Detailed overview of robotic process automation market
Robotic process automation (RPA), a complex software technique, is used to build, and manage software robots. It aids in data manipulation, data transmission between programs, getting feedback, or performing transactions. It also helps optimize workflows and boost employee satisfaction, engagement, and productivity by reducing boring workday tasks. Additionally, it boosts resilience and accuracy, quickens transitions, improves compliance, and boosts productivity.
The robotic process automation market worth in 2021 was USD 3.05 billion, and it will be worth USD 24 billion by 2030, growing at a 27% CAGR during 2021-2030.
The requirement to optimize operations in order to boost efficiency and maximize return, for example, is anticipated to be a driving force behind market expansion. Another important issue is the incorporation of contemporary technologies and the evolution of business procedures across organizations.
Market Dynamics
Drivers
Due to factors including the integration of robotic process automation with traditional business processes and the simplification of those processes brought on by the installation of robotic process automation, the market for robotic process automation is anticipated to expand. In the BPO sector, automation techniques will be used more frequently, and the demand for robotic process automation in logistics will rise.
Opportunities like the integration of robotic process automation with cutting-edge technologies will be available in the worldwide robotic process automation market. With the help of voice recognition software, robotic process automation can retrieve data and organize the fundamental content needed to respond to inquiries.
Restraints
Businesses must invest in a solid infrastructure and a skilled workforce to manage all operations while deploying robotic process automation technologies. It takes time and money to set up RPA infrastructure, hire experts or train current staff, and deploy thousands of bots. Additionally, automated bot platforms frequently undergo changes, and bots aren’t always designed with the necessary adaptability. It also requires cutting-edge technology and a unique identity. As a result, it is particularly difficult to update the platform to match the company’s shifting needs. All of these reasons hamper the overall prosperity of the market worldwide.
Opportunity
A full-service intelligent automation solution that combines RPA and artificial intelligence is called intelligent automation. It can provide a variety of advantages that aid in a firm’s digital transformation. Enterprises can gain crucial information from intelligent technologies like chatbots and virtual assistants that help with automated efficiency and quicker customer service. Optical character recognition (OCR), for instance, is an AI-integrated RPA technique that enables paper-intensive industries like healthcare and finance to automate text analysis and support better decision-making, providing vast prospects for the expansion of the market over time.
Market Segmentation
By Type, with the highest share of almost 63.66% in 2022, the service category led the market. The implementation sector has the highest market share among the service segments. RPA implementation fosters the appropriate use of artificial intelligence and machine learning tools.
By Deployment in 2022, the on-premise segment held a maximum position in the market with an 80.52% revenue share. RPA access policies in businesses are ensured to follow corporate protocols by on-premise Deployment. Additionally, it gives businesses the ability to control and customize RPA systems as necessary.
By Application, in 2022, the BFSI segment ruled the market with the largest share of 31.22%. Adopting RPA can automate numerous BFSI processes, including fraud prevention, accounts payable, credit evaluation, and account reconciliation. This may accelerate the growth of the industry by making such processes quicker, simpler, and more accurate. The first step in implementing RPA technologies in sectors like banking and insurance is choosing the appropriate procedures. BFSI companies must rank their processes in order of importance and assess their overall usefulness.
Regional Insights
Asia Pacific was the largest regional market in 2022, with a revenue share of 40.07%. This can be attributed to the region’s expanding IT service sector, increasing internet penetration, greater awareness of automation, and rapid economic growth. Additionally, the use of these solutions in APAC is significantly rising as a result of the rising disposable income in various emerging nations.
In 2022, North America had the fastest growth rate. This is a result of the region’s significant adoption of automation solutions and process management by businesses and government agencies in the United States.
Key Players
- Blue Prism
- Cyclone Robotics
- Automation Anywhere
- Pegasystems
- OnviSource, Inc.
- Edge Verve Systems Ltd.
- NTT Advanced Technology Corp.
- NICE
- KOFAX, Inc.
- FPT Software
- SS&C Technologies Holdings
The robotic process automation market worth in 2021 was USD 3.05 billion, and it will be worth USD 24 billion by 2030, growing at a 27% CAGR during 2021-2030. The market is driven by ongoing technological advancements and creative inventions in the field of electronics, expanding data center networking and storage device demand, need for security cameras, robots in industrial applications, and sensor-based devices.
