Robotic Process Automation Industry Overview
The global robotic process automation market size was valued at USD 1.89 billion in 2021 and is anticipated to reach USD 30.85 billion by 2030, registering a CAGR of 38.2% in the forecast period.
Factors such as the need to optimize operations to gain improved productivity and generate maximum return, integration of the latest technologies, and changing business processes across enterprises is expected to boost the market growth. Furthermore, during the COVID-19 pandemic, businesses switched to remote work culture, and the need to automate workflow was also increased thus this factor accelerated the market growth. As RPA is becoming mature, it is anticipated to grow increasingly more sophisticated during the forecasted period.
Technological advancement such as machine learning, Optical Character Recognition (OCR), and analytics within the RPA domain is potentially creating a demand for intelligent automation systems. As a result, intelligent automation is anticipated to eliminate more than 40% of service desk interactions by 2025. The combination of cognitive RPA and various chatbot technologies would enable unattended modes of automation at the services desk, thereby reducing human interventions and improving operational productivity.
Gather more insights about the market drivers, restrains and growth of the Global Robotic Process Automation Market
The growing demand for automation of business processes is one of the significant factors influencing the increasing adoption of RPA technology. The core purpose of RPA is to document the activities of an organization for efficient management. Moreover, automated data collection provides seamless data entry & storage and eliminates errors and repetitions. Such practices reduce the time and cost required to rectify the mistakes in data gathering and processing. According to a survey conducted by UiPath (U.S.) in 2020, a global software company for robotic process automation, and The Economist Intelligence Unit (U.K.), a research and analysis division of the Economist Group, 90% of the organizations adopted RPA for automating business processes. In comparison, 73% of the surveyed agreed to be completely satisfied with the benefits resulting from automation.
Further, the increased demand to simplify the complex handling process is expected to augment the industry growth. Organizations across several verticals are deploying RPA and AI to increase productivity and efficiency. In a highly competitive market, it has become essential to improve work agility and deliver enhanced customer experiences. RPA robots can perform tasks across different legacy systems to get information on the digital platform. For instance, bank customers can check their account details online and process KYC verification and automatic bill payment along with other functions through the internet. These services have minimized manual involvement and are guiding in delivering a better customer experience.
Even though the market is anticipated to grow steadily due to the benefits mentioned above, the reluctance of companies to switch from manual to automated processes is expected to restrain the market growth. Organizations around the globe are looking at deploying RPA solutions to improve business processes. However, lack of understanding about the technology pose a barrier to the adoption of this software. Professional service providers are planning to implement RPA solutions in their organizations within the next two to three years.
During the COVID-19 pandemic, businesses switched to remote work culture and increased the need to automate workflow. Thus, significant adoption of RPA for maintaining and automating workflow was witnessed in the year 2020 – 2021. Also, the growing interest of companies in no-code automation platforms has fueled the adoption rate for RPA and has become a part of the automation process for businesses. Furthermore, cloud-based solutions have gained tremendous demand during the pandemic. The cloud automation solutions deliver excellent business value inconsistent deployment, operational cost reductions, and overall resilience and security. It also improves the backend processes in the enterprise workflows.
Robotic Process Automation Market Segmentation
Based on the Type Insights, the market is segmented into software and services.
Based on the Deployment Insights, the market is segmented into cloud and on-premises
Based on the Organization Size Insights, the market is segmented into large enterprises and small & medium enterprises
Based on the Application Insights, the market is segmented into BFSI, pharma & healthcare, retail & consumer goods, information technology (IT) & telecom, communication and media & education, manufacturing, logistics and energy & utilities and others
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
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Market Share Insights:
Key Companies Profile:
Apart from growing the company’s size and reach, the technology vendors provide solutions by partnering with consulting firms and resellers. Value-added packages such as free tech support and other sales services that provide customized solutions are frequently sold by IT companies that collaborate with consulting organizations, thus increasing the adoption of robotic process automation to manage many queries. Customers can find value-added resellers at the retail level for computer gear and services in abundance.
Some prominent players in the global robotic process automation market include:
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