Pune, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Robotic Process Automation Market Size Analysis:
“The report of SNS Insider states that the Robotic Process Automation Market size was valued at USD 2.8 Billion in 2023 and is expected to reach USD 38.4 Billion by 2032, growing at a CAGR of 33.8% over the forecast period 2024-2032.”
Increasing Need for Efficient Business Processes Boosts Market Expansion
While government-led digital transformation initiatives have fuelled the adoption of Robotic Process Automation (RPA) in various verticals. More than half of public sector organizations across developed economies such as the U.S., Germany, and beyond are using RPA solutions to automate their repetitive manual tasks, without human intervention. For example, the American federal government spent more than $1 billion in its FY 2024 budget on a range of digital transformation initiatives, including deploying RPA solutions for healthcare defence and finance departments. This push toward digitization has not only improved efficiency but also resulted in better public service delivery, further encouraging private enterprises to follow suit.
As governments worldwide increase funding for technological upgrades, including artificial intelligence and RPA, enterprises across sectors are experiencing improved data management, enhanced accuracy in financial reporting, and reduced human errors. RPA has been invaluable in ensuring compliance with government regulations and in industries such as banking or healthcare where data privacy is crucial. Enterprises will continue to use their managed services agreement as a strategic business tool that helps them reduce time-to-implementation, scale up existing processes, and succeed in today's rapidly changing digital global economic landscape.
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Major Players Analysis Listed in this Report are:
- Automation Anywhere
- BlackLine Inc.
- Blue Prism
- EdgeVerve Systems Ltd.
- FPT Software
- Uniphore.
- KOFAX, Inc.
- WorkFusion, Inc.
- NICE
- NTT Advanced Technology Corp.
- OnviSource, Inc.
- Pegasystems
- UiPath
Robotic Process Automation Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 2.8 Billion |
| Market Size by 2032 | USD 38.4 Billion |
| CAGR | CAGR of 33.8 % From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • RPA automates repetitive tasks, reducing labor costs and improving efficiency. • Businesses across industries are looking to automate tasks for better accuracy, speed, and scalability. • Integrating AI and machine learning with RPA creates intelligent bots to handle complex tasks. |
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Segment analysis
By Type | Service segment Dominates the Market
The Service segment has led the market with over 64% share in 2023. There has been a huge demand for RPA services from various organizations as they are now looking into end-to-end automation solutions that suit them. In 2023, the U.S. Department of Labor observed a 25 percent increase in jobs related to RPA service delivery, highlighting the growing reliance on external expertise to implement, manage, and scale automation efforts. Consultation, maintenance, and continuous support by RPA services are crucial for companies with inadequate technical knowledge to optimally use automation tools. Governments around the world are making significant investments in RPA, either as a standalone solution or a component of their comprehensive digital transformation strategies, for example, the U.S. and European governments allocating billions in their budgets to modernize public services. Thus, a wide demand exists for RPA service providers with tailored products and solutions to enable enterprises in automate processes that are cost effective, regulated compliantly while enhancing workflow efficiencies.
The software segment is growing with a significant growth rate. RPA software enables businesses to automate complex rule-based decision-making. Unlike consulting or implementation services, which are often one-time investments, software licenses require ongoing subscriptions, ensuring continuous revenue for providers. Ever-increasing automation among small and medium enterprises (SMEs) with considerable help in the form of government grants, subsidies for digital transformation are serving to underpin demand within robotic process automation software, making it the most lucrative segment in the market.
By Application | BFSI Leads Adoption
BFSI dominated the market mainly owing to increasing uptake as well as essence in securing transactions. RPA technology has been most widely adopted by the Banking, Financial Services, and Insurance (BFSI) sector. Almost 70% of financial institutions have implemented RPA in their organizations for operations like customer service, account management and fraud detection as per recent government data. Due to its high level of dependency on complying with strict government regulations in data privacy and financial reporting, the sector faces aggressive challenges in ensuring human error reduction, appropriate audit trails, etc., making automation one of the vital modules.
Government support for fintech innovations has also contributed to this trend, particularly with countries such as Singapore offering tax breaks for financial institutions that adopt RPA solutions. In the European Union, legislation requiring banks to deepen their operational transparency is also driving demand for RPA. The ability to improve accuracy, reduce processing times, and cut costs in critical areas such as loan processing, customer onboarding, and compliance checks has made BFSI the dominant sector in RPA adoption.
Robotic Process Automation Market Segmentation:
By Type
- Software
- Service
- Consulting
- Implementing
- Training
By Organization
- Large Enterprises
- Small & Medium Enterprises
By Deployment
- Cloud
- On-premise
By Operations
- Rule Based
- Knowledge-Based
By Application
- BFSI
- Pharma & Healthcare
- Retail & Consumer Goods
- Information Technology (IT) & Telecom
- Communication and Media & Education
- Manufacturing
- Logistics and Energy & Utilities
- Others
North America accounted for the largest share of the market, with 48%, in 2023.
The dominance of North America in the Robotic Process Automation market has been driven by extensive government support and a strong technological infrastructure. According to US government statistics, over 40% of federal agencies have already implemented RPA technologies that automate routine administrative processes for over $500 million in yearly savings. The wide private sector investments across various industries, mainly in the healthcare, BFSI, and manufacturing sectors that are increasingly looking at streamlining operations-all add to the leadership position of the region in RPA adoption. The U.S. government dominates North America’s RPA through various digital transformation initiatives, which include the Technology Modernization Fund with over $1 billion in funding for automating and digitizing public services. This strategic focus on automation, coupled with the high-level IT infrastructure of the region, has contributed to North America's leading position in the global market, along with the strong presence of RPA solution providers.
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Latest News
- UiPath's new AI-powered RPA platform launched in August 2024, its capabilities aimed at enabling end-to-end business process automation across multiple sectors and utilizing machine leaning to increase task accuracy and processing speed.
- In June 2024 Blue Prism announced a strategic partnership with Microsoft to provide cloud-based RPA solutions for the financial services sector and target aims of significantly reducing operational costs within banking institutions by up to 20% across banking institutions by 2025.
Key Takeaways
- Government-backed digital initiatives fuel RPA growth.
- North America remains the dominant region in RPA implementation.
- The report provides a comprehensive analysis of the Robotic Process Automation market, covering key drivers, market trends, and competitive landscape.
- The objective of the report is to deliver actionable insights to businesses, helping them make informed decisions regarding RPA investments and market opportunities.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Robotic Process Automation (RPA) Market Segmentation, By Type
8. Robotic Process Automation (RPA) Market Segmentation, By Organization
9. Robotic Process Automation (RPA) Market Segmentation, By Deployment
10. Robotic Process Automation (RPA) Market Segmentation, By Operations
11. Robotic Process Automation (RPA) Market Segmentation, By Application
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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