Robotic Process Automation Market To Grow By $750 Million

The market for robotic process automation is forecast to grow by 61 percent year-on-year to 2024, according to UK-based market research firm Technavio, adding $750 million in value.

The forecast takes into account the coronavirus pandemic. It offers analysis on the current trends, drivers, and market environment for RPA.

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Almost half of the value generation will originate from North America, which is considered a leader in robotic process automation deployment. The key driver for RPA growth over the next four years will be improved cost savings for businesses.

The market is still heavily fragmented, with multiple operators offering similar solutions. This fragmentation will decelerate in the next few years, according to Technavio, as large vendors acquire smaller and less successful vendors pull out of the market.

Currently, Accenture, Atos, Deloitte, Infosys, and IBM are some of the major participants, all providing similar RPA services to businesses.