Declared by Gartner to be at the peak of the Hype Cycle 2017, it is no big surprise that RPA is currently one of the hottest technology trends on the market. Hourses for Sources speaks of a current market size of $443 million. Tendency strongly rising. However, still few companies realize the full potential of the robotic automation technology.
Thus, we would like to give you some insights into the rapidly growing RPA market. We have compiled current facts and figures about the RPA market.
Predicted Market Size by 2023
Analysts predict the RPA market to explode in the upcoming years. Global robotic process automation market is expected to reach $8.69 billion by 2023, according to P&S Market Research.
According to Forrester RPA Report 02/2017, industry sales in 2016 were approximately $ 250 million worldwide. Annual sales are expected to increase to $ 2.9 billion worldwide by 2021. This corresponds to a compound annual growth rate of approximately 63% in the next 5 years (2017-2021).
A study by McKinsey Global Institute (January 2017) estimates that by 2065, 62% of all activities by all workers worldwide can be automated by 30%.
According to SSON Analytics Finance & Accounting are the top sectors automated with 36% of all Intelligent Automation implementations.
In 2016, Ernst & Young released a paper about Robotic Process Automation stating that “as many as 30 to 50% of initial RPA projects fail.”
Get a piece of the cake
These facts and figures clearly show one thing. The potential is enormous, but the successful implementation is beyond expectations. It is time to start automating your repetitive and lengthy processes in order to have freed capacities for the really urgent digital issues of the future.