USD 2.58 Billion
Robotic Process Automation (RPA) Market Size, Share, Growth Analysis, By Type(Tool Based, Service Based), Process(Automated Solution, Decision Support and Management Solution, Interaction Solution), Operation(Rule Based, Knowledge Based), End-User, and Region - Industry Forecast 2024-2031
Report ID:
SQMIG45J2216 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
116
|Figures:
77
Robotic Process Automation Market Insights
Global Robotic Process Automation Market was valued at USD 2.58 Billion in 2022 and is expected to rise from USD 3.39 Billion in 2023 to reach a value of USD 30.34 Billion by 2031, at a CAGR of 31.50% during the forecast period (2024–2031).
The Robotics Process Automation (RPA) industry entails using software or bots to complete tedious tasks within a process. Human Activities: Some of these bots mimic human activities, perform activities on the digital systems and complete tasks such as data entry, executing transactions, and generating reports. The advantages of RPA have been reported to include the following aspects; Efficiency, accuracy, cost reduction due to a lesser requirement for manpower in carrying out repetitive tasks. The same is expected to be the case with the Robotic process automation market as it continues to gain traction in industries like finance, healthcare manufacturing, and logistics among others. The corporations are also adopting the Robotic Process Automation (RPA) technology to cut down on costs, time and efforts to help the human resources focus, perform more high-end value-added roles. This means that as more and more businesses look for ways to make their processes more effective and efficient coupled with the need for flexibility RPA solutions will continue to be requested for.
Secondly, the combination of RPA with artificial intelligence and machine learning is continuing to improve the effectiveness of Robotic Process Automation (RPA) by providing intelligent automation and improved process efficiency. The competition in the robotic process automation market is rather intensive with many companies operating and providing a wide range of applications and services adapted to the needs of industries which, in its turn, contributes to the development of new technologies and services.
US Position Sensor Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024–2031
Global Market Size
Largest Segment
Process
Fastest Growth
Process
Growth Rate
31.5% CAGR
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Robotic Process Automation Market Segmental Analysis
The robotic process automation market is segmented based on Type, Process, Operation, End User and Region. Based on Type it is categorized into Tool Based (Model-Based Application Tools, Process-Based Application Tools) Service Based (Consulting, Integration and Development, Training. Based on Process it is categorized into Automated Solution, Decision Support and Management Solution, Interaction Solution. Based on Operation, it is categorized into Rule Based, Knowledge Based. Based on End User it is categorized into Banking, Financial Services, and Insurance, Telecom and IT Industry, Travel, Hospitality, and Transportation Industry, Retail and Consumer Goods, Manufacturing and Logistics Industry, Healthcare and Pharmaceuticals, Other Industries. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Process
In the robotic process automation market, the automated solution segment stands out as the most dominant in the market. This sector comprises software automatons that perform repetitive dull tasks, which have found extensive application across the industry because of their excellence in task optimization and reduced operational costs. This segment has the highest market share due to its versatility in applications that include data entry, transaction processing and customer services.
On the other hand, the decision support and management solution segment is the most dynamic. It uses the best of analytical tools and artificial intelligence to provide insights and decision making on business issues. This segment has experienced rapid growth due to the emerging need for smart automation that improves the decision-making system and organizational efficiency.
Analysis by End-User
The BFSI sector takes the crown as the leading industry that utilizes Robotic Process Automation (RPA) software because of its large number of complex tasks ideal for the application of technology. This sector’s organizations process significant data input and data management, accounts, transactions, and compliance that RPA optimizes. Another benefit of using RPA is in following various strict financial regulations to the latter with minimal chance of an error occurrence. Furthermore, automation of these tasks relieves employees from handling numerous mundane activities and dedicates them to providing quality/proper customer care. In the end, the sector can make massive cost savings through the implementation of RPA, reduce manual work, and error frequencies.
The healthcare and pharmaceuticals segment is also the fastest growing in the robotics process automation (RPA) market. This rapid expansion is due to the industry embracing automation to improve patient care, reduce paperwork, and meet legal requirements. When implemented, RPA can help healthcare providers minimize errors, enhance the flow of operations, and enhance data quality. Further, the pharmaceutical industry has enhanced automation in the process of drug discovery, clinical trials, and distribution networks. The increased need to deliver quality and quick healthcare services and the ability to manage big data are some areas driving this segment.
Global Robotic Process Automation Market By Process (%)
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Robotic Process Automation Market Regional Insights
Currently, North America dominates the overall market with a market share of over 38% in 2023. As a result, the high penetration of enterprise application of process management and automation solutions by government agencies all over the region. Besides, an increased awareness of Robotic Process Automation (RPA) among SMEs in North America across different business functions accounting/finance, data management, Record keeping, procurement details, and other HR-related tasks the market is growing due to processes.
Whereas the Asia-Pacific region is the fastest-growing market for RPA software because of several factors. High economic growth especially in the Asian countries like China and India drives the demand for Automation solutions. There is increased IT infrastructure in the region hence enhancing the adoption of RPA. Increasing labor cost pressures in some regions of APAC have compelled organizations to explore ways of deploying efficiency gains on human capital. Expansion of government campaigns supporting automation accelerates adoption, improving industrial competitiveness. Furthermore, rising awareness and deployment across industries ranging from manufacturing to healthcare are a few factors driving the growth of RPA in the Asia-Pacific region.
Global Robotic Process Automation Market By Geography
- Largest
- Fastest
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Robotic Process Automation Market Dynamics
Robotic Process Automation Market Driver
Increasing Data Volume and Complexity:
- The challenge of abundance of data in business processes is actually alarming. This is the time where Robotics Process Automation (RPA) comes into the picture that is an automated way where data processing is done in a far better and efficient way. This data management is beneficial to businesses given the current amount of information that companies encounter while engaging in operations, as RPA can process such data efficiently and effectively. This avoids human interference and makes the process faster and accurate in processing large chunks of data hence enable the organizations handle and use the big data in the right way.
Rising Demand for Efficiency and Cost Reduction:
- Many companies in any sector are always looking for ways to make operation more efficient, and therefore, cut costs more. Currently RPA software eliminates manual interactions so human employees can focus on some more important tasks and reduces expenses greatly.
Restraints
High Upfront Costs:
- One of the key issues that must be taken into consideration when deciding upon the use of RPA software is the higher costs of such software. While procurement of cloud based solutions can alleviate the capital expenditure, licensing and implementation cost for RPA can still be high depending on the firm’s requirements and the degree of automation desired. This financial prerequisite can become a problem for many small businesses or companies with a low budget since they cannot use the full potential of RPAT് This makes cost estimation and budgeting other major factors that need to be weighed while organizations are weighing their options on RPA.
Reluctance to shift from Manual to Automated Processes:
- Lack of willingness of companies to upgrade from manual to automatic systems is projected to limit the growth of the market. Various organizations across the world are considering implementing RPA solutions in their business environments. Thus, a significant obstacle which prevents the usage of this kind of software is the absence of knowledge about the technology. Professional service providers are planning to implement RPA solutions in their organizations within the next two to three years. Platforms of automation bots change frequently, and the essential adaptability isn't always included in bots. Many companies are hesitant to use this technology in their operations. It's also a tool that needs a distinct identity and cutting-edge technology. As a result, upgrading the platform in response to the company's continuously changing needs is difficult.
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Robotic Process Automation Market Competitive Landscape
In today's highly competitive industry, increasing work agility and providing better client experiences have become critical. Robotic Process Automation (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 market growth.
Robotic Process Automation Market Top Players Company Profiles
- Automation Anywhere (USA)
- Blue Prism (UK)
- UiPath (USA)
- WorkFusion (USA)
- Kofax (USA)
- NICE (Israel)
- Pegasystems (USA)
- Redwood Software (Netherlands)
- SAP (Germany)
- Appian (USA)
- EdgeVerve (India)
- HelpSystems (USA)
- Jacada (USA)
- Kryon (Israel)
- Thoughtonomy (UK)
- Softomotive (Greece)
- Datamatics (India)
- Epiance (India)
- Jidoka (Spain)
- AutomationEdge (India)
Robotic Process Automation Market Recent Developments
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Rockwell Automation and Microsoft planned to further their partnership, which has lasted for more than 30 years, in October 2023 to revolutionize the industrial automation design and development process with generative AI. The firms wanted to blend the applications to empower the workforce and boost customer-acquiring industrial automation solutions.
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The April 2023 issue of UiPath revealed that NTT DOCOMO, one of the largest telecom providers in Japan, is using the UiPath Test Suite to enhance its application delivery environment. The Test Suite, which was an AI automation tool, saw mobile application test times significantly reduced – for NTT DOCOMO, the company increased release frequencies from quarterly to biweekly.
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Kofax, Inc. revealed in April of 2023 that the Kofax, Inc. marketplace, an online platform for connectors, tools and applications which help to enhance the integration of automation software and prominent companies, will be re-launched. The Kofax, Inc. Marketplace provides an extensive tutorial and readily available resources that can integrate into existing critical platform staples such as RPA and Kofax TotalAgility among others.
Robotic Process Automation Key Market Trends
- Integration of AI and Machine Learning (ML): Several software firms that offer RPA solutions are now incorporating AI and ML capabilities into their toolkits. This allows bots to cover more intricate procedures such as decision making, ordering data patterns and unstructured data analysis.
- Focus on Industry-specific Solutions: Focus on industry-specific solutions: More and more RPA vendors are creating vertical applications which are ready-made solutions that are customized to different industries such as the healthcare sector, the finance industry and the manufacturing industry. Out of these solutions, the ones I have indicated above are geared towards solving some industry challenges and can be deployed earlier than the usual RPA technologies.
Robotic Process Automation Market SkyQuest Analysis
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 primary and secondary research provides comprehensive insights in key growth dynamics of the market. The report on 3D machine vision also delves into in-depth insights on the factors and opportunities affecting the sales in the market across seven major regions. This report also explains analysis on leading market players, incumbents, and existing players for the upcoming decade.
As per our global robotic process automation market analysis, the integration of the newest technology, changing business processes across companies, and the need to optimize operations to increase efficiency and generate the greatest return are likely to fuel market expansion. Intelligent automation is therefore expected to reduce service desk engagements by more than 40% by 2025. By combining cognitive RPA with different chatbot technologies, the services desk would be able to automate in unattended ways, minimizing the need for human interaction and increasing operational productivity.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.58 Billion |
| Market size value in 2031 | USD 30.34 Billion |
| Growth Rate | 31.50% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Robotic Process Automation Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Robotic Process Automation Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Robotic Process Automation Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Robotic Process Automation Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Robotic Process Automation Market Report Snapshots
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