South and Central America Robotic Process Automation Market Forecast to 2028 - COVID-19 Impact and Analysis - by Component (Solutions and Services) and Industry Vertical (BFSI, Retail, Telecommunication, Healthcare, Transportation & Logistics, and Others)

South and Central America Robotic Process Automation Market Forecast to 2028 - COVID-19 Impact and Analysis - by Component (Solutions and Services) and Industry Vertical (BFSI, Retail, Telecommunication, Healthcare, Transportation & Logistics, and Others)

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.

The overall South and Central America robotic process automation market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the South and Central America robotic process automation market. The process also serves the purpose of obtaining an overview and forecast for the South and Central America robotic process automation market with respect to all the segments. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the South and Central America robotic process automation market. A few major players operating in the market are Growtec, Atos SE, NICE Ltd., AUTOMATIONEDGE, Pegasystems Inc., SAP SE, Blue Prism Group, HelpSystems, UiPath, and IBM Corporation.Reasons to buy

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South and Central America Robotic Process Automation Market - Companies Mentioned

Growtec
Atos SE
NICE Ltd.
AUTOMATIONEDGE
Pegasystems Inc.
SAP SE
Blue Prism Group
HelpSystems
UiPath
IBM Corporation