competition exist between the suppliers.

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