Global Robotic Process Automation Market Insights Forecasts to 2030
- The Global Robotic Process Automation Market Size was valued at USD 6.85 Billion in 2021
- The Worldwide Market is growing at a CAGR of 30.76% from 2022 to 2030
- The Worldwide Robotic Process Automation Market is expected to reach USD 25.83 Billion by 2030
- Asia Pacific is expected to grow the fastest during the forecast period
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The Global Robotic Process Automation Market is expected to reach USD 25.83 Billion by 2030, at a CAGR of 30.76% during the forecast period 2022 to 2030.
Robotic process automation (RPA) or software Robotics is a software automation technique that is used to design, construct, deploy, and manage software bots that replicate human activities while dealing with digital systems and software (AI). It integrates and performs repetitive operations between workplace and productivity apps by combining APIs and user interface (UI) interactions.
RPA technologies facilitate automated execution of diverse tasks and transactions across unconnected software systems by deploying scripts that replicate human operations. RPA tools can be used for a variety of tasks, including receiving an invoice through email, extracting the data, and entering it into a bookkeeping system.
Robotic process automation excels due to its higher accuracy, improved cycle time, and increased productivity in transaction processing. Its applications extend from telecommunications to retail, finance to accounting, healthcare to human resources and information technology. RPA assists businesses with transaction processing, response triggering, data manipulation, and communication with other digital systems.
This research report categorizes the market for Global Robotic Process Automation Market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Global Robotic Process Automation Market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Global Robotic Process Automation Market.
Global Robotic Process Automation Market Report Coverage
|Market Size in 2021:||USD 6.85 Billion|
|Forecast Period 2021-2030 CAGR:||30.76%|
|2030 Value Projection:||USD 25.83 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||200|
|Tables, Charts & Figures:||100|
|Segments covered:||By Type, By Deployment Model, By Industry Vertical, By Region, COVID-19 Impact Analysis|
|Companies Covered:||IBM Corporation, EdgeVerve Systems Ltd., Automation Anywher, KOFAX, Inc., Kyron Systems, OnviSource, Inc., Blue Prism Group PLC, FPT Software, Pegasystems Inc., Nice Systems Ltd., WorkFusion, Inc., UiPath, Jacada Inc., Salesforce, Xerox Corporation, Microsoft Corporation, NTT Advanced Technology Corp., Datamatics Global Services Limited|
|Growth Drivers:||The increased adoption of sophisticated technologies such as artificial intelligence (AI), machine learning (ML), and the cloud is driving the robotic process automation market development.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The increased adoption of sophisticated technologies such as artificial intelligence (AI), machine learning (ML), and the cloud is driving the robotic process automation market development. The primary factors driving expanding demand for robotic process automation include cost-effectiveness, reliability, quality, consistency, enhanced analytics, greater staff productivity, flexibility, and well-organized IT support and management.
The growing usage of SaaS, IaaS, and PaaS services for customer relationship management, cloud computing, enterprise resource management, open source resources, cooperative robot learning, network connectivity, and other financial applications is also fuelling the demand for robotic process automation market.
Furthermore, to remain competitive, robotic process automation systems in the market will need to go beyond task automation and expand their services to include intelligent automation (IA). Robotic process automation is being heavily invested and employed by major corporations to assist automate their business operations and handle more complicated data. Businesses are developing and adopting cloud and AI-based RPA technologies to streamline business processes and workflows automatically.
By employing robotic process automation technology, businesses must also invest in robust infrastructure as well as qualified personnel to manage all processes. Establishing RPA infrastructure, hiring professionals or training current employees, and deploying thousands of bots is time-consuming and expensive. As a result, the high cost of infrastructure and customisation challenges connected with RPA are limiting industry expansion.
In 2021, the services segment is witnessing significant CAGR growth over the forecast period
On the basis of type, the Global Robotic Process Automation Market is segmented into software and services. Among these, the services segment is expected to increase at a significant CAGR during the forecast period. The service segment includes consulting, implementing, training series and other services. The continuous upgrades in automation services that enable high scalability and minimize cost have driven the demand for robotic process automation as a service. The implementation of robotic process automation as a service assists the organization to identify the automation opportunities to be optimized and then building business cases by concentrating on the proper vendor selection for a step toward pilot project deployment. Robotic process automation services also enable increased accuracy and reduce the cost of creating a virtual workforce.
In 2021, the on-premises segment is dominating the market over the forecast period
On the basis of type, the Global Robotic Process Automation Market is segmented into on-premises and cloud. Among these, the on-premises segment is witnessing significant CAGR growth over the forecast period. The rising adoption of on-premises robotic process automation from small-scale business that are seeking to save costs by having a large volume of processes to be automated through RPA and are having sufficient IT support for maintaining the infrastructure. Furthermore, large-scale organizations were hesitant to divulge their information and internal data, resulting in a high acceptance of on-premise robotic process automation system deployment.
In 2021, the BFSI segment is dominating the market with the largest market share of 33% over the forecast period
Based on the industry verticals, the Global Robotic Process Automation Market is segmented into BFSI, retail & consumer goods, healthcare & pharmaceuticals, IT & telecommunication, communication and media & education, government & defense, energy & utilities, and others. Among these, the BFSI segment is dominating the market with the largest market share of 33% over the forecast period. Robotic process automation is used in the banking, financial services, and insurance industries to automate business activities such as crediting loans, account opening, and deposits, among others. Furthermore, the adoption of robotic process automation enhances efficiency and work speed by opening the door to combining robotic process automation with AI, which is required for the BFSI sector to develop new policies and services. The growing number of firms in the robotic process automation industry that provide robotic process automation services tailored specifically for the BFSI sector has also aided the segment's expansion throughout the forecast period.
The healthcare & pharmaceuticals industry has acknowledged the importance of modern IT infrastructure and is shifting its focus to integrating future technology into existing infrastructure. The introduction of robotic process automation has transformed the way healthcare procedures and surgeries are performed. Furthermore, the increase in demand for evidence-based care propels the market segment's growth.
Regional Segment Analysis of the Robotic Process Automation Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
North America is dominating the market with the largest market share of 62%.
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North America, with a 62% market share, is expected to remain the industry's leading region during the projection period. The United States is one of the largest markets for robots and one of the main innovators and pioneers in robotics adoption. Furthermore, the most prominent contributor of year-to-date growth in industrial robots, according to the Robotic Industries Association (RIA), was an 83% increase in units purchased by automobile OEMs for process automation. Rising government and regulatory measures to promote RPA usage throughout variety of industries are projected to drive market expansion during the period of forecasting. More than 30 agencies throughout the region, as per UiPath, are utilizing RPA to remove compliance issues, boost throughput, and minimize long delays.
Asia Pacific is expected to develop the fastest over the forecast period, owing to the increasing adoption of robotic process automation across a variety of industries including manufacturing, retail, IT & Telecom, healthcare & pharma, and many others. Additionally, expanding Industry 4.0 development and increased investment in industrial plants are predicted to boost market expansion, with China, India, and Japan expected to have the largest share in the forthcoming years.
The report offers the appropriate analysis of the key organizations/companies involved within the Global Robotic Process Automation Market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Market Players
- IBM Corporation
- EdgeVerve Systems Ltd.
- Automation Anywhere
- KOFAX, Inc.
- Kyron Systems
- OnviSource, Inc.
- Blue Prism Group PLC
- FPT Software
- Pegasystems Inc.
- Nice Systems Ltd.
- WorkFusion, Inc.
- Jacada Inc.
- Xerox Corporation
- Microsoft Corporation
- NTT Advanced Technology Corp.
- Datamatics Global Services Limited
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In October 2022, Pegasystems Inc. has unveiled the next version of Robot Studio, the low-code authoring environment for Pega's intelligent automation platform. The updated Robot Studio makes it even easier for users of any experience level to swiftly design robotic automations that improve the efficiency of any business process.
- In October 2022, Automation Anywhere, a provider of robotic process automation, has introduced its Automation Success Platform, which includes new robotic process automation solutions for process discovery and document processing. This popular platform enables businesses to automate all elements of their operations.
- In November 2021, Blue Prism and NHS Trusts have announced their collaboration for applying intelligent automation to reduce its cancer care backlog. Blue Prism’s scalable pool of AI-powered digital robots is designed to easily interoperate with all Electronic Patient Record systems and Cancer Registers. This integration supports 24/7 productivity at robot speed.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the Global Robotic Process Automation Market based on the below-mentioned segments:
Global Robotic Process Automation Market, By Type
Global Robotic Process Automation Market, By Deployment Model
Global Robotic Process Automation Market, By Industry Vertical
- Retail & Consumer Goods
- Healthcare & Pharmaceuticals
- IT & Telecommunication
- Communication and Media & Education
- Government & Defense
- Energy & Utilities
Global Robotic Process Automation Market, By Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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