New York, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The global robotic process automation market size is slated to expand at ~ 33.14% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 107.34 billion by the end of 2035, up from a revenue of ~USD 3.46 billion in the year 2022.The market growth can be attributed to the increasing number of companies around the world turning to automation to reduce human error. In addition, it is a cutting-edge technology that requires less human intervention, such as machine learning, artificial intelligence, and others. Hence, the increasing adoption of these technologies is expected to boost the growth of the market. It is estimated that by the end of 2024, more than 65 percent of all managerial tasks worldwide will be automated.
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A sophisticated software technique called Robotic Process Automation (RPA) creates, implements, and manages software robots. The use of RPA is increasing in a variety of industries due to its scalability, low investment requirements, and high return on investment (ROI). Help streamline workflows and increase employee satisfaction, engagement, and productivity by eliminating repetitive tasks. Today there is tremendous adoption of advanced technologies, including robotic process automation solutions.
Robotic Process Automation Market: Key Takeaways
- Market in North America to propel highest growth
- The BFSI segment to garner the highest growth
- Market in Europe to grow at a highest rate
Increasing Adoption of Digital Assistants across the Globe to Boost Market Growth
Digitization can give industries an advantage by improving their business operations. The use of innovative solutions gives consumers a targeted advantage in their business and a suitable digitization plan can help to improve the quality of work. Digitization channels help to provide feedback at regular intervals, which could further support customers in strategic decision-making. Digital technologies are progressing further than any innovation that has existed in the world so far.
In addition, the transformation that digital technologies are enabling for the growth of the digital economy includes the automation of robotic processes. Therefore, RPA is helping the people through digital means and the growth of the market is expected to increase. In 2021, more than 4 billion digital voice assistants were used on devices worldwide. In order to improve the customer experience, companies use intelligent bots, such as chat bots. In addition, the 24/7 service requires an automation process for customer care. Hence, the market is forecast to grow. By 2022, more than 50 percent of companies worldwide will use AI chat bots in their IT department.
Robotic Process Automation Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding major innovators to Drive the Market Growth in North America Region
The robotic process automation market in North America region is estimated to garner the largest revenue by the end of 2035. The growth of the market is mainly attributed to the presence of major innovators and players in the region. Furthermore, RPA is increasingly being adopted by organizations and government agencies are expected to drive market growth in the region.
Additionally, government initiatives to increase RPA adoption across various industries are expected to fuel market growth in the region. Since administration began, the 24, largest federal agencies have implemented more than 100 initiatives to reduce administrative burdens and dedicate more resources to agency work, resulting in realized and projected billions of dollars in savings and the reallocation of hundreds of thousands of full-time employees. time staff. Employee hours equal higher value work. These initiatives include more than 50 that focus on process improvement and standardization, and about 30 that use artificial intelligence, robotic process automation, and other innovative software.
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Growing compliance processes to Propel the Growth in the Europe Region
The Europe robotic process automation market is estimated to garner the highest CAGR by the end of 2035. Europe has stringent data privacy regulations such as the General Data Protection Regulation (GDPR). RPA offers the ability to automate compliance processes and ensure data privacy, which has driven its adoption in the region. According to a report, the GDPR implementation led to a 51% increase in RPA adoption in Europe in 2019. As organizations grow and expand, their business processes become more complex.
RPA provides the capability to automate repetitive and rule-based tasks, freeing up employees to focus on more strategic activities. According to a survey, 85% of European organizations are currently using or planning to use RPA to automate business processes. European organizations are increasingly looking for intelligent automation solutions that combine RPA with artificial intelligence (AI) and machine learning (ML). The integration of AI and ML capabilities enhances the efficiency and effectiveness of RPA, leading to increased adoption.
Robotic Process Automation, Segmentation by Industry
- Finance
- Retail
- Healthcare
- BFSI
- Manufacturing
- IT & Telecom
- Others
Amongst these segments, the BFSI segment in robotic process automation market is anticipated to hold the largest share over the forecast period. The BFSI segment is expanding into emerging markets, where there is a growing demand for financial services and products. Initiatives for financial inclusion, such as expanding access to banking services and promoting microfinance, are driving growth in these markets. According to a report, as of 20121, 70% of adults in high-income OECD countries had a bank account, compared to only 41% in developing economies. As financial transactions increasingly move to digital channels, cybersecurity and data protection have become critical concerns for the BFSI sector.
Investments in robust cybersecurity systems, encryption technologies, and fraud detection solutions are essential to maintain customer trust. The BFSI industry is subject to stringent regulatory requirements to ensure consumer protection, financial stability, and data privacy. Compliance with regulations such as Know Your Customer (KYC), Anti-Money Laundering (AML), and General Data Protection Regulation (GDPR) has driven investment in technology and systems to meet regulatory standards.
Robotic Process Automation, Segmentation by Organization
- Large Organization
- Small & Medium Organization
Amongst these segments, the large organization segment in robotic process automation market is anticipated to hold a significant share over the forecast period. Large organizations form strategic partnerships and collaborations with other companies, startups, research institutions, or industry leaders to leverage synergies, access new technologies, or expand their capabilities.
Collaborative efforts enable large organizations to foster innovation and achieve growth. According to PwC, 44% of CEOs in their 24th Annual Global CEO Survey reported entering into a new strategic alliance or joint venture in 2021. Large organizations prioritize delivering superior customer experiences to drive growth. They invest in customer relationship management (CRM) systems, personalized marketing strategies, and customer-centric initiatives to enhance customer satisfaction and loyalty. Large organizations invest in technology and innovation to stay competitive and drive growth. Embracing digital transformation, adopting emerging technologies, and investing in research and development (R&D) are crucial drivers for large organizations. Companies acquire or merge with other firms to expand their product/service offerings, gain market share, enter new markets, or achieve operational synergies.
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Robotic Process Automation, Segmentation by Solution
- Software
- Service
Robotic Process Automation, Segmentation by Deployment Mode
- Cloud
- On-Premise
Few of the well-known market leaders in the robotic process automation market that are profiled by Research Nester are OnviSource, Inc., Automation Anywhere, Inc., Pegasystems Inc., NICE LTD., UiPath Inc., Blue Prism Limited, WorkFusion, Inc., Kryon Systems, FPT Software Company, Ltd., and other key market players.
Recent Development in the Robotic Process Automation Market
- Pegasystems Inc. announced the launch of Robot Studio, a low-code Robotic Process Automation (RPA) build environment for Pega's intelligent automation platform.
- OnviSource, Inc. announced the addition of a new code platform, Orchestra, to its Automata Robotics process automation solution, based on the company's new proprietary artificial intelligence engine, iMachine 2.0.
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