Robotic process automation (RPA) distinguishes itself from traditional IT automation as it can capture and interpret the actions of specific processes in existing software applications. Also, it can manipulate data, trigger responses, initiate new actions, and communicate with other systems autonomously. Large and small companies can gain benefit from RPA by expediting back office and middle office tasks in a wide range of industries, such as insurance, finance, procurement, supply chain management (SCM), accounting, customer relationship management (CRM), and human resource management (HRM).
Before COVID-19 pandemic, 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.
Robotics and automation are disruptively transforming the way businesses function. Presently, more than half of BPO (business process outsourcing) service providers across the world are engaged in mere replication of client processes at reduced costs. Also, the rapidly advancing technological environment imposes constant pressure on BPOs, as their conventional methods become obsolete over the years. RPA innovations and increasing BPO and shared services aim 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.
The South and Central America robotic process automation market analysis by industry vertical, is segmented into BFSI, retail, telecommunication, healthcare, transportation & logistics, and others. All these industries are growing at a considerable growth rate. The telecommunication segment accounted for the largest South and Central America robotic process automation market share in 2020 due to the rising adoption of RPA in the telecommunication industry to reduce operational costs and improve overall customer satisfaction.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 115.3 Million |
| Market Size by 2028 | US$ 1,145.2 Million |
| Global CAGR (2021 - 2028) | 38.8% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Component
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| Regions and Countries Covered | South and Central America
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| Market leaders and key company profiles |