PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464649
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464649
Robotic Process Automation Market size was valued at USD 3,123.52 Million in 2023, expanding at a CAGR of 39.89% from 2024 to 2032.
Robotic Process Automation (RPA) entails employing software robots to automate repetitive, rule-based tasks typically carried out by humans in business processes. RPA technology replicates human interactions with digital systems by capturing and interpreting data, triggering responses, and executing predefined actions across multiple applications and systems. These software robots are proficient in performing various tasks, including data entry, extraction, form filling, report generation, and transaction processing, spanning diverse industries and functional domains. By leveraging RPA, organizations can streamline operations, enhance efficiency, minimize errors, and liberate human resources to concentrate on higher-value tasks, ultimately bolstering productivity and cost-effectiveness.
Robotic Process Automation Market- Market Dynamics
Demand for automating business processes stands to propel market demand
The increasing demand for automating business processes stands as a key driver fueling the increasing adoption of Robotic Process Automation (RPA) technology. Businesses are gravitating towards RPA solutions equipped with advanced features integrated with cutting-edge technologies like Artificial Intelligence (AI). Collaboration among companies in the realm of robotic process automation aims to deliver enhanced RPA solutions, thereby seizing the burgeoning opportunities within the RPA market. For instance, in March 2021, Google partnered with Automation Anywhere to integrate the Automation Anywhere platform into the Google Cloud, fostering mutual development of AI and RPA-powered solutions. Such collaborations have significantly contributed to the availability of superior RPA solutions in the market, thereby facilitating broader adoption. Furthermore, the cognitive robotic process automation market facilitates the automation of business processes involving unstructured data sources.
Robotic Process Automation Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 39.89% over the forecast period (2024-2032)
Based on Product Type segmentation, service was predicted to show maximum market share in the year 2023
Based on Deployment segmentation, cloud was the leading type in 2023
Based on Organization segmentation, large enterprise was the leading type in 2023
Based on Application segmentation, BFSI was the leading type in 2023
Based on Operations segmentation, Rule based was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Robotic Process Automation Market is segmented on the basis of Product Type, Deployment, Organization, Operations, Application and Region.
The market is divided into five categories based on Product Type: Software, Service, Consulting, Implementing and Training. The service segment is poised to dominate the market share in 2023. This segment encompasses consulting, implementation, and training services. Intensified competition among enterprises has propelled RPAA service providers to enhance their service offerings. Continuous advancements in automation facilities, facilitating high scalability and cost minimization, have propelled the demand for RPA as a service. Implementing RPA as a service aids organizations in identifying automation opportunities for optimization and crafting business cases by focusing on proper vendor selection for pilot project deployment.
The market is divided into two categories based on Organization Size: Large Enterprises and Small & Medium Enterprises. The large enterprise segment of the robotic process automation market is anticipated to hold the largest market share in 2023. Large enterprises are harnessing RPA to mitigate time spent on conventional activities, thereby freeing up time for strategic decision-making. Furthermore, RPA aids large enterprises in minimizing human errors, enhancing work efficiency, and reducing overhead expenses. RPA vendors have extended licensing periods at no additional cost for existing clients during the COVID-19 pandemic, enabling them to derive benefits from RPA even amidst the pandemic.
Robotic Process Automation Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
In the Robotic Process Automation (RPA) market, companies implement strategic initiatives to fortify their market standing, broaden their customer base, and foster innovation. Strategic partnerships constitute a cornerstone, with RPA vendors collaborating with technology providers, consulting firms, and system integrators to deliver holistic automation solutions tailored to specific industries and use cases. These collaborations facilitate seamless integration with existing IT infrastructure, encompassing enterprise resource planning (ERP) systems, customer relationship management (CRM) platforms, and legacy applications, ensuring smooth deployment and interoperability. Additionally, partnerships with industry associations and standards bodies facilitate knowledge exchange, best practice development, and regulatory compliance, augmenting the credibility and reliability of RPA solutions. Moreover, alliances with software vendors and cloud service providers grant access to complementary technologies such as artificial intelligence (AI), machine learning (ML), and natural language processing (NLP), thereby enriching RPA capabilities and fostering innovation in intelligent automation. Furthermore, strategic engagements with customers and end-users foster collaboration on solution design, implementation, and optimization, ensuring that RPA deployments align with business objectives and deliver tangible value.
In April 2023, Kofax, Inc. announced the relaunch of the Kofax, Inc. Marketplace, a digital hub comprising connectors, tools, and applications for advanced integration of automation software with leading businesses. The Kofax, Inc. Marketplace provides access to comprehensive learning resources and ready-made assets capable of interfacing with pivotal platform elements such as RPA as well as Kofax TotalAgility, among others.
GLOBAL ROBOTIC PROCESS AUTOMATION MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Blue Prism Limited (Acquired by SS&C Technologies Holdings, Inc.)
BlackLine Inc.
EdgeVerve Systems Ltd. (Acquired by Infosys)
FPT Software
KOFAX, Inc.
Microsoft
NICE
NTT Advanced Technology Corp.
OnviSource, Inc.
Pegasystems Inc.
SAP
UiPath
Uniphore.
WorkFusion
Others