USA Robotic Process Automation Market by Process (Automated Solution, Decision Support & Management, Interaction Solution) by Industry (Banking, Financial Service and Insurance (BFSI), Telecom & IT, Retail and Consumer Goods, Manufacturing, Healthcare and Pharmaceuticals),by region(Northeast, Midwest, West), Size and Forecast, 2019-2025
- Published Date: September 2019
- Report ID: BWC19278
- Available Format: PDF
- Page: 125
USA Robotic Process Automation Market Overview:
USA Robotics Processing Automation (RPA) Market is expected to reach at US$1.55 billion with a CAGR of over 25% of the forecast period from 2019 to 2025. The key factors to grow this market are a reduction in costs, faster processing, improved quality. To maintain accuracy, quality, cost utilization of business processes, Robotic process Automation would be prominent technology which can provide a better solution through the application of Artificial Intelligence and software robots, which is providing a better solution without any human intervention. RPA, Robotic Processing Automation, can learn uncountable skills without any human intervention while performing unlimited processes at one time. With the advancement in digital technology, smaller and bigger enterprise looking towards technology which has zero-error like RPA, which has the capability of faster implementation, execution, and scaling.
Robotic process automation (RPA) is the application of software through the integration of artificial intelligence (AI) and machine learning capabilities to carrying out high-volume, unlimited repeatable tasks that human can do it better accuracy. These types of tasks can be queries, calculations, and maintenance of records and transactions. RPA technology, sometimes called a software robot or bot, which mimics like a human, logging into applications, entering data, calculating and completing tasks, and logging out. Growth of RPA market is led by the need of more in the improvement and scale-up of businesses processes, maintaining data security and make of effectiveness in processing by adapting and interpreting the existing application for processing a transaction, triggering responses, to manipulating data, and communicating with other digital systems. And RPA technologies have the ability to reduce the impact of the costs by automating the processes that were done manually or human worker.
Robotic processing automation market would play a vital role in smaller and bigger enterprises in the upcoming era by improving supply and demand quality processing, to deliver seamless operation, to alleviates human workers of their mundane and repetitive daily tasks by processing workflow much quicker and subsequently more efficiently. RPA will also enable better customer service, ensuring better business operations and processes prescribed with regulations and standards, allowing processes to be completed much more rapidly, providing improved efficiency by digitizing and auditing process data, creating cost savings for manual and repetitive tasks, enabling employees to be more productive.
USA Robotic Process Automation Market: By Process Type
Automated Solution: RPA software robots can manipulate and communicate with business systems and applications to streamline processes and reduce the burden on human employees. Robotic process automation software will grow with a significant rate in the forecast period due to its flexibility and its ability to efficiently integrate workflows across the entire enterprise.
Decision Support & Management: Through decision support & management abilities, they can handle work as Interaction Solution in the back office; also it can work as suddenly there are demands or customer requests that require an immediate answer or solution. With the increasing demand for customer services or customer via voice or written, RPA is emerging as a new decision supporter and manager in the organization world. Hence mentioned drivers would play a major role in the growth of RPA in the forecast period.
USA Robotic Process Automation Market: By Industry Type
Banking Financial Service and Insurance (BFSI): For managing Banking process, RPA can handle all keys processes which are handled by humans without any error like Customer Service Compliance, Accounts Payable, Credit Card Processing, Mortgage Processing, Fraud detection, KYC, General Ledger Report, and Automation Account Closure Process. Financial companies can get the advantage of RPA technology in various ways like the achievement of regulatory compliance with minimal IT development, automate invoice delivery. Apart from this in the Insurance sector, it is helpful in claims registration & processing business. Hence, the mentioned key driver is useful for the growth of RPA in financial and sector in the forecast period.
Telecom & IT: The major keys for application for RPA in customer satisfaction, increment in business value, improving operational efficiency by making error-free and less time, employee management by maintaining attrition and as a helper in skill development and provide a better solution with significant cost reduction. Hence, given drivers will vital in the growth of RPA in the telecom and IT sector in the forecast period.
Retail and Consumer Goods: In retail sector, RPA will beneficial in various ways like order processing and payments without any error and without delay, daily and real-time updating on procurement and inventory management processes, real-time monitoring on inventory, regularly giving notifications and provide regular communication between manufacturers, suppliers, transportation service providers, and customers. Therefore these keys will play paved the way for the growth of RPA in the retail sector in the forecast period.
Manufacturing: Manufacturing sector of USA can benefit of RPA which will provide many advantages like reduction in operational cost, increased control and visibility into end-to-end processes, freed up man resources on repetitive tasks who can focus on more productive tasks, etc. Furthermore, RPA will benefit in operational time and increased quality, and also helpful in the bill of Materials, providing better administration and reporting, give better customer support and service desk and provide a better solution for logistics data automation & in ERP automation. Therefore mentioned factors would provide a platform for the growth of RPA in the manufacturing sector.
Healthcare: In the healthcare sector, through Manpower Savings RPA will save the time of repetitive tasks of the human worker, which will give time to focus more on sensitive work. RPA will also help in bolstering revenue Cycles, by offering optimal Care with zero error and most important is workflows involved in managing Care, coordinating that Care, promoting wellness. Hence mentioned keys would play an important role in the growth of RPA in the healthcare sector.
Pharmaceuticals: The major drivers in the growth of RPA in pharmaceuticals sector are facilitating faster clinical trials and drug approvals through maintaining consistency in data entry, quality control and audit readiness in several targeted activities comprising clinical, regulatory, safety and laboratory operations. Additionally, RPA gives faster responsiveness and provide quality data update to sales representatives. Therefore, the mentioned drivers will be responsible for the growth of RPA in the pharmaceuticals sector in the forecast period
USA Robotic Process Automation Market: By Region Type
Northeast: Major RPA companies of USA headquarters are established in this region, like a blue prism, UiPath Robotic Process Automation, NICE, etc. which shows that significant growth of RPA market in Northwest region in the forecast period will increase penetration more than any region.
West: Due to the presence of Silicon Valley in this region, West region will be fastest-growing market of RPA in the forecast period by which it can attract bigger and smaller enterprises for betterment of operational works.
Midwest: The presence of capital of the USA, Washington DC, which can attract more government offices by applications of RPA and will grow the RPA market with a significant rate in the forecast period.
USA RPA Market Analysis: Competitive Dynamics
The research states that the USA Robotic Process Automation market is highly competitive, with players developing new robotic process automation applications. Some of the key players operating in the U.S. robotic process automation ecosystem are Automation Anywhere, UiPath Robotic Process Automation, Blue Prism, Pegasystems, AntWorks, NICE, Kofax Kapow, Softomotive, Contextor, and AutomationEdge. Most of the major vendors in the USA robotic process automation market are actively focused on enhancing their offerings to meet the ongoing demand for advanced business automation solutions. This includes software integrated with artificial intelligence and cognitive learning.
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