Redding, California, May 23, 2022 (GLOBE NEWSWIRE) — According to a new market research report titled, “Robotic Process Automation Market by Type (Software, Service), Process, Deployment (Cloud, On-Premises), Application, and Industry (BFSI, Telecom, and IT Industry), and Geography – Global Forecasts to 2029,” the global robotic process automation market is expected to grow at a CAGR of 16.2% during the forecast period to reach $47.19 billion by 2029.
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The growth of this market is attributed to the growing demand for automation in business processes, increasing adoption of advanced technologies to surge demand for robotic process automation solutions, and growing innovations in RPA to accommodate changing consumer demands. However, data insecurity risk is hindering the implementation of robotic process automation solutions in the financial sector. In addition, the growing demand for robotic process automation in logistics and BPO sectors is expected to create significant growth opportunities for the players operating in this market. However, a lack of awareness regarding robotic process automation is a major challenge to the growth of this market.
Impact of COVID-19 on the Robotic Process Automation Market
The outbreak of the COVID-19 pandemic severely affected numerous businesses across the globe. Several industries were negatively impacted due to the…
