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BANGALORE, May 9, 2019/PRNewswire/ --
- The total worldwide addressable market for RPA stands at $50 Bn, and the Banking & Financial Services, Insurance, Healthcare, Telecom & Media are the leading industries for RPA adoption
- Attended RPA (bots working together with humans) accounts for ~30% of the market share and is growing at a steady pace
Zinnov, a global management and strategy consulting firm, released the first-of-its-kind global ratings of Robotic Process Automation (RPA) Platform Companies, titled, 'Zinnov Zones for RPA Platforms - 2019'. The study analyzed the global RPA spend across enterprise segments and evaluated RPA platform companies for their scale and capabilities. Zinnov defines RPA spend as the enterprise spend on proprietary RPA platforms, RPA assets developed in-house, and related in-house and outsourced RPA services, including bot configuration, management, deployment, support, and training.
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The study highlighted that the total worldwide addressable market for RPA stands at $50 Bn whereas enterprises spent just over $2.3 Bn on RPA in FY2019. Further, the enterprise RPA spend is expected to grow at 37% annually, to reach over $11 Bn by FY2024. Banking & Financial Services (BFS), Insurance, Healthcare, and Telecom & Media emerged as the leading industries for RPA adoption and accounted for over 70% of the total market.
The study estimated that the total global RPA talent has increased to over 210,000 professionals in FY2019, with India and the US emerging as major RPA talent hotbeds. While both India and the US account for >25% share of this talent pool individually, India is growing at a much faster rate compared to the US and will become the most prominent geography for RPA in the next 12 months. The study also revealed that 34% of large global enterprises have already set up one or more RPA center of excellence (CoEs), of which 80% are in the US or India. Further, over 250 global MNCs currently run their global RPA charters from their Global In-house Centers (GICs) in India.
'Zinnov Zones for RPA Platforms' rating analyzed 14 Global RPA Platform companies on their 'RPA Prowess' and 'Scalability,' to position them in 4 Zinnov Zones ('Nurture Zone,' 'Breakout Zone,' 'Execution Zone,' and 'Leadership Zone'). Apart from the overall ratings on RPA Platforms, the analysis also provides a relative positioning of Platform Companies across 4 key segments -Unattended RPA, Attended RPA, Cognitive RPA, and Security & Governance. Automation Anywhere, UiPath, Blue Prism, and WorkFusion have been identified as leaders for overall RPA Platforms.
Speaking at the launch of the study, Praveen Bhadada, Partner & Practice Head - Digital Transformation, Zinnov, said, "The RPA space is becoming riveting as the exponential growth in this space is catching the attention of global enterprises, Tech Giants, niche ISVs and Service Providers alike. Over 5000 enterprises worldwide are currently deploying RPA in some form, and while the initial traction has been beyond impressive, the next wave of growth will only come in as enterprises scale their RPA adoption significantly. The BPM outsourcing industry is already getting disrupted due to RPA, and IT & Engineering workloads are also likely to attain automation maturity soon. Given the massive opportunity, we expect the RPA industry to generate several technology Unicorns over the next 5 years."
Founded in 2002, Zinnov is a global management and strategy consulting firm, with presence in Silicon Valley, Houston, Bangalore, and Gurgaon. Over the past 17 years, Zinnov has successfully consulted with over 250+ Fortune 500 customers to develop actionable insights that help them in their transformation journeys. With core expertise in Product Engineering and Digital Transformation, Zinnov assists clients by:
Providing research and strategy consulting for Technology Service Providers in the areas of Product Engineering and Digital Transformation;
Enabling companies to develop and optimize a global engineering partner strategy to achieve higher throughput, innovation, productivity, and cost savings;
Growing revenue for companies' products and services in India and other emerging markets;
Helping MNCs expand and/or consolidate their globalization footprint.
With their team of experienced professionals and research teams, Zinnov serves clients from across software, semiconductor, consumer electronics, travel and hospitality, automotive, storage, telecom & networking, healthcare, banking, financial services, and retail verticals in US, Europe, Japan, and India.
For more information, visit http://zinnov.com.
Source: Zinnov PWR