Robotic Process Automation utilizes software to imitate the actions of a human user like logging into applications, navigating screens, and entering data.
RPA performs various tasks, such as data entry, data extraction, invoice processing, customer service, and more. RPA technology can be integrated with existing systems and applications, allowing for streamlined processes and increased efficiency.
The market for robotic process automation in 2021 was worth USD 3.05 billion, and by 2030 it will be worth USD 24 billion, at a 27% CAGR during the forecast period.
RPA is typically used in industries such as banking, insurance, healthcare, and manufacturing, where high volumes of repetitive tasks can be automated. RPA technology can help organizations reduce costs, improve accuracy, and increase productivity while freeing human workers to focus on more strategic tasks.
Market Dynamics
Drivers
- Cost Reduction: RPA helps organizations to automate repetitive, manual tasks that human workers typically perform. This automation reduces labor costs, improves productivity, and increases efficiency, resulting in cost savings.
- Process Efficiency: RPA can streamline and standardize business processes, reducing errors and increasing accuracy. This results in faster turnaround times, improved customer satisfaction, and increased competitiveness.
- RPA can be scale as a requirement, allowing organizations to easily adjust to changes in demand. Making it an attractive option for businesses that experience seasonal or fluctuating demand.
- Integration with Legacy Systems: RPA can be easily integrate with existing systems and applications, making it a cost-effective option for businesses that want to automate processes without replacing their entire IT infrastructure.
- The development of advanced techniques such as machine learning, artificial intelligence, and natural language processing is expanding the capabilities of RPA and opening up new use cases.
Restraints
Businesses that use robotic process automation technologies must also invest in a solid infrastructure and skilled staff to oversee all operations. It takes time & money to set up RPA infrastructure, hire experts or educate current staff, and deploy thousands of bots. As a result, the high cost of infrastructure and difficulties with customization associated with RPA is preventing the business from growing.
Market Segmentation
By Type
In 2022, the service segment accounted for the largest revenue share of nearly 62.8%. The increased need for repetitive, high-volume tasks is why RPA outsourcing and cloud-based software installation are becoming more popular. Service providers have been drive to enhance their counseling, training, and consulting services due to the strong competition among enterprises. By focusing on the right vendor selection as a first step toward pilot project implementation, RPA as a service helps businesses discover the automation opportunities to be leverage and then construct a business case.
By Deployment
The on-premises sector ruled the market with a revenue share of over 79.7% in 2022 and will surpass at a stable CAGR from 2023 to 2032 due to its in-house ownership.
By Industry
In 2022, the BFSI sector held the biggest market share. RPA is use in the banking and insurance industries for balance sheet reconciliation and regulatory reporting. This technology also helps financial services companies monitor and manage various interfaces to guarantee seamless transaction execution. For instance, the United States Banks adopted the UiPath software robot in April 2020 to process loan applications from SMBs nationwide.
Regional Analysis
In 2022, North America was the market leader, with a revenue share of nearly 38.3%. The rising use of RPA by businesses and government organizations in the area is one of the factors that led to the high penetration rate of RPA adoption in North America. Additionally, applying RPA in SMEs in the North American region is use to improve business operations, such as procurement details, data input, and accounting/finance, leading to market expansion.
Due to a rise in RPA use across the IT, pharmaceutical, healthcare, telecom, manufacturing. And retail industries, Asia Pacific will have the largest CAGR throughout the projection period.
Key Players
- Cyclone Robotics
- Automation Anywhere
- Blue Prism
- SS&C Technologies Holdings
- Edge Verve Systems Ltd.
- NICE
- KOFAX, Inc.
- OnviSource, Inc.
- Pegasystems
- FPT Software
- NTT Advanced Technology Corp.
- UiPath
The market for robotic process automation in 2021 was worth USD 3.05 billion. And by 2030 it will be worth USD 24 billion, at a 27% CAGR during the forecast period. The robotic process automation market is expanding. Due to increased business process automation demand, rising cloud, AI, and machine learning usage. And rising demand for robotic process automation products in the BFSI industry.
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