The Robotic Process Automation Market size was valued at USD 3.21 billion in 2023 and is expected to grow to USD 26.43 billion by 2031 and grow at a CAGR of 30.15% over the forecast period of 2024-2031.
The key drivers of market growth are improving operational costs for enterprises that have become more and more reliant on mobile devices, as well as increasing demand for artificial intelligence and machine learning, technological innovation and new technology products. In order to generate a higher return on investment and increase productivity, RPA adoption is increasing across organisations of all sizes.
Get more information on Robotic Process Automation Market - Request Sample Report
Robotic process automation is the use of technology to configure computer software or robots to capture and interpret existing applications for the rule-based processing of transactions, to manipulate data, trigger responses, and communicate with other digital systems. Robotic process automation refers to the use of intelligent software for carrying out large volumes and repetitive tasks which typically take a great deal of time from people.
Key Drivers:
Increasing the effectiveness and productivity of the organisations
RPA aims at automated tasks that have traditionally been performed by humans, such as repetitive and rule-based activities. Organizations can increase their efficiency and productivity with the use of software robots. The RPA solution can be used for a long period of time without interruption, resulting in faster completion and an increase in the rate at which tasks are completed thereby increasing efficiency. This will allow more strategic and value-added activities to be carried out by human staff.
Rapid growth in the e-commerce industry
Restraints:
Security Risk
However, market growth is likely to be hindered by data insecurity that may impede the implementation of Knowledge Based Business Processes in the financial sector and limiting potential for Robotic Process Automation. The robotic process market automation is expected to be hampered by a lack of awareness about robotic process automation.
Opportunities:
Integration of cognitive technologies
The integration of cognitive technologies is another significant factor that shapes the definition of robotic process automation (RPA) and impacts the way businesses operate. The capabilities of RPA systems are enhanced by cognitive technologies such as Artificial Intelligence, Natural Language ProcessingNLP, and Machine LearningML.
Growth in cloud-based RPAs
Challenges:
Increasing innovations in Technology
Companies are increasingly adopting RPA in different sectors, such as retail and manufacturing, in order to reduce their labour costs, as the cost of labour continues to increase. Moreover, companies will be able to produce high quality products and avoid human error with the adoption of robotics technologies. In addition, energy consumption needs to be increased in a number of manufacturing sectors and plans are being made for reducing energy costs.
Impact of Economic Slowdown:
The market for revenue cycle management RCM, with certain growth segments and others facing challenges, seems to be buffeted by an ongoing slowdown in the economy. The increasing adoption of Digital Solutions and increased emphasis on effective revenue management in healthcare organisations are expected to drive the market for RCM. Strategic partnerships aimed at improving the operation of the revenue cycle and patient outcomes are key developments. The market continues to be dominated by the demand for comprehensive RCM solutions, which give healthcare organisations a simplified approach to manage their various financing activities. These solutions are sought for their capacity to reduce errors, improve administrative efficiency and increase overall productivity. Mainly because of its cost effectiveness, flexibility, and ability to facilitate data sharing and backend encryption, cloud-based segments are expected to grow rapidly.
Several factors, such as favourable government regulations, increases in healthcare expenditure and an increasing trend towards offshoring RCM solutions, have positive impact on the market of RCM. In spite of economic uncertainties, these factors have contributed to a strong growth on the RCM market as a whole.
Overall, the economic slowdown is driving healthcare organisations to seek more effective, cost effective, and innovative RCM solutions, ensuring the continued growth and development of the RCM market.
The impact of the Ukraine crisis on RPA market reflects both challenges and opportunities arising in times of global uncertainty, as reflected by the fact that Russia's relations with Ukraine are complex. Greater trends in the business process automation sector, which includes RPA, can offer some insight although precise details on direct effects are not fully documented.
Despite the challenges posed by the Russia Ukraine conflict, the global market for business process automation has grown to include RPA as well as other technologies. Economic sanctions, commodity price surges and supply chain disruptions have been triggered by the conflict affecting a wide range of global markets. Nevertheless, due to the need for better efficiency, improved productivity and benefits from automation in terms of costs and time, the market for business process automation is still expanding.
In addition, key trends in the RPA market include advances in technology and a focus on customer experience. New opportunities for improving process quality and productivity are emerging from technological innovations such as the integration of artificial intelligence with RPA. The adoption of RPA is also driven by the emphasis on improving customer interactions and experiences, which enables more efficient transactions, faster response time as well as personalised care.
While the Russia-Ukraine crisis presents challenges, it also underscores the importance of agility and resilience in business operations. By automating routine tasks and processes and freeing up human resources for more strategic initiatives, RPA plays an important role in enabling businesses to maintain continuity and adapt to changing circumstances.
By Type
Software
Service
Consulting
Implementing
Training
The biggest market share in 2023 is expected to come from the robotic process automation service segment, which will account for about 64.2%. Consultations, implementation and training series are part of the services segment. The RPAA service providers have increased the services they offer as a result of increased competition between enterprises. The demand for RPA as a service has been stimulated by continuous improvements of the automation services, which allow large scale and reduced costs.
By Deployment
Cloud
On-premise
The biggest share in 2023 is projected to be held by the segment of on premises market for robotic process automation, which stands at over 72.3%. Businesses can ensure that RPA access policies are in line with internal protocols through on-premise deployment of RPA. In addition, it helps the company to manage the RPA systems of its customers in relation to the requirement. Moreover, the high adoption of on premise was due to doubts in larger enterprises about disclosure of information and data within their own organisation.
By Organization
Large Enterprises
Small & Medium Enterprises
By Operations
Rule Based
Knowledge Based
By Application
BFSI
Pharma & Healthcare
Retail & Consumer Goods
Information Technology (IT) & Telecom
Communication and Media & Education
Manufacturing
Logistics and Energy & Utilities
Others
In 2023, the BFSI segment accounted for around 29.2% of total market revenue, and represents one of the most lucrative segments in robotics process automation. Banks and other financial institutions are helping to simplify business processes, such as loans, opening an account or deposits, through the use of robotic process automation trends in the financial sector. In addition, the efficiency and speed of work are improved by the implementation of RPA.
Need any customization research/data on Robotic Process Automation Market - Enquire Now
In the North American region, demand for robot process automation accounted for around 37.2% of revenues in 2023 with a compound annual growth rate of about 39.2% between 2024 and 2031. The increased adoption of RPA by public bodies and businesses in the region can be attributed to factors that have led to a high penetration rate for RPA across North America.
The Asia Pacific region is projected to grow at highest CAGR growth rate from 2024 to 2031, which can be attributed to an increased adoption of RPA in the IT, pharma, healthcare, telecommunications, manufacturing and retail sectors. Consequently, the market for robotic process automation in the Asia Pacific region is growing.
REGIONAL COVERAGE:
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
The major key players are Automation Anywhere, Blue Prism, EdgeVerve Systems Ltd., FPT Software, KOFAX, Inc., NICE, NTT Advanced Technology Corp., OnviSource, Inc., Pegasystems, UiPath and Other Players.
Kofax Inc., a digital hub for connectors, tools and applications that enable advanced integration of automation software with leading businesses, announced the relaunch of its marketplace in April 2023. The Kofax, Inc. marketplace provides access to in depth learning and readymade content that can be integrated into the existing key platforms such as RPA or Korfax TotalAgility, among other things.
In October 2023, Rockwell Automation and Microsoft set out to expand their long-term relationship with a view to accelerating industrial automation design and development via generative artificial intelligence. The companies sought to bring together technologies in order to allow the workforce and improve customer manufacturing of Industrial Automation Systems. Both firms recognize that utilizing AI to boost automation across various roles, from control engineers to decision-makers and operators, is a key zone where they intend to help customers streamline.
In April 2023, UiPath announces that it has been selected by NTT DOCOMO, Japan's largest telecommunications provider, to enhance its application delivery infrastructure using the UiPath Test Suite. In order to increase the frequency of release from quarterly to biweekly, NTT DOCOMO has used a test suite using AI driven automation that dramatically reduces testing times for mobile applications. This effective implementation is an example of UiPath's contribution to improve operating efficiency and accelerate digital transformation at a large scale.
| Report Attributes | Details |
| Market Size in 2023 | US$ 3.21 Billion |
| Market Size by 2031 | US$ 26.43 Billion |
| CAGR | CAGR of 30.15% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Software, Service, Consulting, Implementing, Training) • By Deployment (Cloud, On-premise) • By Organization (Large Enterprises, Small & Medium Enterprises) • By Operations (Rule Based, Knowledge Based) • By Application (BFSI, Pharma & Healthcare, Retail & Consumer Goods, Information Technology (IT) & Telecom, Communication and Media & Education, Manufacturing, Logistics and Energy & Utilities, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Automation Anywhere, Blue Prism, EdgeVerve Systems Ltd., FPT Software, KOFAX, Inc., NICE, NTT Advanced Technology Corp., OnviSource, Inc., Pegasystems, UiPath |
| Key Drivers | • Market Integration Facilitates Business Processes. • Robotic Process Automation Meets Traditional Business Processes. |
| Opportunities | • Market Integration of New Technologies. • In the logistics industry, there is a high demand for robotic process automation. |
Ans: - The Robotic Process Automation market size is estimated to reach over USD 26.43 Billion by 2031
Ans: - The Robotic Process Automation Market is growing at a CAGR of 30.15% over the forecast period 2024-2031
Ans: - North America has the largest market share for robotic process automation.
Ans. The primary growth tactics of Robotic Process Automation market participants include merger and acquisition, business expansion, and product launch.
Ans: - The study includes a comprehensive analysis of Robotic Process Automation Market trends, as well as present and future market forecasts. DROC analysis, as well as impact analysis for the projected period. Porter's five forces analysis aids in the study of buyer and supplier potential as well as the competitive landscape etc.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Robotic Process Automation Market Segmentation, By Type
9.1 Introduction
9.2 Trend Analysis
9.3 Software
9.4 Service
9.5 Consulting
9.6 Implementing
9.7 Training
10. Robotic Process Automation Market Segmentation, By Deployment
10.1 Introduction
10.2 Trend Analysis
10.3 Cloud
10.4 On-premise
11. Robotic Process Automation Market Segmentation, By Organization
11.1 Introduction
11.2 Trend Analysis
11.3 Large Enterprises
11.4 Small & Medium Enterprises
12. Robotic Process Automation Market Segmentation, By Operations
12.1 Introduction
12.2 Trend Analysis
12.3 Rule Based
12.4 Knowledge Based
13. Robotic Process Automation Market Segmentation, By Application
13.1 Introduction
13.2 Trend Analysis
13.3 BFSI
13.4 Pharma & Healthcare
13.5 Retail & Consumer Goods
13.6 Information Technology (IT) & Telecom
13.7 Communication and Media & Education
13.8 Manufacturing
13.9 Logistics and Energy & Utilities
13.10 Others
14. Regional Analysis
14.1 Introduction
14.2 North America
14.2.1 USA
14.2.2 Canada
14.2.3 Mexico
14.3 Europe
14.3.1 Eastern Europe
14.3.1.1 Poland
14.3.1.2 Romania
14.3.1.3 Hungary
14.3.1.4 Turkey
14.3.1.5 Rest of Eastern Europe
14.3.2 Western Europe
14.3.2.1 Germany
14.3.2.2 France
14.3.2.3 UK
14.3.2.4 Italy
14.3.2.5 Spain
14.3.2.6 Netherlands
14.3.2.7 Switzerland
14.3.2.8 Austria
14.3.2.9 Rest of Western Europe
14.4 Asia-Pacific
14.4.1 China
14.4.2 India
14.4.3 Japan
14.4.4 South Korea
14.4.5 Vietnam
14.4.6 Singapore
14.4.7 Australia
14.4.8 Rest of Asia Pacific
14.5 The Middle East & Africa
14.5.1 Middle East
14.5.1.1 UAE
14.5.1.2 Egypt
14.5.1.3 Saudi Arabia
14.5.1.4 Qatar
14.5.1.5 Rest of the Middle East
14.5.2 Africa
14.5.2.1 Nigeria
14.5.2.2 South Africa
14.5.2.3 Rest of Africa
14.6 Latin America
14.6.1 Brazil
14.6.2 Argentina
14.6.3 Colombia
14.6.4 Rest of Latin America
15. Company Profiles
15.1 Automation Anywhere
15.1.1 Company Overview
15.1.2 Financial
15.1.3 Products/ Services Offered
15.1.4 SWOT Analysis
15.1.5 The SNS View
15.2 Blue Prism
15.2.1 Company Overview
15.2.2 Financial
15.2.3 Products/ Services Offered
15.2.4 SWOT Analysis
15.2.5 The SNS View
15.3 EdgeVerve Systems Ltd.
15.3.1 Company Overview
15.3.2 Financial
15.3.3 Products/ Services Offered
15.3.4 SWOT Analysis
15.3.5 The SNS View
15.4 FPT Software
15.4.1 Company Overview
15.4.2 Financial
15.4.3 Products/ Services Offered
15.4.4 SWOT Analysis
15.4.5 The SNS View
15.5 KOFAX, Inc.
15.5.1 Company Overview
15.5.2 Financial
15.5.3 Products/ Services Offered
15.5.4 SWOT Analysis
15.5.5 The SNS View
15.6 NICE
15.6.1 Company Overview
15.6.2 Financial
15.6.3 Products/ Services Offered
15.6.4 SWOT Analysis
15.6.5 The SNS View
15.7 NTT Advanced Technology Corp.
15.7.1 Company Overview
15.7.2 Financial
15.7.3 Products/ Services Offered
15.7.4 SWOT Analysis
15.7.5 The SNS View
15.8 OnviSource, Inc.
15.8.1 Company Overview
15.8.2 Financial
15.8.3 Products/ Services Offered
15.8.4 SWOT Analysis
15.8.5 The SNS View
15.9 Pegasystems
15.9.1 Company Overview
15.9.2 Financial
15.9.3 Products/ Services Offered
15.9.4 SWOT Analysis
15.9.5 The SNS View
15.10 UiPath
15.10.1 Company Overview
15.10.2 Financial
15.10.3 Products/ Services Offered
15.10.4 SWOT Analysis
15.10.5 The SNS View
16. Competitive Landscape
16.1 Competitive Benchmarking
16.2 Market Share Analysis
16.3 Recent Developments
16.3.1 Industry News
16.3.2 Company News
16.3.3 Mergers & Acquisitions
17. Use Case and Best Practices
18. Conclusion
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
The Product Analytics Market size was USD 11.2 billion in 2022 and is expected to Reach USD 58.6 billion by 2030 and grow at a CAGR of 23% over the forecast period of 2023-2030.
The Cloud Encryption Market is anticipated to develop at a CAGR of 30.92% from 2023 to 2030, from a value of USD 2.41 billion in 2022 to USD 20.8 billion in 2030.
The Home Automation Market size was valued at USD 64.65 billion in 2022 and is expected to grow to USD 448.66 billion by 2030 and grow at a CAGR of 27.4% over the forecast period of 2023-2030.
The Video Analytics Market size was valued at USD 9.14 billion in 2023 and is expected to grow to USD 38.89 billion by 2031 and grow at a CAGR of 19.84% over the forecast period of 2024-2031.
The Customer Communication Management (CCM) Market size was valued at USD 1.45 billion in 2022 and is projected to reach USD 3.32 billion in 2030 with a growing CAGR of 10.93% Over the Forecast Period of 2023-2030.
The Human Resource (HR) Technology Market size was valued at USD 24.89 billion in 2022 and is expected to grow to USD 43.40 billion by 2030 and grow at a CAGR of 7.2 % over the forecast period of 2023-2030.
Hi! Click one of our member below to chat on Phone
© 2024 All Rights Reserved by SNS Insider Pvt Ltd
