As per the report, the total enterprise spent was just over $2.3 Bn globally on RPA in FY2019, of which $570-600 Mn was spend on outsourced RPA services. This spending (on RPA service) is expected to grow at 47% annually to reach over $4.0 Bn by FY 2024. RPA services comprises RPA advisory, bot configuration, management, deployment, support, and training as the major scope of work. The study evaluated 22 major RPA services companies for their scale and capabilities in these areas.
- The top 4 industries – Banking, Financial Services and Insurance (BFSI), Healthcare, Retail & CPG, and Telecom & Media – accounted for 80% of the total spend on RPA services in FY19.
- 40% of the deals signed in the last 12 months are structured as cognitive automation that leverages AI/ML techniques.50% of the service providers have developed their own RPA IPs and continue to invest in their cognitive capabilities to augment their automation capabilities.