USD 2.58 Billion
Global Robotic Process Automation Market Size, Share, Growth Analysis, By Type(Software, Service), By Deployment(Cloud, On-Premise), By Organization(Large Enterprises, Small), By End-User(IT and Telecom, BFSI) - Industry Forecast 2024-2031
Report ID:
SQMIG45J2216 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|
Tables:
116 |
Figures:
77
Global Robotic Process Automation Market Insights
Global Robotic Process Automation Market size was valued at USD 2.58 Billion in 2022 and is poised to grow from USD 3.39 Billion in 2023 to USD 30.34 Billion by 2031, at a CAGR of 31.5% during the forecast period (2024-2031).
The Robotics Process Automation (RPA) market involves using software or "bots" to automate repetitive tasks within business processes. These bots do various human actions and interact with digital systems to execute tasks such as data entry, processing transactions, and generating reports. RPA technology provides various benefits to organizations, which include improved efficiency, accuracy, and cost savings by reducing the need for manual labor in routine tasks. RPA market is expected to experience rapid growth, due to increasing adoption across various industries such as finance, healthcare, manufacturing, and logistics. Companies are using RPA technology to streamline operations, enhance productivity, and free up human resources, so that they can be for more strategic and value-added tasks.
As businesses seek to optimize processes and improve agility, the demand for RPA solutions is expected to continue rising. Additionally, advancements in artificial intelligence (AI) and machine learning are further enhancing the capabilities of RPA, enabling intelligent automation and greater process optimization. The RPA market is characterized by a competitive landscape with numerous vendors offering a range of solutions tailored to specific industry needs, contributing to market diversity and innovation.
US Position Sensor Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Growth Rate
31.5% CAGR
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Global Robotic Process Automation Market Segmental Analysis
The Global robotic process automation market is segmented based on Type, Deployment, Organization, End User and Region. Based on Type it is categorized into: Software, Service. 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 End User it is categorized into: IT and Telecom, BFSI, Healthcare, Retail and Others. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Robotic Process Automation Market Analysis by End-User
The Banking, Financial Services, and Insurance (BFSI) sector stands as the primary adopter of RPA software due to its high volume of repetitive tasks perfectly suited for automation. Institutions in this sector handle extensive data entry, account management, transaction processing, and compliance tasks, all of which benefit from RPA's efficiency. RPA also ensures consistent compliance with stringent financial regulations, reducing the risk of errors.
Moreover, automating these tasks frees up employees to focus on complex customer interactions, thereby enhancing customer service. Ultimately, the sector sees substantial cost reductions by streamlining operations, minimizing manual labor, and mitigating errors through RPA implementation.
Global Robotic Process Automation Market By Organization Size, 2021 (%), 2022 (%)
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Global Robotic Process Automation Market Regional Insights
North America leads the overall market with the largest market share of over 38% in 2023. Due to 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 market is growing due to processes.
Whereas the Asia-Pacific region is the fastest-growing market for RPA software, driven by several factors. Rapid economic growth, particularly in countries like China and India, spurs investments in automation solutions. The region's growing IT infrastructure provides a solid foundation for RPA adoption. Rising labor costs in certain areas of APAC incentivize companies to automate tasks, optimizing their workforce. Government initiatives promoting automation further boost adoption, enhancing industrial competitiveness. Additionally, increasing awareness and adoption across industries, from manufacturing to healthcare, contribute to the rapid growth of RPA in the Asia-Pacific region
Global Robotic Process Automation Market By Geography, 2021 - 2028, 2024-2031
- Largest
- Fastest
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Global Robotic Process Automation Market Dynamics
Robotic Process Automation Market Driver
Increasing Data Volume and Complexity:
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The exponential growth of data in business operations is staggering. Robotics Process Automation (RPA) emerges as a vital solution, automating data processing tasks with precision and efficiency. As businesses grapple with massive volumes of information, RPA streamlines operations by handling this data swiftly and accurately. This automation not only reduces human error but also enhances the speed and reliability of data processing, empowering organizations to manage and utilize their vast datasets effectively.
Rising Demand for Efficiency and Cost Reduction:
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Businesses across industries are constantly seeking ways to streamline operations and reduce costs. RPA software automates repetitive tasks, freeing up human employees for higher-value work and leading to significant cost savings.
Robotic Process Automation Market Restraint
High upfront costs:
- The high cost of these software presents a notable challenge in adopting RPA software. Although cloud-based solutions can reduce initial investment, licensing and implementation expenses for RPA can still be substantial, particularly for extensive deployments. This financial hurdle can serve as a barrier for smaller companies or those with constrained budgets, limiting their ability to fully embrace the efficiency and benefits of RPA technology. As such, careful cost assessment and budget planning are crucial considerations for organizations considering RPA implementation.
Reluctance to shift from Manual to Automated Processes:
- Reluctance of companies to switch from manual to automated processes is expected to restrain the market growth. Organizations around the globe are looking at deploying RPA solutions to improve business processes. However, lack of understanding about the technology poses a barrier to the adoption of this software. 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 into 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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Global Robotic Process Automation Market Competitive Landscape
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.
Robotic Process Automation Market Top Players Company Profiles
- Automation Anywhere
- Blue Prism
- UiPath
- WorkFusion
- Kofax
- NICE
- Pegasystems
- Redwood Software
- SAP
- Appian
- EdgeVerve
- HelpSystems
- Jacada
- Kryon
- Thoughtonomy
- Softomotive
- Datamatics
- Epiance
- Jidoka
- AutomationEdge
Robotic Process Automation Market Recent Developments
- In September 2022, Neostella, a global hyper automation company headquartered in Milwaukee, WI announced that it has signed an agreement to acquire Chicago, IL-based Work-Relay, a next-generation Business Process Management software that provides cloud-based workflow automation capabilities across complex business processes and projects.
- In August 2022, Vergence Solutions acquired IT consulting firm Abstract Technology Group. The combined business offers robotic process automation (RPA), application development & managed IT services capabilities.
- In April 2022, Gluware launched RPA to simplify network automation workflow
Global Robotic Process Automation Key Market Trends
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Integration of AI and Machine Learning (ML): RPA software companies are increasingly integrating AI and ML functionalities into their platforms. This allows bots to handle more complex processes that involve decision-making, pattern recognition, and unstructured data analysis.
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Focus on industry-specific solutions: RPA vendors are developing pre-built solutions tailored to specific industries like healthcare, finance, and manufacturing. These solutions address common industry pain points and can be implemented faster than generic RPA tools.
Global 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 reports also explicates 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 optimise operations in order to increase efficiency and generate the greatest return are likely to fuel market expansion. Additionally, due to a shift in business culture toward remote work during the COVID-19 epidemic and a rise in the requirement for process automation, the market growth was accelerated. RPA is expected to develop into a more complex technology over the estimated time as it matures. Intelligent automation systems may become more necessary as a result of technological developments like machine learning, Optical Character Recognition (OCR), and analytics in the context of robotic process automation (RPA). 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 | 31.5% |
| Base year | 2022 |
| 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 Global 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 Global 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 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.
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 Global 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 Global 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.
Global Robotic Process Automation Market Report Snapshots
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