Email
Print
Robotic Process Automation Market - Forecast(2023 - 2028)
Robotic Process Automation Market Overview
The Robotic
Process Automation Market is estimated to reach USD22.14 billion by 2030, growing
at a CAGR of 35.9% during the forecast period 2022-2027. Robotic process automation (RPA) is an automation software technology that
makes it simple to design, deploy and manage software robots that resemble how
people interact with digital systems and software. The variety of RPA solutions
includes decision support, tools and services, automation software,
software robot, rule-based operation, knowledge-based operation and enterprise
software. The integration of artificial
intelligence skills like machine learning models and analytics with RPA led to
the development of intelligent automation and helped enterprise systems’
digital transformation. The high adoption of RPA in various sectors is due to
the ongoing digital transformation and technological advancement of RPA systems
that efficiently handling of complex business processes. In June 2022, CIO stated
that with the use of the RPA system by IDG Communications, Inc., the team’s
capacity for work can be boosted by 35% to 50%.
Report Coverage
The “Robotic Process Automation Market Report –
Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the
following segments in the Robotic Process Automation Market.
Key Takeaways
- The large-scale enterprise segment held the largest share with 70% in the RPA market by organization size, in 2021. The high adoption of RPA in large-scale enterprises is driven by the growing demand for automation processes in complex business processes to gain maximum productivity.
- The Retail sector segment by end users in the Robotic Process Automation Market is expected to grow fastest at a CAGR of 38.2% during the forecast period 2022-2027. The high adoption of RPA in the retail sector is due to its rapid switch to digital modes for efficient management and tracking of business activities.
- Asia-Pacific is expected to grow the fastest at a CAGR of 39.1% in the Robotic Process Automation Market during the forecast period 2022-2027. The widescale adoption of RPA in this region is driven by the increasing adoption of technologically advanced RPA systems for handling complex business processes.
- The high adoption of RPAaaS to eliminate the licensing cost for RPA is driving the market growth.
Robotic Process Automation Market Value Share, By Region, 2021 (%)
For More Details On this report - Request For Sample
Robotic Process Automation Market Segment Analysis - by Organization Size
The Robotic Process Automation Market by organization size has been
segmented into small & medium scale enterprises and large-scale enterprises. The large-scale enterprise segment held the largest share with 70% in the RPA market by organization size, in 2021. The high adoption of RPA in large-scale enterprises is driven
by the growing demand for automation processes in complex business processes to
gain maximum productivity. The leading companies are adopting new strategies
such as extended licensing terms and supplemental software items to improve the
RPA already in use. In April 2021, FPT Software Company stated that it would be
giving its current customers a free extension on the licensing of its product.
Robotic Process Automation Market Segment Analysis - by End-users
The Robotic Process Automation Market by end users has been
segmented into aerospace and defense, BFSI, automobile, food & beverage, retail,
governments, education, manufacturing, transportation and logistics,
telecommunication & IT, energy and utilities, healthcare and others. The retail sector segment by end users in the
Robotic Process Automation Market is expected to grow fastest
at a CAGR of 38.2% during the forecast period 2022-2030. The high adoption of RPA in the retail
sector is due to its rapid switch to digital modes for efficient management and
tracking of business activities such as accounting and finance, customer
service management and customer behavior analysis. In July 2022, Comtec
Information System in their report stated that the use of RPA in retail sectors
can save more than $2 trillion in the global workforce.
Robotic Process Automation Market Segment Analysis - by Geography
The Robotic Process Automation Market by geography is segmented into North America, Europe, APAC, South America and RoW. Asia Pacific is expected to grow at the fastest CAGR with 39.1%, during the forecast period 2022-2030. The widescale adoption of RPA in this region is driven by the increasing adoption of technologically advanced RPA systems for handling complex business processes. In 2022, the Blue Prism report stated several organizations in this are adopting intelligent RPA technology that uses machine learning for more complex business processes. It also stated Australia topped the list of organizations using RPA in APAC followed by India with 78% and 49% respectively.
Robotic Process Automation Market Drivers
The high adoption of RPAaaS to eliminate the licensing cost for RPA is driving the market growth.
RPAaaS eliminate the licensing cost for RPA. The RPAaaS enables zero cost for bot licensing as it is hosted on a cloud. It offers 100% faster deployment as no installation is required. The software will be also automated through the cloud automatically. This is expected to fuel market growth as the above factors will encourage more companies to adopt the technology. In July 2021, AutomationEdge a leading AI-powered IT automation and robotic process automation company in their report mentioned how RPAaaS will power the mid-market growth over the next few years.
The advancement in the latest technology like optical character recognition (OCR), machine learning and robotics process automation analytics is fueling the market expansion.
The latest technology such as optical character
recognition (OCR), machine learning and robotics process automation analytics
are integrated into the RPA. This led to the development of an intelligent
automation system having Tools and Services & Decision Support solutions.
This is expected to eliminate desk interaction by 40%, by 2025. In Jan 2022, an
article published by NICE stated that OCR in RPA-enabled organizations is
quipped to automate a large volume of operational business processes,
particularly tasks that still depend heavily on scanned paperwork such as
customer-completed forms.
Robotic Process Automation Market Challenge
The lack of awareness among enterprises about the advantages of RPA can restrict the market growth.
Lack of knowledge among enterprises on the full potential of robotic
process automation and reluctance to invest in the integration of the software
are two major challenges to the Robotic Process Automation Market growth. Most organizations
are unaware of the full potential of robotic process automation and how digital
transformation can help reduce the overall cost
for the company. In Jan 2022, Techwire Asia in their survey report stated that
47% of organizations have not implemented due to lack of awareness, budget
constraints and privacy concerns
Robotic Process Automation Industry Outlook
Product launches, collaborations, and R&D activities are key
strategies adopted by players in the Robotic
Process Automation Market. The Robotic Process Automation Market's top 10 companies include:
- IPsoft, Inc.
- Verint Systems Inc.
- Blue Prism Group plc
- Xerox Corporation
- Redwood Software
- FPT Software Ltd.
- Kofax Inc.
- NICE Ltd Inc.
- UiPath
- OnviSource, Inc.
Recent Developments
- In August 2022, macami.ai a robotic process automation company launched a new intelligent automation system which explores the integration of robotic process automation and artificial intelligence.
- In Sept 2021, according to a report by the WALL STREET JOURNAL by Jan 2022, 50% of global companies will make the adoption robotic process automation in their routine processes.
- In April 2020, the United States Bank announced that the organization has implemented the UiPath software robot to handle loan applications from small and medium-sized companies (SMB) across the country.
Relevant Reports:
Report Code: ITR 29964
Report Code: ITR 78442
Report Code: ITR 85703
For more Automation and Instrumentation Market reports, please click here