New York, United States , March 14, 2023 (GLOBE NEWSWIRE) -- The Global Robotic Process Automation Market Size is to Grow from USD 6.85 Billion in 2021 to USD 25.83 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 30.76% during the forecast period. The robotic process automation market has witnessed substantial growth in recent years, owing to its ability to streamline business operations and increase efficiency while reducing costs. As a result of the COVID-19 pandemic, businesses worldwide had to shift towards automating business workflow, which has helped accelerate the growth of robotic process automation during the forecast period.
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RPA technologies enable the automated execution of various tasks and transactions across disparate software systems by deploying scripts that mimic human operations. RPA tools can be used for a number of activities, including as receiving an invoice through email, extracting the data, and putting it into a bookkeeping system. Robotic process automation excels in transaction processing due to its superior accuracy, reduced cycle time, and increased productivity. Some of the major features of RPA for which businesses are adopting RPA include improved productivity, optimizing performance, integrating new technologies, generating higher returns, and moving business processes across the enterprise. The increasing demand for automation of business processes is one of the major factors influencing the growing adoption of RPA technology.
The Growth of the robotic process automation Market is being driven by the rising usage of advanced technologies such as artificial intelligence (AI), machine learning (ML), and the cloud. Major organizations are substantially investing in and utilizing robotic process automation to help automate their company operations and handle more complex data. However, the high cost of infrastructure and the constraints of customisation associated with RPA are hampering Market Growth. Increased capability of RPA solution with the integration of AI technology in terms of improved business results, creating new positions, improved ROI, and reduced wage costs, among others.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on the "Global Robotic Process Automation Market Size, Share, and COVID-19 Impact Analysis, By Type (Software, Services), By Deployment Model (On-Premises, Cloud), By Industry Vertical (BFSI, Retail & Consumer Goods, Healthcare & Pharmaceuticals, IT & Telecommunication, Communication and Media & Education, Government & Defense, Energy & Utilities, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030". Get Detailed Report Description Here
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The services segment is witnessing significant CAGR Growth over the forecast period.
On the basis of type, the Global Robotic Process Automation Market is segmented into software and services. Among these, the services segment is expected to increase at a significant CAGR during the forecast period. The need for robotic process automation as a service has been fuelled by ongoing improvements in automation services that enable great scalability while minimizing cost. Robotic process automation services also improve accuracy and lower the cost of establishing a virtual workforce.
The on-premises segment is dominating the market over the forecast period.
On the basis of type, the Global Robotic Process Automation Market is segmented into on-premises and cloud. Among these, the on-premises segment is witnessing significant CAGR growth over the forecast period. The growing adoption of on-premises robotic process automation by small businesses looking to save money by automating a significant volume of activities with RPA and having adequate IT assistance to maintain the infrastructure.
The BFSI segment is dominating the market with the largest market share of 33% over the forecast period.
Based on the industry verticals, the Global Robotic Process Automation Market is segmented into BFSI, retail & consumer goods, healthcare & pharmaceuticals, IT & telecommunication, communication, and media & education, government & defense, energy & utilities, and others. Among these, the BFSI segment is dominating the market with the largest market share of 33% over the forecast period. The use of robotic process automation increases efficiency and work speed by allowing the BFSI sector to build new policies and services by combining robotic process automation with AI. Similarly, the healthcare and pharmaceutical industries have recognized the value of contemporary IT infrastructure and are changing their focus to integrating future technologies into present infrastructure.
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North America is dominating the market with the largest market share of 62%.
North America, with a 62% market share, is expected to remain the industry's leading region during the projection period. The United States is one of the world's largest markets for robots, as well as a key inventor and leader in robotics adoption. Increasing government and regulatory actions to promote RPA deployment across a wide range of industries are expected to boost market growth during the forecast period.
Asia Pacific is predicted to grow the fastest over the forecast period, owing to the increased adoption of robotic process automation across a wide range of industries, including manufacturing, retail, IT & Telecom, healthcare & pharma, and many others.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Robotic Process Automation Market include IBM Corporation, EdgeVerve Systems Ltd., Automation Anywhere, KOFAX, Inc., Kyron Systems, OnviSource, Inc., Blue Prism Group PLC, FPT Software, Pegasystems Inc., Nice Systems Ltd., WorkFusion, Inc., UiPath, Jacada Inc., Salesforce, Xerox Corporation, Microsoft Corporation, NTT Advanced Technology Corp., Datamatics Global Services Limited, and among others.
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Recent Development
In March 2022, Blue Prism Group Plc was acquired by SS&C Technologies Holdings, Inc. for approximately USD 1.6 Billion. Through this acquisition, the company increased its automation services and software capabilities in the healthcare and financial services industries. This acquisition aided the company in developing deep expertise throughout its robotic process automation and intelligent automation product lines.
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