Robotic Process Automation Market Size, Share, & Trends 2030
Added: (Tue Jun 13 2023)
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In recent years, robotic process automation solutions have been widely adopted across many sectors, such as BFSI, retail, healthcare, IT & telecommunications, and manufacturing, owing to their considerable benefits, including improved productivity, efficiency, accuracy & quality, cost-effectiveness, consistency, and better IT support and management. Meticulous Research®, in its latest publication on the robotic process automation marketv, states that this market is projected to reach $35.9 billion by 2030, at a CAGR of 20.2% from 2023–2030.
The growth of the robotic process automation market is driven by the growing demand for automation in business processes, the growing adoption of advanced technologies such as cloud, AI, and machine learning, and the rising demand for robotic process automation solutions in the BFSI sector. Further, the rising adoption of RPA-enabled self-learning conversational chatbots and the growing adoption of robotic process automation solutions in the healthcare sector is expected to create market growth opportunities. However, its high implementation cost restrains the growth of the robotic process automation market. Also, misconceptions and lack of awareness regarding robotic process automation are major challenges for the players operating 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.
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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), 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 geography, in 2023, North America is expected to account for the largest share of the robotic process automation market. The large share of this market is attributed to the presence of leading robotic process automation providers and their increasing focus on developing advanced cloud-based robotic process automation solutions and surging usage of robotic process automation in the BFSI and retail sectors. Global companies operating in the robotic process automation market are taking initiatives to strengthen their portfolio across different sectors. However, Asia-Pacific is projected to register the highest CAGR during the forecast period.
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Based on offering, the services segment is projected to register a higher CAGR during the forecast period. The growing demand for robotic process automation services among small & medium enterprises and the rising need to improve business processes and optimize business infrastructure are expected to support the growth of this segment.
Based on type, 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 a maximum return and rising demand for attended RPA in the BPO sector. Also, this segment is slated to register the highest CAGR during the forecast period.
Based on sector, 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, and rising demand for fraud detection. However, the healthcare segment is slated to register the highest CAGR during the forecast period.
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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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