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.
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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.