DUBLIN, May 16, 2022--(BUSINESS WIRE)--The "South and Central America Robotic Process Automation Market Forecast to 2028 - COVID-19 Impact and Analysis - by Component and Industry Vertical" report has been added to ResearchAndMarkets.com's offering.
Increasing BPO and Shared Services Fuels South and Central America Robotic Process Automation Market Growth
The South and Central America robotic process automation market size is expected to grow from US$ 115.3 million in 2021 to US$ 1,145.2 million by 2028; it is estimated to grow at a CAGR of 38.8% during 2021-2028.
Robotic process automation (RPA) provides its users with an ability to in-source and off-shore RPA managed services, which further enables them to regain governance over process without any surplus cost. The cost incurred might even be lesser than off-shore process without RPA. Furthermore, the buyers are attracted toward the robust return on investments offered through RPA deployments.
The evolution of cognitive RPA would expand the market scope and raise the demand for expertise, as such expertise is rare in organizations. This would pave opportunities for RPA service providers, particularly for consulting and training services. Various industries, such as financial services and oil & gas, are expected to be benefitted most from the cognitive RPA.
The demand for enhanced and innovative cognitive RPA is expected to increase in the next 3-5 years. Companies operating in the RPA ecosystem are expected to illustrate their expertise to attain RPA demands at multiple levels.
BPO service providers, who have already implemented RPA solutions, have significantly improved their productivity levels and experienced noteworthy financial gains in the past few years. This has further encouraged several other BPO service providers to implement RPA at an early stage to identify future growth opportunities, reduce debts, and evade unwanted costs.
RPA innovations and increasing BPO and shared services are targeted to minimize human involvement. They would retool their business models to reflect higher service levels such as cost reduction and enhanced cycle speed. This refurbished business model of BPOs will have to incorporate RPA products, further boosting the South and Central America robotic process automation market growth.
South and Central America robotic process automation market analysis by component, the South and Central America robotic process automation market is bifurcated into solution and services. South and Central America robotic process automation market analysis by industry vertical, is segmented into BFSI, retail, telecommunication, healthcare, transportation & logistics, and others.
In the pre-COVID-19 pandemic situation, the demand for robotic process automation (RPA) was rising, owing to the growth of the e-commerce sector in SAM countries. With 649 million people living in SAM and mobile subscribers making up 68% of the population, there is significant potential for growth across the region.
Along with these digitally-connected consumers and SAM is one of the fastest-growing e-commerce markets in the world, comes significant potential in the region. For instance, in 2019, over 150 million South Americans had bought goods and services online, while retail sales alone had surpassed approximately US$ 84.7 billion by 2019, according to the article published by Crunchbase Inc. in December 2019. Thus, the need for RPA in the e-commerce sector had supported the South and Central America robotic process automation market growth in 2019.
In 2020, the COVID-19 pandemic had positively impacted the robotic process automation market in SAM due to the increase in spending in the healthcare sector. As per observation, in October 2020, the Brazilian government spent over 120 billion Brazilian reals (US$ 21.31 billion) on health, out of which more than 37% was aimed at the hospital and outpatient care. Thus, the healthcare industry was positively impacted during 2020. Therefore, the overall COVID-19 impact on the South and Central America robotic process automation market share was positive in 2020.
Further, in 2021 and 2022, with the positive growth of defence, financial institutions, and telecommunication sectors had positively impacted the South America robotic process automation market growth. South America's fintech sector is booming. For instance, a total of US$ 2 billion had been invested in financial services, according to Crunchbase Inc. in June 2021. Therefore, the South and Central America robotic process automation market share will grow during the forecast period due to the growth in the fintech sector.
4. South and Central America Robotic Process Automation Market Landscape
5. South and Central America Robotic Process Automation Market - Key Industry Dynamics
5.1.1 Increasing BPO & Shared Services
5.2.1 Frequent Alterations in Business Rules
5.3.1 Cognitive RPA to Generate Growth Opportunities
5.4.1 Advanced Analytics and Data Mining Capabilities
5.5 Impact Analysis of Drivers and Restraints
6. South and Central America Robotic Process Automation Market Overview
6.2 South and Central America Robotic Process Automation Market Forecast and Analysis
6.3 Market Positioning - Global Key Players
7. South and Central America Robotic Process Automation Market Analysis - By Component
7.2 South and Central America Robotic Process Automation Market Breakdown
7.4.2 Services: South and Central America Robotic Process Automation Market Revenue and Forecast to 2028 (US$ Million)
8. South and Central America Robotic Process Automation Market Analysis - By Industry Vertical
8.2 South and Central America Robotic Process Automation Market Breakdown
9. South and Central America Robotic Process Automation Market - Country Analysis
9.1 South and Central America Robotic Process Automation Market Breakdown, By Country
10. Impact of COVID-19 Pandemic on Robotic Process Automation Market
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