Robotic Process Automation (RPA) Market Size surpass USD 20,215.71 Mn by 2030 at a CAGR of 30.4%

New York, May 09, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Robotic Process Automation (RPA) Market” published by Consegic Business Intelligence, the market was worth USD 2,463.06 Million in 2022 and is anticipated to reach over USD 20,215.71 Million by the year 2030, growing at a CAGR of 30.4%.

Global Robotic Process Automation (RPA) Market Size, Share & Trends Analysis, By Component (Software and Services), Operation (Rule-Based and Knowledge-Based), Enterprise Size (Large Enterprise and SMEs), Application (Administration & Reporting, Customer Support, Data Migration & Capture extraction, Analysis, and Others), End-User (Retail, Manufacturing & Logistics, BFSI, Healthcare, IT & Telecommunication, Hospitality, and Others), and By Region, Forecast Period 2023 – 2030.

The robotic process automation (RPA) market is a rapidly growing sector of the technology industry. RPA refers to software programs that automate repetitive, rules-based tasks that are usually performed by humans. The programs use artificial intelligence (AI) and machine learning (ML) algorithms to mimic human actions and decision-making. RPA solutions are being used to automate tasks such as data entry, customer service, invoice processing, and inventory management in various industries including include banking and finance, healthcare, retail, and manufacturing.

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The increasing demand for automation in industries such as manufacturing, retail, and healthcare is driving the growth of robotic process automation (RPA) market. RPA provides an effective solution by allowing organizations to automate repetitive and time-consuming tasks, thereby enabling employees to focus on more strategic work. In addition to the demand for automation, the need for cost-efficient operations is another major driver of the RPA market. By automating tasks that are performed by humans, organizations reduce the need for manual labor and associated costs. RPA also helps businesses reduce errors and improve the accuracy of their operations, leading to further cost savings. For instance, in March 2021, Deloitte announced a collaboration with Automation Anywhere to accelerate cloud intelligent automation adoption to help organizations automate their processes and increase efficiency while leveraging the power of the cloud and artificial intelligence (AI).

The robotic process automation (RPA) market is expected to witness significant growth during the forecast period due to the incorporation of advanced technologies such as artificial intelligence (AI) and machine learning (ML). The use of intelligent automation solutions to analyze data, identify patterns, and make informed decisions is providing growth opportunities for the robotic process automation market. However, security concerns associated with RPA solutions along with its high maintenance costs are restraining the growth of the robotic process automation market.

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Key Market Highlights

• The Global Robotic Process Automation (RPA) Market size is estimated to exceed USD 20,215.71 Million by 2030 and grow at a CAGR of 30.4% during the forecast period (2023-2030).
• Globally, Robotic Process Automation (RPA) are divided based on the Component into Software and Services.
• In the context of Operation, the market is separated into Rule-Based and Knowledge-Based.
• On the basis of Enterprise Size, the market is categorized into Large Enterprises and SMEs.
• On the basis of Application, the market is classified into Administration & Reporting, Customer Support, Data Migration & Capture extraction, Analysis, and Others.
• Based on the End-User, the market is segregated into Retail, Manufacturing & Logistics, BFSI, Healthcare, IT & Telecommunication, Hospitality, and Others.
• The market is geographically divided into five regions: Europe, Latin America, the Asia-Pacific, North America, and Middle East and Africa.
• Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in Robotic Process Automation (RPA).

Robotic Process Automation (RPA) Market Growth Drivers:

• The increasing demand for automation in industries such as manufacturing, retail, and healthcare is driving the growth of robotic process automation (RPA) market.
• The ability of robotic process automation (RPA) solutions to improve the efficiency and productivity of business operations is accelerating the growth of the robotic process automation (RPA) market.
• The continuous advancements in technology such as the adoption of cloud computing are boosting the growth of market.

Restraints

• The security concerns associated with RPA solutions along with its high maintenance costs are restraining the growth of the robotic process automation market.
• The integration of RPA solutions with the existing systems is limiting the growth of robotic process automation (RPA) market.

Opportunities

• The incorporation of advanced technologies such as artificial intelligence (AI) and machine learning (ML) into the automation process is presenting growth opportunities for the robotic process automation market.

Global Robotic Process Automation (RPA) Market Segmentation Details:

Based on Component, the Software segment contributed the largest shares to the market growth in 2022. In terms of software, the RPA market includes different types of RPA software solutions that are designed to automate various business processes. The software solutions include standalone RPA software and integrated RPA software designed to learn from data, identify patterns, and make decisions to improve the business outcomes, thereby increasing the efficiency of the business operations.

Based on Operation, rule-based segment offered substantial shares to the Global Robotic Process Automation (RPA) Market in the year 2022. Rule-based automation involves automating tasks that are standardized and easily defined by a set of rules or instructions. The tasks typically involve repetitive and rule-based activities that are automated using RPA tools. For instance, data entry and invoice processing are tasks that are automated using rule-based RPA solutions. As a result, the ease of implementation of rule-based software and its ability to reduce the overall cost of implementation is driving the growth of the rule-based segment in the RPA market.

Based on Enterprise Size, the large enterprise segment is accounted for the largest revenue share in the year 2022. Large enterprises have complex business processes allowing them to invest in resources to support RPA software solutions and the IT infrastructure required to support them. As a result, large enterprises are the primary adopters of RPA solutions, and the segment is expected to continue to grow as large organizations seek to further optimize their operations. However, the SMEs segment is expected to witness significant growth during the forecast period at RPA solutions automate repetitive and time-consuming tasks, thereby helping SMEs to increase their return on investment (ROI).

Based on Application, the administration & reporting segment offered substantial shares to the robotic process automation market. The administration and reporting segment of the RPA market includes a range of repetitive and time-consuming tasks such as data entry, invoice processing, and report generation. RPA solutions automate these tasks, enabling organizations to improve their operational efficiency, reduce errors, and free up employee time to focus on more strategic activities. By automating these administrative tasks, businesses also improve decision-making and customer satisfaction, as they access accurate and timely information more quickly. In conclusion, the administration and reporting segment of the RPA market is a key area of growth, as more organizations seek to optimize their operations and reduce costs through automation.

Based on End-User, the BFSI sector accounted for the maximum revenue share in the year 2022. The BFSI industry has a high volume of repetitive, rule-based processes that are well-suited for automation. RPA solutions helps to improve their operational efficiency, reduce costs, and enhance customer experience. As a result, the BFSI sector has been an early adopter of RPA solutions to automate processes such as account opening, data entry, payment processing, and others.

Based on region, The North American region has been a major contributor to the growth of the robotic process automation (RPA) market. The region has a high demand for automation due to the need for improved efficiency, increased productivity, and reduced operational costs. The adoption of advanced technologies such as artificial intelligence (AI) and machine learning (ML) is also high in North America, which further accelerates the growth of the RPA market. Moreover, the presence of key players such as Automation Anywhere, UiPath Inc., and Microsoft Corporation in the region is a significant factor driving the growth of the RPA market.

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Recent Developments

• In March 2023, Salesforce announced the launch of Einstein GPT (Generative Pre-trained Transformer) designed to help businesses generate natural language text that are used for a variety of purposes, including customer service, marketing, and sales.
• In February 2023, OnviSource revealed that CallCenterUSA implemented AI-driven and intelligently automated analytics featuring machine learning technology from OnviSource.

List of Major Global Robotic Process Automation (RPA) Market Players

The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —

• Automation Anywhere 
• Blue Prism Group PLC
• UiPath Inc.s 
• Microsoft Corporation 
• Nice Systems Ltd. 
• WorkFusion, Inc. 
• Pegasystems, Inc. 
• OnviSource, Inc. 
• Salesforce
• Kryon Systems 

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Global Robotic Process Automation (RPA) Market Segmentation: 

• By Component
  • Software
  • Services
• By Operation
  • Rule-Based
  • Knowledge-Based
• By Enterprise Size
  • Large Enterprise
  • SMEs
• By Application
  • Administration & Reporting
  • Customer Support
  • Data Migration & Capture extraction
  • Analysis
  • Others
• By End-User
  • Retail
  • Manufacturing & Logistics
  • BFSI
  • Healthcare
  • IT & Telecommunication
  • Hospitality
  • Others

Key Questions Covered in the Robotic Process Automation (RPA) Market Report

• What is Robotic Process Automation (RPA)
  • Robotic Process Automation (RPA) is a technology that uses software robots to automate repetitive and rule-based tasks that are typically handled by people. RPA robots mimic human actions such as logging into applications, entering data, and clicking on buttons, and work continuously without breaks or errors.
• What specific segmentation details are covered in the Robotic Process Automation (RPA) market report, and how is the dominating segment impacting the market growth?
  • The report consists of segments including Component, Operation, Enterprise Size, and End-User. Each segment has key dominating sub-segment being driven by the industry trends and market dynamics. For instance, by component has witnessed software as the dominating segment in the year 2022, driven by factors such as increasing demand for automation in industries such as manufacturing, retail, and healthcare.
• What specific segmentation details are covered in the Robotic Process Automation (RPA) market report, and how is the fastest segment anticipated to impact the market growth?
  • The report consists of segments including Component, Operation, Enterprise Size, and End-User. Each segment is projected to have the fastest growing sub-segment being fueled by industry trends and drivers. For instance, Enterprise Size, SMEs sub-segment is anticipated to witness the fastest CAGR growth during the forecast period. SMEs are becoming aware of the benefits of RPA solutions, such as cost savings, improved productivity, and reduced errors.
• What specific segmentation details are covered in the Robotic Process Automation (RPA) market report, and how does each dominating segment is influencing the demand globally?
  • As aforementioned, each dominating segment is influencing the demand globally due to growing industrial needs. Moreover, due to fluctuation in demand being witnessed from different sectors is accounted for driving the robotic process automation market.

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