The global robotic process automation market size was valued at nearly USD 2.77 Billion in 2022 and is anticipated to reach USD 35.58 Billion by 2031, expanding at a CAGR of 32.8% during the forecast year, 2023 – 2031. Robotic process automation (RPA) involves the use of technology to program computer software or a robot to record and comprehend current applications for rule-based transaction processing, update data, trigger reactions, and enable communication with other digital systems.
It is the use of advanced software to perform a wide range of high-volume, repetitive tasks, and length process that take a long time to complete and are sometimes tiresome to carry out.
The software performs highly intelligent functions that can replace human efforts and behaviour for the deployment and execution of certain tasks. In other words, it learns the rules on its own and has its ability to operate a variety of tasks and operations including account opening and closing, accomplishing requests for citation and suggestions, IT system testing and analysis, as well as handling billing and consumer service department queries.
Due to wide advancement in technology for these operations, which are well-defined, repetitive, and rule-based, RPA is extensively used in healthcare, BPO, finance, and insurance.
Robotic Process Automation Market Trends, Drivers, Restraints and Opportunities
- Rising demand for the ease of business processes and effective establishment of production units across businesses present key driving factors of the market.
- Increasing need for automated solutions to manage complex and unstructured data besides aiming to effective handling of several units within a large business operation helps to boost the market expansion.
- Advancement of innovative technology and expansion of automatically watching work activities are key factors that expand the applications of RPA. This is projected to propel the market growth in the coming years.
- Issues concerning threat of data security and lack of uniform regulatory frameworks globally are key challenges expected to impede the market growth during the forecast period.
- Massive R&D programs and development of advanced techniques for operating RPA are key factors anticipated to offer immense opportunities for the market expansion in the long run.
Scope of Robotic Process Automation Market Report:
The report on the global robotic process automation market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Base Year
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2022
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Historic Data
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2016 & 2021
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Forecast Period
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2023–2031
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Robotic Process Automation Market Insights
Service segment to dominate the market
Based on types, the market can be bifurcated into tools and services. The service segment is anticipated to dominate the market during the forecast period owing to the surge in demand for outsourcing RPA and installing software for automation over the cloud.
Service providers are actively working towards strengthening their advising, training, and consulting services to stay alive in such strong competition among enterprises. Additionally, the rising demand for automation services in order to achieve better scalability and reduce costs of the overall business operations help to accelerate the segment growth.
Automated solutions segment to hold a large market share
In terms of processes, the global robotic process automation market can be divided into automated solutions, decision support & management solutions, and interaction solutions. The automated solutions segment is projected to hold a major market share during the forecast period.
The growth of the segment is attributed to wide prevalence of automation solutions that offer various business solutions such as replacing inefficient, time-consuming manual processes with simpler, automated workflows, and resulting in increased productivity and accuracy.
Rule based segment to account significant market share
On the basis of applications, the market can be bifurcated into rule based and knowledge based. The rule based segment held a large market share in 2020 and is expected to account for significant market share during the forecast period. Rule-based automation, which manipulates data using human-made rules, is one of the most widely adopted machine intelligence in various applications as it makes simpler for the users to understand and increase growth result.
This automation refers to a system that stores, sorts, and changes data using human-made rules that help the machine to imitate human intelligence. The primary goal of a rule-based system is to capture and incorporate the knowledge of a human expert on a certain issue within a computer system.
North America to account a large market share
In terms of regions, the global robotic process automation market can be segmented into North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. North America is anticipated to attain a large market share during the projected timeline owing to the region's widespread use of process management and automation technology by businesses and government agencies.
Moreover, the wide adoption of the automation process among small & medium enterprises (SMEs) in the region presents a key driver of the regional market growth as it enhances in the functioning of various company processes such as accounting/finance, data input, record keeping, procurement detail, and other HR-related activities.
The market of Asia Pacific, however, is expected to register high CAGR during the forecast period due to increased product use across the pharmaceutical, healthcare, IT & telecom, retail, and manufacturing industries in the region. Additionally, increasing adoption of the advanced machines among various industries and SMEs in the region is also expected to aid the regional market growth in the coming years.
Segments
Processes
- Automated solutions
- Decision Support & Management Solutions
- Interaction Solutions
Types
Operations
- Rule Based
- Knowledge Based
Regions
- North America
- Asia Pacific
- Europe
- Middle East & Africa
- Latin America
Key Players
Competitive Landscape
The key player of the global robotic process automation market are NTT Advanced Technology Corp; UiPath; Blue Prism; Automation Anywhere; Pegasytems; NICE; and KOFAX, Inc. The market is of highly competitive nature with the participation of numerous specialised small-scale and established large-scale providers offering advanced robotic process automation systems. Leading players in the industry are offering advanced solutions that can push the robotic process automation into different functional level.
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