Robotic Process Automation Market Size, Share & Segmentation by Component (Software and Services), by Organization Size (Large Enterprises and Small Medium-Sized Enterprises), by Deployment Model (On-Premise and Cloud), by Industry Vertical (BFSI, Manufacturing, Healthcare & pharmaceuticals, IT &Telecommunications, Retail & consumer goods, Government & Defense, Energy & Utilities, Transportation and logistics, Others), by Regions and Global Market Forecast 2023-2030

Report Scope & Overview:

The Robotic Process Automation market size was valued at USD 3.02 Bn in 2022 and is expected to reach USD 37.49 Bn by 2030, and grow at a CAGR of 36.97% over the forecast period 2023-2030.

Robotic process automation is the use of software robots to automate typical business processes. This procedure entails the use of software with AI and machine learning capabilities to perform high-volume, repeated activities. These software robots can carry out duties autonomously. Transaction processing, IT administration, and automated online assistants are all part of the job. These software robots are capable of doing routine activities in place of humans. Customer service, accounting, financial services, healthcare, and human resources all benefit from robotic process automation.

Companies with a big staff force utilize RPA software to conduct high-volume data, transaction processes, or services. The use of software with machine learning and artificial intelligence skills to handle high-volume repetitive activities formerly handled by people is known as robotic process automation. RPA has transformed and enhanced how businesses and organizations address remote infrastructure, IT support, business administration, workflow procedures, and back-office labor.

RPA improves transaction processing accuracy, reduces cycle time, and boosts productivity. An employee is liberated from performing repetitive and tedious work in an organization. Cost-effectiveness, accuracy, quality, consistency, enhanced analytics, greater staff productivity, adaptability, and well-organized IT support and management are all important characteristics of RPA. As a result, the use of RPA is expected to assist firms in rapidly expanding.

MARKET DYNAMICS:

KEY DRIVERS:

• Market Integration Facilitates Business Processes.

• Robotic Process Automation Meets Traditional Business Processes.

RESTRAINTS:

• Data insecurity may impede market implementation in the financial sector.

• In knowledge-based business processes, there is less potential for enterprise robotic process automation.

OPPORTUNITY:

• Market Integration of New Technologies.

• In the logistics industry, there is a high demand for robotic process automation.

• Robotic Process Automation Adoption in the BPO Sector.

CHALLENGES:

• Lack of Knowledge About Robotic Process Automation.

IMPACT OF COVID-19:

The global robotic process automation market has grown significantly in recent years; however, due to the outbreak of the COVID-19 pandemic, the market is expected to surge in 2020, as the pandemic is a game-changer for robotic process automation solution providers, with industries, particularly manufacturing, accelerating the use of bots for repetitive tasks. The economic crisis brought on by the epidemic is prompting firms to implement automation solutions. Various businesses throughout the world are anticipated to evaluate the capability of cognitive robotic process automation in managing work with scattered workforces and customer engagements. On the other hand, the increased need for business process management and automation during the COVID-19 pandemic is allowing important firms to implement successful strategies such as new product launches and product development to handle both the present disruption and the post-pandemic.

MARKET ESTIMATION:

In 2021, the service sector commanded the worldwide market share and is likely to maintain its dominance in future years. Consulting, implementation, and training services are included in the service category. Because of the fierce rivalry among businesses, service providers have been forced to strengthen their consulting, training, and advising services. The need for RPA as a service has been fueled by ongoing improvements in automation services that offer great scalability while minimizing cost. As RPS software facilitates flexible and cost-effective corporate operations through quick automation of rule-based, manual, and back-office administrative activities, the software sector is expected to grow at a stable CAGR throughout the projected period. Establishing a virtual workforce, it enhances accuracy while lowering implementation costs.

The on-premise sector is predicted to have the biggest revenue share in 2021 and to grow at a consistent CAGR from 2022 through 2028. In enterprises, on-premise implementation guarantees that RPA access policies adhere to internal protocols. Furthermore, it enables enterprises to regulate and configure RPA systems as needed. The increased usage of RPA outsourcing services, in which the solution is placed on the cloud for organizations, is driving the expansion of the cloud sector. The RPA service provider purchases and converts licenses for the customer in order for RPA bots to be deployed in a process. As a result, the bots are immediately operational whenever the customer begins utilizing RPA cloud services.

The on-premise sector is predicted to have the biggest revenue share in 2021 and to grow at a consistent CAGR from 2022 through 2028. In enterprises, on-premise implementation guarantees that RPA access policies adhere to internal protocols. Furthermore, it enables enterprises to regulate and configure RPA systems as needed. The increased usage of RPA outsourcing services, in which the solution is placed on the cloud for organizations, is driving the expansion of the cloud sector. The RPA service provider purchases and converts licenses for the customer in order for RPA bots to be deployed in a process. As a result, the bots are immediately operational whenever the customer begins utilizing RPA cloud services.

In 2021, the big enterprise category is expected to have the highest revenue share. Many major organizations use RPA to cut the time spent on routine tasks and spend the time saved in strategic decision-making. Furthermore, RPA enables major organizations to rely on automation to reduce human mistakes, save overhead costs, improve job productivity, and ensure regulatory compliance. During the projection period, the SME category is predicted to have the greatest CAGR. These businesses are embracing RPA because of its flexibility, cost-effectiveness, decreased technological risks, resource utilization scalability, and increased organizational productivity. Growing SMEs' understanding of the benefits of employing automation might assist drive market growth.

KEY MARKET SEGMENTS:

On The Basis of Component

• Software

• Services

On The Basis of Organization Size

• Large Enterprises

• Small Medium-Sized Enterprises

On The Basis of Deployment Model

• On-Premise

• Cloud

On The Basis of Industry Vertical

• BFSI

• Manufacturing

• Healthcare & pharmaceuticals

• It & telecommunications

• Retail & consumer goods

• Government & defense

• Energy & utilities

• Transportation and logistics

• Others

REGIONAL ANALYSIS:

North America has the largest market share for robotic process automation. Many businesses in the area have invested in the research and development required to build the next generation of technologically complex and extremely sophisticated robotics goods. The European Union, which has made major expenditures in discovering and developing these technical advancements, accounts for a large percentage of the robotic process automation industry. The Asia-Pacific robotic process automation industry is predicted to develop rapidly. Many Asian economies are seeing tremendous development. As a result, high-tech electronic devices such as Fitbits and smartphones are in high demand. Manufacturers are responding by automating the production of these gadgets.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS:

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

Frequently Asked Questions (FAQ) :