USD 2.1 Billion
Report ID: SQMG45K2003 | Region: Global | Published Date: November, 2022 | Pages: 157
Global Robotic Process Automation Market was valued at USD 2.1 Billion in 2021, and it is expected to reach a value of USD 17.43 Billion by 2028, at a CAGR of 35.3% over the forecast period (2022-2028).
With the integration of robotic process automation (RPA) and machine learning, software bots become capable of executing tasks similar to human decision-making capabilities. Moreover, Artificial Intelligence (AI) can support in structuring unstructured information, increase business insights, and progress data integrity through RPA. It is expected that the bot solution will be able to overcome challenges in RPA, such as identifying processes for automation by recording and analyzing keystrokes from the worker's desktop.
The AI embedded in RPA bots and its application in enhancing automated processes across enterprises is expected to augment the Robotic Process Automation Market growth over the forecast period. A highly competitive Robotic Process Automation Market has made it necessary to increase the agility of work and deliver enhanced customer experiences. In the BFSI, healthcare, IT and Telecom, and other industries, RPA is being used to increase productivity and efficiency while reducing overhead labor costs.
Global Market Size
USD 2.1 Billion
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The Global robotic process automation Robotic Process Automation Market is segmented based on Type, Services, Deployment, Organization, Application and Region. Based on Type it is categorized into: Software, Service. Based on Services it is categorized into: Consulting, Implementing, Training. Based on Deployment it is categorized into: Cloud, On-Premise. Based on Organization it is categorized into: Large Enterprises, Small and Medium Enterprises (SMEs). Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Organization
Among all Organization, the large enterprises have the largest Robotic Process Automation Market share in the robotic process automation industry. Multiple systems in the large enterprise segments such as, BFSI domain are linked together by interfaces to allow the flow of transaction-related data. Robotic process automation (RPA) manages and monitors these interfaces, ensuring that transactions run smoothly, and data gaps are filled. In the BFSI industry, robotic process automation (RPA) enhances the accuracy and efficiency of many procedures. These solutions also aid regulatory reporting and balance sheet reconciliation by combining data from numerous systems and performing a slew of validation tests to prepare data for a thorough examination.
Analysis by Service
The consulting segment accounted for more than 41% of total revenue in 2021 and is expected to grow at a significant CAGR from 2022 to 2028. The increasing awareness of automation among organizations is responsible for the segment's growth. The RPA consulting service is critical for determining the type of RPA solution needed to be based on the nature of the enterprise's business. RPA consultants collaborate with customers from industries such as BFSI, Manufacturing, and IT & Telecom to determine how to process re-design and automation can have a direct and immediate impact on customer KPIs.
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North America leads the overall Robotic Process Automation Market with the largest market share of over 35% in 2021. As a result of high penetration enterprise adoption of process management and automation solutions by government agencies throughout the region. In addition, the adoption of increased awareness of RPA among SMEs in North America various business functions, such as accounting/finance, data management, etc. Record keeping, procurement details, and other HR-related tasks the Robotic Process Automation Market is growing due to processes.
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In today's highly competitive industry, increasing work agility and providing better client experiences have become critical. RPA is being used by businesses in the BFSI, healthcare, IT and Telecom, and other industries to boost productivity and efficiency while lowering labor costs for repetitive operations. RPA bots can retrieve information from a variety of legacy systems using the digital platform. Bank customers, for example, can check their accounts online and set up automatic bill payment and KYC verification, among other things, using the internet.
By contributing to the delivery of a better client experience, these services have reduced manual intervention. Thereby, the need to automate repeated tasks across business domains, such as tech support, technology, finance, HR, operation, and procurement, is contributing to the Robotic Process Automation Market growth.
Top Players Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research has identified that the technology's role is evolving at a faster rate, assisting in overcoming business challenges and meeting ever-changing consumer requirements. The combination of robotic process automation (RPA) and machine learning can help advance software bot capabilities beyond rule-based processes, allowing task execution similar to human decision-making skills. Moreover, Artificial Intelligence (AI) in RPA can assist in the structuring of unstructured data, the enhancement of business insights, and the improvement of data integrity.
Scope of the Report/Market Inclusion-Exclusion
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|Market size value in 2021||USD 2.1 Billion|
|Market size value in 2028||USD 17.43 Billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Robotic Process Automation Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Robotic Process Automation Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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