What is the global market size of Robotic Process Automation Market?

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). Read More

What is the key driver of Global Robotic Process Automation Market?

Contact centre outsourcing, banking, financial services, and insurance (BFSI), business process outsourcing (BPO), procurement outsourcing, and human resources outsourcing (HRO) are all growing at a rapid pace. As a result of its ability to perform a variety of tasks such as account opening and closing, completing requests for quotation and proposals, IT system testing and monitoring, and handling queries in the billing and customer service departments, robotic process automation has a huge Robotic Process Automation Market potential across various business verticals. Healthcare, BPO, banking, and insurance businesses all adopt robotic process automation because their processes are well-defined, repeatable, and rule based. Read More

What is the key market trend for Global Robotic Process Automation Market?

Over the forecast period, a shift in company business operations because of the pandemic-induced work-from-home situation is likely to boost the Robotic Process Automation Market growth. The market is expected to evolve because of the integration of cognitive technologies and the transformation of business processes across companies. Read More

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

Q: Which region accounted for the largest share in Global Robotic Process Automation Market?

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. Read More

Report ID: SQMIG45J2216 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 116 | Figures: 77

Global Robotic Process Automation Market Dynamics

Robotic Process Automation Market Driver

Increasing Data Volume and Complexity:

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:

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.

Global Robotic Process Automation Market Report Snapshots

License Type Top market research company in USA

File Type

$5,300

BUY NOW GET FREE SAMPLE

Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

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).

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. 'Automation Anywhere', 'Blue Prism', 'UiPath', 'WorkFusion', 'Kofax', 'NICE', 'Pegasystems', 'Redwood Software', 'SAP', 'Appian', 'EdgeVerve', 'HelpSystems', 'Jacada', 'Kryon', 'Thoughtonomy', 'Softomotive', 'Datamatics', 'Epiance', 'Jidoka', 'AutomationEdge'

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.

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.

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.

Feedback From Our Clients

"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "

- Mr. Ali Zali, Commercial Director, ICIIC Iran.