Robotic Process Automation Market to Be Worth $35.9 Billion by 2030

 

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Robotic Process Automation Market by Offering (Software, Services), Type (Attended RPA, Unattended RPA), Application (Customer Account Management, Employee Onboarding), Sector (BFSI, IT & Telecom, Healthcare), and Geography - Global Forecast to 2030.’

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According to this latest publication from Meticulous Research^®, the robotic process automation market is projected to reach $35.9 billion by 2030, at a CAGR of 20.2% from 2023 to 2030.The growth of the robotic process automation market is driven by the growing demand for automation in business processes, the increasing adoption of advanced technologies such as cloud, AI, and machine learning, and the rising demand for robotic process automation solutions in the BFSI sector. However, the high implementation cost restrains the growth of the robotic process automation market.

The rising adoption of RPA-enabled self-learning conversational chatbots and the use of robotic process automation solutions in the healthcare sector are expected to create market growth opportunities. However, misconceptions and a lack of awareness regarding robotic process automation are challenges for the players in this market. The growing adoption of cloud-based robotic process automation and rising demand for collaborative robotic process automation are the latest trends in the robotic process automation market.

The robotic process automation market is segmented by offering (software, services), type (attended RPA, unattended RPA, Hybrid RPA), organization size (large enterprises, small & medium-sized enterprises), deployment mode (on-premise deployment, cloud-based deployment), application (administration and reporting, customer account management, employee onboarding, data validation, invoice processing, data migration and capture extraction, and other applications), and sector (BFSI, IT & telecommunications, retail, manufacturing, healthcare, transportation & logistics, government & public sector, and other sectors). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on offering, the robotic process automation market is segmented into software and services. In 2023, the software segment is expected to account for the larger share of the robotic process automation market. The large market share of this segment is attributed to the growing demand for automation in business processes, the increasing focus on solution-centric automation capabilities, and the growing adoption of advanced technologies such as cloud, AI, and machine learning. In addition, the benefits offered by robotic process automation solutions, such as improved productivity, efficiency, accuracy and quality, cost-effectiveness, consistency, and better IT support and management, further support the growth of this segment.

However, the services segment is slated to register the highest CAGR during the forecast period due to the wide adoption of robotic process automation services across manufacturing, automotive, and healthcare sectors, resulting in the increased demand for consulting, training, and implementation & development services.

Based on type, the robotic process automation market is segmented into attended RPA, unattended RPA, and hybrid RPA. In 2023, the attended RPA segment is expected to account for the largest share of the robotic process automation market. The large market share of this segment is attributed to the rising need to improve productivity and generate maximum return, rising demand for attended RPA in the BPO sector, and growing demand for attended RPA in data entry and document retrieval of customer information. Also, this segment is slated to register the highest CAGR during the forecast period.

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Based on deployment mode, the robotic process automation market is segmented into on-premise deployment and cloud-based deployment. In 2023, the on-premise deployment segment is expected to account for the larger share of the robotic process automation market. The large market share of this segment is attributed to the greater control of robotic process automation infrastructure offered by on-premises solutions, the high preference for on-premise deployments among large enterprises, and the availability of trained IT professionals and supportive infrastructure.

However, the cloud-based deployment segment is slated to register the highest CAGR during the forecast period. The rapid evolution of new avenues for cloud-based deployments, the superior flexibility offered by cloud-based deployments, and the increasing incorporation of cloud-based solutions by small & medium-sized enterprises are expected to support the growth of this segment.

Based on organization size, the robotic process automation market is segmented into large enterprises and small & medium-sized enterprises. In 2023, the large enterprises segment is expected to account for the larger share of the robotic process automation market. The large market share of this segment is attributed to the strong IT infrastructure of large enterprises, the management of robotic process automation platforms by skilled IT personnel, and the growing adoption of advanced technologies such as cloud, AI, and machine learning. However, the small & medium-sized enterprises segment is slated to register the highest CAGR during the forecast period.

Based on application, the robotic process automation market is segmented into administration and reporting, customer account management, employee onboarding, data validation, invoice processing, data migration and capture extraction, and other applications. In 2023, the customer account management segment is expected to account for the largest share of the robotic process automation market. The large market share of this segment is attributed to the growing adoption of robotic process automation in the BFSI sector, the rising demand for automation in business processes, and the rising adoption of virtual banking tools to enhance the overall user experience. Also, this segment is slated to register the highest CAGR during the forecast period.

Based on sector, the robotic process automation market is segmented into BFSI, IT & telecommunications, retail, manufacturing, healthcare, transportation & logistics, government & public sector, and other sectors. In 2023, the BFSI segment is expected to account for the largest share of the robotic process automation market. The large market share of this segment is attributed to the rising fraudulent activities, rising adoption of robotic process automation solutions for various financial processes, rising demand for fraud detection, and surging need for improving the agility of work and customer experience.

However, the healthcare segment is slated to register the highest CAGR during the forecast period. The growing adoption of robotic process automation in managing and scheduling appointments, medical billing processes, and patient onboarding is expected to support the growth of this segment.

Based on geography, the robotic process automation market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the robotic process automation market. The presence of prominent players offering advanced robotic process automation solutions to various sectors is one of the major factors driving this market's large share. Furthermore, the growing adoption of robotic process automation in BFSI, retail, and IT & telecommunications sector, growing adoption of advanced technologies, and rising demand for cloud-based robotic process automation are also contributing to the growth of the robotic process automation market in North America.

However, Asia-Pacific is projected to register the highest growth rate during the forecast period. The rapid growth of this market is driven by the growth in regional economies and the expanding retail and BFSI sector, especially in China, Japan, South Korea, and India.

Key Players:

The key players operating in the robotic process automation market are UiPath, Inc. (U.S.), Automation Anywhere, Inc. (U.S.), Pegasystems Inc. (U.S.), Blue Prism Group plc (U.K.), Celaton Limited (U.K.), OnviSource, Inc. (U.S.), Kofax Inc. (U.S.), FPT Software Company Limited (Vietnam), EdgeVerve Systems Limited (India), NICE Ltd. (Israel), IBM Corporation (U.S.), Verint Systems Inc. (U.S.), AutomationEdge Technologies, Inc. (U.S.), Appian Corporation (U.S.), and EPSoft Technologies (U.S.).

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Key Questions Answered in the Report

·  Which are the high-growth market segments in terms of offering, type, organization size, deployment mode, application, and sector?

·  What is the historical market size for robotic process automation across the globe?

·  What are the market forecasts and estimates for 2023–2030?

·  What are the major drivers, restraints, opportunities, challenges, and trends in the global robotic process automation market?

·  Who are the major players in the global robotic process automation market, and what are their market shares?

·  What is the competitive landscape like?

·  What are the recent developments in the global robotic process automation market?

·  What are the different strategies adopted by major market players?

·  What are the geographic trends and high-growth countries?

·  Who are the local emerging players in the global robotic process automation market, and how do they compete with other players?

 

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