The global robotic process automation market size was valued at USD 4.39 billion in 2022, and is expected to reach USD 54.57 billion by 2032, anticipated to grow at a noteworthy CAGR of 28.7% due to the growing trend of cloud-based solutions and the increasing adoption of robot-based solutions across various end-user industries.
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Organizations want robotic process automation to manage complicated unstructured data and automate any business operation from start to finish. Companies are integrating RPA with artificial intelligence and cognitive technologies to broaden the scope of business process automation. These technologies monitor work activities, identify ideal processes, and recommend an automation path to organizations. AntWork, for example, introduced ANTstein, an AI, RPA, and machine learning integrated platform in May 2020. This intelligent automation maximizes bot use while also providing insights into all sorts of data, data curation, and building.
The reduction of paperwork is one of the most discussed RPA future trends. Intelligent bots for online data extraction, filing, and processing are becoming popular in RPA. Pre-programmed bots can reduce paperwork while improving efficiency for mundane paperwork chores.Such trends will act as a growth factor in the global robotic process automation market.
Internal and external business operations were both affected by the worldwide epidemic. Retail, manufacturing, and IT & Telecom were all experiencing a drop in business, while healthcare organizations were being overburdened by the rising number of Covid-19 cases. This unique occurrence had an impact on both back-end and front-end office operations, resulting in extended response times, staff fatigue, paperwork backlog, and supply chain delays, among other things. As a result, introducing an automated solution was crucial in cutting costs, improving customer response time, and streamlining testing and reporting.
Furthermore, the pandemic has hastened the demand for a digital workforce across companies, opening up new opportunities for RPA suppliers to grab market share. As businesses undergo structural changes with people working from home, automation is likely to define employment post-pandemic. The good consequence of deploying RPA amid a pandemic-induced recession is likely to enhance its demand after the epidemic and propel market development.
Scope of the Robotic Process Automation Market Report
|Market Size in 2023||USD 5.63 Billion
|Market Size by 2032||USD 54.57 Billion|
|Growth Rate From 2023 to 2032||CAGR of 28.7%|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Segments Covered||Type, Deployment, Industry, Region|
|Companies Mentioned||UiPath, Automation Anywhere, Blue Prism, NICE, Pegasytems, Celaton Ltd., KOFAX, Inc., NTT Advanced Technology Corp., EdgeVerve Systems Ltd., FPT Software, OnviSource, Inc., HelpSystems, Xerox Corporation|
Based on the type, the market is classified into software and service. The service segment is the most revenue generating in the market which accounted for the highest market share of over 62.8% in 2022 and is expected to be the fastest growing in the market. The rise in demand for outsourcing RPA and installing software over the cloud for automation is due to the growing demand for completing repetitive high-volume activities. Due to the fierce rivalry among businesses, service providers have been forced to improve their advising, training, and consulting services. The adoption of RPA as a service assists companies in identifying the automation possibilities to be maximized and then developing a business case by concentrating on the proper vendor selection as a first step toward pilot project deployment.
The software category is projected to hit 37.2% revenue share in 2022 and is anticipated to expand at a consistent CAGR throughout the projection period due to the requirement for companies to overcome remote working difficulties and automate operations for internal data control while decreasing company expenses on extra personnel.
On the basis of deployment, the market is sub divided into on-premises and cloud. Because of its in-house ownership, the on-premises sector is projected to lead the market with revenue share of over 79.7% in 2022 and projected to surpass at a steady CAGR from 2023 to 2032.
The cloud sector is projected to surpass revenue share over 9% in 2022. The cloud sector, on the other hand, is anticipated to be the fastest-growing category in the next years due to benefits such as cheaper infrastructure costs, simplicity of deployment, and minimal upgrading, as well as lower operational costs. To gain flexibility in growing company operations, organizations are gravitating toward cloud-based solutions. Automation Anywhere, for example, will deliver Robotic process automation SaaS for its web-based and cloud-based workforce platform in May 2020. This platform allows for the adoption of a return-to-office or remote work environment.
Based on the industry, the BFSI segment holds the largest market share in 2022. Banking and insurance businesses use RPA for regulatory reporting and balance sheet reconciliation. This technology also assists financial services firms in monitoring and controlling multiple interfaces, ensuring transaction execution is smooth. For example, in April 2020, the United States Banks implemented the UiPath software robot to handle loan applications from small and medium-sized companies (SMB) across the country.
The healthcare industry is expected to grow at the fastest rate in the future years. RPA allows healthcare providers to track and record each process step in structured log files in order to comply with external audits. RPA in hospital management is primarily used to improve administrative processes, revenue cycle management, time for blood or organ transportation, cleaning patient areas, and coordinating schedules for operations and other medical procedures. For example, the British startup T-impact provides a frequently utilized RPA function in healthcare: helping surgeons during surgeries by offering crucial instructions, recommendations, and common cautions.
North America dominated the overall market with the share of 38.3% in 2022. The United States, which is one of the primary inventors and pioneers in robotics adoption, is one of the most important markets. The region's usage of robotics is rising, making US firms more competitive and providing job possibilities, OEMs for process automation. Since 2010, over 180,000 robots have been deployed to various American companies, resulting in the creation of over 1.2 million new manufacturing jobs, according to the Association for Advancing Automation.
Asia Pacific region is expected to be the fastest growing over the forecast period due to increasing product adoption across the pharma, healthcare, IT and Telecom, retail, and manufacturing industries. Robotic process automation is growing as a result of increased demand for automation utilized for various activities in organizations, as well as advancements in machine learning and artificial intelligence. Furthermore, increasing awareness among different industries and SMEs is projected to drive market expansion. The growing need for automation in the Business Process Outsourcing (BPO) industry has also contributed to regional growth.
Key Companies & Market Share Insights
The market is very competitive, with many specialties small-scale market players as well as established large-scale vendors offering sophisticated robotic process automation systems. Leading industry competitors are providing sophisticated solutions that go beyond rule-based automation. As niche competitors emerge with different solutions to compete in the global market, the main firms are concentrating on providing more enhanced solutions. To obtain a big client base, prominent players are extending their businesses through partnerships.
Some of the major players in the robotic process automation market include:
Segments Covered in the Report
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