Pune, India, June 07, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global robotic process automation market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 25.0% during the forecast period [2021-2028], to Reach USD 7.64 Billion by 2028, from USD 1.29 Billion in 2020. In its report titled “Robotic Process Automation (RPA) Market Share, Size & COVID-19 Impact Analysis, By Deployment, By Operation, By Application, By Industry and Regional Forecasts, 2021-2028”.
Industry Development:
- May 2020 – KPMG announced the launch of its RPA solution in Bahrain. With this launch, it aims to help businesses by managing, submitting, and reporting their VAT.
- June 2021 – FPT Software made a partnership with WEM to help organizations accelerate their digital transformation.
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Robotic Process Automation (RPA) is an emerging technology across various industries as it has the capability to run businesses smoothly amid the pandemic; companies are relying on digital systems to automate their both back-end and front-end processes. Thus, the demand for advanced software for automating the process is rising. As RPA technology allows quick automation of processes in less time, it is considered one of the finest software to boost work from home and remote location productivity and is expected to boost the market growth during the forecast period.
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 25.0% |
| 2028 Value Projection | USD 7.64 billion |
| Base Year | 2021 |
| Robotic Process Automation Market Size in 2020 | USD 1.29 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 150 |
| Segments covered | By Application, Deployment, Operation, Industry and Geography |
| RPA Market Growth Drivers | Surging COVID-19 Cases Propel Demand for Advanced Robotic Process Automation Solutions |
| Infrastructure and Customization Issues Associated with RPA to Impede Market Growth |
Driving Factor
Digital Transformation Efforts by Industries to Drive the RPA Adoption
The robotic process automation is adopted by almost every industry for seamless and automated business processes. However, the demand for this tool is high from banks, insurance, utility and telecom companies. These companies usually have many legacy systems and therefore prefer RPA solutions for automation and integration of functionality. By using this tool, businesses can boost their digital transformation initiatives and unlock the cost allied with past technology investments.
Besides, software bigwigs such as Microsoft Corporation, IBM Corporation, and SAP are acquiring or partnering with RPA software providers. These factors are indirectly creating awareness of this software amongst their customer base. On the other hand, new vendors are grabbing the opportunity by adopting RPA for digital business demands such as real-time analytics and event stream processing.
Increasing Adoption of Advanced Technologies to Fuel Market Growth
The increasing demand for automated technology by companies to handle their complex and unstructured information and automate their businesses end to end is expected to drive the robotic process automation market growth in upcoming years. Additionally, the combination of RPA technology with artificial intelligence as well as technologies is helping in extending the horizons of business processes. Using such advanced technologies helps automatically observe work activities, recognize optimal workflows, and suggest a self-regulatory path to businesses. For instance, in May 2020, AntWork announced the launch of ANTstein, an AI, RPA, and machine learning integrated platform. With this launch, the company aims to offer maximum bot utilization, insights into all types of data, data curation, and building.
Regional Insights:
North America to Dominate Backed by Presence of Prominent Players
The North America stood at USD 471.3 million in 2020 and expected to remain at the forefront and hold the largest position in the market during the forecast period [2021-2028] owing to the increasing adoption of self-regulated technologies and process management solutions by large as well as small and medium enterprises in the region. Moreover, the U.S. government is also encouraging agencies to deploy automated solutions to smoothen their work processes.
Europe is expected to showcase significant robotic process automation market share in upcoming years because the manufacturing companies in the region are adopting automated technology to scale projects and then gradually scale up through their operations. For instance, a report suggests that for RPA experts from the IBA Group, implementation of license-free RPA saves about 50% or more of the RPA budget for small companies and 30% for large companies.
The market in Asia-Pacific is expected to showcase an exponential growth backed by the growing demand for automation services across several industrial applications such as healthcare, automotive, and manufacturing in the region between 2021 and 2028.
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Market Segmentation:
- By deployment, the Robotic Process Automation Market is divided into on-premises, cloud.
- Based on the application, the capture & extraction segment held a market share of 16.4% in 2020. This is because it extracts the essential data that is required for handling queries from the database with less time.
- By industry, the market is divided into retail, manufacturing, and logistics industry, BFSI, healthcare, IT and Telecom, hospitality, and others. Lastly, in terms of geography, the marketis divided into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
- Based on operation analysis, the market is segmented on the basis of rule-based and knowledge-based operations. Accounting to the use of cognitive technologies along with RPA systems, the knowledge-based operations segment is projected to witness rapid growth in the coming years.
Competitive Landscape
Key Players to Focus on New Application Launches to Strengthen their Market Prospects
The market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships, and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects. Below is the industry development:
Industrial Development:
- April 2020 – Automation Anywhere announced the launch of a new robotic process automation solution amid COVID-19. According to the company, the advanced solution aims at empowering government organizations, healthcare, and other enterprises to maintain business continuity and remote working programs.
Companies Profiled in the Robotic Process Automation Market Report
- Automation Anywhere (California, U.S.)
- Blue Prism PLC (Warrington, U.K.)
- IPsoft Inc. (New York,U.S.)
- Kofax, Inc. (California,U.S.)
- Nice Systems Ltd. (Ra'anana, Israel)
- NTT Advanced Technology Corporation (Kanagawa, Japan)
- Pegasystems, Inc. (Massachusetts,U.S.)
- Redwood Software (Houten, Netherlands)
- Uipath SRL (New York,U.S.)
- OnviSource, Inc. (Texas, U.S.)
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Major Points of TOC:
-
- Global Robotic Process Automation (RPA) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Deployment (USD)
- On-Premises
- Cloud
- By Operation (USD)
- Rule-Based
- Knowledge-Based
- By Application (USD)
- Administration and reporting
- Customer Support
- Data Migration & Capture Extraction
- Analysis
- Others
- By Industry (USD)
- Retail
- Manufacturing and Logistics Industry
- BFSI
- Healthcare
- IT and Telecom
- Hospitality
- Others
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- By Deployment (USD)
- North America Robotic Process Automation (RPA) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Deployment (USD)
- On-Premises
- Cloud
- By Operation (USD)
- Rule-Based
- Knowledge-Based
- By Application (USD)
- Administration and reporting
- Customer Support
- Data Migration & Capture Extraction
- Analysis
- Others
- By Industry (USD)
- Retail
- Manufacturing and Logistics Industry
- BFSI
- Healthcare
- IT and Telecom
- Hospitality
- Others
- By Country (USD)
- United States
- By Application
- Canada
- By Application
- United States
- By Deployment (USD)
- Europe Robotic Process Automation (RPA) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Deployment (USD)
- On-Premises
- Cloud
- By Operation (USD)
- Rule-Based
- Knowledge-Based
- By Application (USD)
- Administration and reporting
- Customer Support
- Data Migration & Capture Extraction
- Analysis
- Others
- By Industry (USD)
- Retail
- Manufacturing and Logistics Industry
- BFSI
- Healthcare
- IT and Telecom
- Hospitality
- Others
- By Country (USD)
- U.K.
- By Application
- Germany
- By Application
- France
- By Application
- Rest of Europe
- U.K.
- By Deployment (USD)
- Asia Pacific Robotic Process Automation (RPA) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- Global Robotic Process Automation (RPA) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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