South and Central America Robotic Process Automation Market Opportunities by 2028

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) 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).

Impact of COVID-19 Pandemic on South and Central America Robotic Process Automation Market

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.

South and Central America Robotic Process Automation Market Insights

Increasing BPO and Shared Services

Fuels Growth of South and Central America Robotic Process Automation Market

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.

Component-Based South and Central America Robotic Process Automation Market Insights

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. The market for the services segment is further bifurcated into professional services and managed services. The service segment accounted for a larger South and Central America robotic process automation market share in 2020 owing to the rising demand for accomplishing the repetitive high-volume tasks by outsourcing RPA and deploying software through the cloud for automation. The intense competition among enterprises has compelled the service providers to enhance their advisory, training, and consulting services. The continued improvement in automation services to achieve increased scalability and reduced cost has boosted the demand for RPA as a service.

Industry Vertical-Based South and Central America Robotic Process Automation Market Insights

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.

 

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South and Central America Robotic Process Automation Market: Strategic Insights

South and Central America Robotic Process Automation Market

• Market Size 2021
  US$ 115.3 Million
• Market Size 2028
  US$ 1,145.2 Million

Market Dynamics

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FUTURE TRENDS

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OPPORTUNITIES

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Regional Overview

• South and Central America

Market Segmentation

Component

• Solutions and Services

Industry Vertical

• BFSI
• Retail
• Telecommunication
• Healthcare
• Transportation & Logistics

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South and Central America Robotic Process Automation MarketReport Scope

South and Central America Robotic Process Automation Market Report Scope