Industry: ICT & Media | Publish Date: 28-Nov-2024 | No of Pages: 392 | No. of Tables: 313 | No. of Figures: 274 | Format: PDF | Report Code : IC527
The global Robotic Process Automation (RPA) Market size was valued at USD 6.2 billion in 2023 and is predicted to reach USD 32.4 billion by 2030 with a CAGR of 27.0% from 2024-2030. Robotic Process Automation (RPA) is a transformative technology that leverages software robots to automate and streamline repetitive, rule-based tasks within business processes. These tasks, often manual and time-consuming, are crucial components of various industries such as finance, healthcare, manufacturing, and customer service.
RPA facilitates the automation of routine data entry, transaction processing, and other rule-driven activities, leading to increased operational efficiency and reduced costs. Industries deploy RPA to enhance productivity, minimize errors, and expedite processes, ultimately allowing human workers to focus on more complex and strategic aspects of their roles. The widespread adoption of RPA signifies a shift towards greater automation and optimization across diverse sectors, aiming to achieve higher levels of efficiency and competitiveness.
The increasing adoption of robotic process automation (RPA) across a diverse industry, including finance, healthcare, manufacturing, logistics, among others to optimize their operational processes is driving the growth of the market. RPA is utilized to automate various tasks, including data entry, automate repetitive tasks in production lines, inventory management, and others to reduce the time consumed and enhance overall operational efficiency.
Furthermore, continuous advancements in RPA technologies, including artificial intelligence and machine learning integration, further contributes to the growth of the RPA market. This advancement enables RPA to perform complex tasks that require understanding, such as analyzing data, recognizing patterns, and making decisions, making them more intelligent and adaptable to handle numerous tasks efficiently.
However, the high initial setup costs of robotic process automation and the inability of RPA to perform complex decision-making processes are the major factors restraining the growth of the RPA market. On the contrary, the introduction of hyper-automation such as integration of artificial intelligence (AI), machine learning (ML), and natural language processing (NLP) to automate end-to-end business processes coupled with the integration of cloud-based RPA to deploy automation solutions quickly, securely, and at a lower cost by business enterprises is expected to create ample opportunities in the growth of the RPA market in the coming years.
The robotic process automation market share is segmented on the basis of component, deployment mode, enterprise size, end user, and region. On the basis of component, the market is divided into solution and service. Services are further divided into consulting, implementing, and training. On the basis of deployment mode, the market is classified into on-premise and cloud. On the basis of enterprise size, the market is classified into large enterprises and small- & medium-sized enterprise. On the basis of end user, the market is divided into IT & telecom, BFSI, healthcare, consumer goods, retail, manufacturing, communication and media & education, energy & utilities, and others. Regional breakdown and analysis of each of the aforesaid segments include regions comprising of North America, Europe, Asia-Pacific, and RoW.
North America holds the dominant share of the robotic process automation market and is expected to continue its dominance during the forecast period. This is attributed to factors such as the growing adoption of robotic process automation technology by the healthcare sectors in North America to automate repetitive tasks such as patient registration, report generation, and claims processing to streamline these processes. According to the Centers for Medicare & Medicaid Services, healthcare spending in the U.S. grew from 4.1 trillion in 2020 to 4.3 trillion in 2021. As healthcare expenditures continue to rise, there is a growing demand for RPA to automate various repetitive tasks in the healthcare industry, driving the growth of the RPA market.
Moreover, the presence of key players such as UiPath, Automation Anywhere Inc, and Microsoft Corporation plays an important role in the development of RPA market. For instance, in May 2022, UiPath Inc launched next-gen automation cloud robots for process automation. Through this launch, the company aims to companies with highly advance process automation technology to acheive fast and accurate outcomes in performing tasks.On the other hand, Asia-Pacific is expected to show a steady rise in the growth of RPA market.
This is due to the increasing adoption of automation in consumer goods industries to streamline business operations, reduce manual errors, and increase productivity by automating tasks such as data entry, order processing, and invoicing using RPA is driving the growth of the RPA market in this region. According to the Semiconductor Industry Association, China is the world’s largest manufacturing hub, producing 36% of the world’s consumer goods in 2021. The growing consumer good industry to increase efficiency and productivity in the manufacturing and supply chain processes is significantly boosting the growth of the market.
Moreover, the growing BFSI sector in this region and the increasing adoption of RPA technology that automates repetitive and rule-based tasks such as account opening and closing and customer service inquiries is further driving the growth of the RPA market. According to the China Banking and Insurance Regulatory Commission, China's BFSI is one of the largest industries in the world with total assets of these sector valued at USD 51.19 trillion in 2022. With the growing BFSI sector, the need for RPA technology to streamline repetitive tasks is increasing, thereby driving the RPA market growth.
Various market players operating in the robotic process automation industry include Uipath Inc, Blue Prism Group PLC, Automation Anywhere Inc, Nice Systems Ltd, Microsoft Corporation, Jacada Inc, Datamatics Global Services Limited, Kofax Inc, Nice Systems, WorkFusion Inc, EdgeVerve Systems Ltd, and others. These market players are adopting various strategies such as product launches to remain dominant in the global market.
For instance, in October 2022, Automation Anywhere Inc launched its automation success platform with new robotic process automation tools for process discovery and document processing. Through this launch, the company aimed to provide a platform to automate all aspects of business operations.
Moreover, in March 2021, Microsoft Corporation launched robotic process automation for windows 10 operating system. Through this launch, the company aimed to offer its RPA Power Platform products to help users automate repetitive, monotonous tasks performed by humans.
Furthermore, in January 2021, Nice System Ltd launched AI-based robotic process automation solution to fast-track automation opportunities. Through this launch, the company aimed to rapidly expand existing process automations, improve efficiencies and strengthen organizational resilience.
The report provides quantitative analysis and estimations of the robotic process automation market from 2024 to 2030, which assists in identifying the prevailing market opportunities.
The study comprises a deep dive analysis of the global market including the current and future trends to depict prevalent investment pockets in the market.
Information related to key drivers, restraints, and opportunities and their impact on the robotic process automation market is provided in the report.
Competitive analysis of the players, along with their market share is provided in the report.
SWOT analysis and Porters Five Forces model is elaborated in the study.
Value chain analysis in the market study provides a clear picture of roles of stakeholders.
By Component
Solution
Service
Consulting
Implementing
Training
By Deployment
On-premise
Cloud
By Enterprise Size
Large Enterprises
Small & Medium-sized Enterprise
By End User
IT & Telecom
BFSI
Healthcare
Consumer Goods
Retail
Manufacturing
Communication
Media & Education
Energy & Utilities
Others
By Region
North America
The U.S.
Canada
Mexico
Europe
The U.K.
Germany
France
Italy
Spain
Denmark
Netherlands
Finland
Sweden
Norway
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Singapore
Taiwan
Thailand
Rest of Asia-Pacific
Rest of the World (RoW)
Latin America
Middle East
Africa
Uipath Inc.
Blue Prism Group PLC
Automation Anywhere Inc.
Nice Systems Ltd.
Microsoft Corporation
Jacada Inc.
Datamatics Global Services Limited
Kofax Inc.
WorkFusion Inc.
EdgeVerve Systems Ltd.
REPORT SCOPE AND SEGMENTATION:
Parameters |
Details |
Market Size in 2023 |
USD 6.2 Billion |
Revenue Forecast in 2030 |
USD 32.4 Billion |
Growth Rate |
CAGR of 27.02% from 2023 to 2030 |
Analysis Period |
2023–2030 |
Base Year Considered |
2023 |
Forecast Period |
2024–2030 |
Market Size Estimation |
Billion (USD) |
Growth Factors |
Increasing adoption of RPA in numerous industries Integration of technologies such as machine learning and artificial intelligence in RPA |
Countries Covered |
28 |
Companies Profiled |
10 |
Market Share |
Available for 10 companies |
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |