ICTPress Releases

Robotic Process Automation Market Size is Predicted to Reach US$ 23.9 Billion By 2030

Share This Article

The global robotic process automation market size was estimated at USD 2.09 billion in 2020,  USD 2.65 billion in 2021, USD 3.4 billion in 2022, and is predicted to reach around US$ 23.9 billion by 2030, growing at a healthy CAGR of 27.7% due to the growing trend of cloud-based solutions and the increasing adoption of robot-based solutions across various end-user industries.

The report contains 150+ pages with detailed analysis. The report provides an in-depth analysis of the market size, share, emerging and current trends, future estimations, and key players.

Download Free Sample Copy with TOC, Graphs & List of Figures @ https://www.precedenceresearch.com/sample/1348

Precedence Research is a Canada/India-based company and one of the leading providers of strategic market insights. They offer executive-level blueprints of markets and solutions beyond flagship surveys. According to Precedence Research, the global robotic process automation market was valued at USD 2.65 billion in 2021. Let’s learn some extra data about the RPA market from Precedence Research:

  • North America dominated the overall market with a share of 39% in 2020.
  • Increasing Adoption of Artificial Intelligence and Cloud-Based Solutions and high demand for RPA services from the BFSI sector are the driving factors of the robotic process automation market.
  • Based on the industry, the BFSI segment holds the largest market share, over 30% in 2020.
    The cloud sector is anticipated to be the fastest-growing category in the next years due to benefits such as cheaper infrastructure costs, simplicity of deployment, minimal upgrading, and lower operational costs.

Key Companies & Market Share Insights

The market is very competitive, with many specialties small-scale market players as well as established large-scale vendors offering sophisticated robotic process automation systems. Leading industry competitors are providing sophisticated solutions that go beyond rule-based automation. As niche competitors emerge with different solutions to compete in the global market, the main firms are concentrating on providing more enhanced solutions. To obtain a big client base, prominent players are extending their businesses through partnerships.

Some of the major players in the robotic process automation market include:

  • UiPath
  • Automation Anywhere
  • Blue Prism
  • NICE
  • Pegasytems
  • Celaton Ltd.
  • KOFAX, Inc.
  • NTT Advanced Technology Corp.
  • EdgeVerve Systems Ltd.
  • FPT Software
  • OnviSource, Inc.
  • HelpSystems
  • Xerox Corporation

Scope of the Robotic Process Automation Market Report

Report Highlights Details
Market Size in 2030 USD 23.9 Billion
Growth Rate From 2021 to 2030 CAGR of 27.7%
Largest Market North America
Fastest Growing Market Asia Pacific
Base Year 2021
Forecast Period 2021 to 2030
Segments Covered Type, Deployment, Industry, Region

Crucial factors accountable for market growth are:

  • Penetration of RPA to manage complicated unstructured data and automate any business operation
  • Increasing Adoption of Artificial Intelligence and Cloud-Based Solutions
  • High demand for RPA services from BFSI sector
  • The innovation and technological advancement
  • The increasing focus on reducing the burden of medical professionals

Report Highlights

  • Based on the type, Service segment is the most dominating in the RPA market due to the rise in demand for outsourcing RPA and installing software over the cloud for automation.
  • The on-premises segment is the major contributor in the RPA market due to its in-house ownership.
  • The BFSI segment held the largest share in the RPA market. Based on the industry, the BFSI segment holds the largest market share. Banking and insurance businesses use RPA for regulatory reporting and balance sheet reconciliation.

Purchase Full Research Report (Single User License US$ 4500) @ https://www.precedenceresearch.com/checkout/1348

Market Dynamics

Driver

Large enterprises will increase the capacity of their existing RPA portfolios by 2024. The majority of new spend will come from large enterprises purchasing new add-on capacity from their original vendor or ecosystem partners. Organizations will need to add licenses to run RPA software on new servers as they grow, as well as additional cores to handle the strain. This tendency is a logical reflection of the increasing demands on an organization’s “everywhere” infrastructure. RPA use will expand as corporate users become more aware of its benefits.

In fact, Gartner projects that by 2024, over half of all new RPA clients would come from business buyers outside of the IT group. In the near future, such factors will drive the robotic process automation industry. The stats for KYC alone are staggering. In 2017, financial institutions spent USD 150 million on KYC procedures, with expenses likely to rise by 13% over the next year. Similarly, on boarding new clients now takes 26 days, up from 24 days in 2016, and firms predict a 12% increase by the end of 2018. According to industry analysts, RPA can assist merging banks in easing compliance processes that require heavy lifting from banks. The increased demand in the BFSI industry would drive the RPA market throughout the forecast period.

Restraint

RPA Infrastructure and Customization Issues Will Restrain Market Growth

A corporation must have sufficient infrastructure and a professional team to oversee all operations before installing an RPA technology. It is tough, complex, and expensive to set up infrastructure, hire professionals, train existing personnel, and install thousands of bots. The platform on which RPA bots operate changes frequently and the requisite adaptability isn’t always included into the bots. As a result, many firms resist implementing RPA in their operations.

Opportunities

The rising trend of cloud-based solutions and the increased usage of robot-based solutions

As enterprises pursue new IT architectures and operational philosophies, they lay the groundwork for new digital business prospects, including next-generation IT solutions. Organizations that embrace dynamic, cloud-based operational models will be more competitive, particularly in today’s fast changing business climate. These firms appreciate not only the short-term benefits of cloud computing, but also position them to be early adopters of disruptive developments that will shape the future.

Cloud services are rapidly being used by organizations for new initiatives or to replace current systems, implying that investment on traditional IT solutions is shifting to the cloud. According to the most recent Gartner IT spending report, investment on data center systems is expected to be USD 188 billion in 2020, a 10% reduction from 2019. By 2024, traditional solutions will account for more than 45 percent of IT spending on system infrastructure, infrastructure software, application software, and business process outsourcing. Because of this growth, cloud computing has been one of the most persistently disruptive forces in IT industry since the dawn of the digital age. This creates an opportunity for the RPA market players.

Challenges

Organizational culture

While RPA will diminish the need for certain employment categories, it will also encourage the creation of new roles to handle more complicated tasks, allowing employees to focus on higher-level planning and creative problem-solving. As responsibilities within job positions alter, organizations will need to foster a culture of learning and innovation. The adaptability of a workforce will be critical to the success of automation and digital transformation programs. Employees may prepare teams for ongoing shifts in objectives by educating personnel and investing in training programs.

Recent Developments

  • In October 2019 Automation Anywhere, a global RPA vendor, said that it would extend operations into the Greater China Region (GCR) by building multiple regional offices.
  • In February 2019, Datamatics collaborated with Mumbai Metro to secure an automated fare collection contract for Metro Lines 2A, 2B, and 7.
  • For instance, in March 2021, UiPath bought Cloud Element, an API integration platform startup.
  • In March 2021, Automation Anywhere collaborated with Google to help build a new portfolio of technologies that can automate basic job responsibilities in organizations.

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Robotic Process Automation Market 

5.1. COVID-19 Landscape: Robotic Process Automation Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Robotic Process Automation Market, By Type

8.1. Robotic Process Automation Market, by Type, 2021-2030

8.1.1. Software

8.1.1.1. Market Revenue and Forecast (2019-2030)

8.1.2. Service (Consulting, Implementing, Training)

8.1.2.1. Market Revenue and Forecast (2019-2030)

Chapter 9. Global Robotic Process Automation Market, By Deployment

9.1. Robotic Process Automation Market, by Deployment, 2021-2030

9.1.1. Cloud

9.1.1.1. Market Revenue and Forecast (2019-2030)

9.1.2. On-Premise

9.1.2.1. Market Revenue and Forecast (2019-2030)

Chapter 10. Global Robotic Process Automation Market, By Industry 

10.1. Robotic Process Automation Market, by Industry, 2021-2030

10.1.1. BFSI

10.1.1.1. Market Revenue and Forecast (2019-2030)

10.1.2. Pharma & Healthcare

10.1.2.1. Market Revenue and Forecast (2019-2030)

10.1.3. Retail & Consumer Goods

10.1.3.1. Market Revenue and Forecast (2019-2030)

10.1.4. Information Technology (IT) & Telecom

10.1.4.1. Market Revenue and Forecast (2019-2030)

10.1.5. Communication and Media & Education

10.1.5.1. Market Revenue and Forecast (2019-2030)

10.1.6. Manufacturing

10.1.6.1. Market Revenue and Forecast (2019-2030)

10.1.7. Logistics, and Energy & Utilities

10.1.7.1. Market Revenue and Forecast (2019-2030)

10.1.8. Others

10.1.8.1. Market Revenue and Forecast (2019-2030)

Chapter 11. Global Robotic Process Automation Market, Regional Estimates and Trend Forecast

11.1. North America

11.1.1. Market Revenue and Forecast, by Type (2019-2030)

11.1.2. Market Revenue and Forecast, by Deployment (2019-2030)

11.1.3. Market Revenue and Forecast, by Industry (2019-2030)

11.1.4. U.S.

11.1.4.1. Market Revenue and Forecast, by Type (2019-2030)

11.1.4.2. Market Revenue and Forecast, by Deployment (2019-2030)

11.1.4.3. Market Revenue and Forecast, by Industry (2019-2030)

11.1.5. Rest of North America

11.1.5.1. Market Revenue and Forecast, by Type (2019-2030)

11.1.5.2. Market Revenue and Forecast, by Deployment (2019-2030)

11.1.5.3. Market Revenue and Forecast, by Industry (2019-2030)

11.2. Europe

11.2.1. Market Revenue and Forecast, by Type (2019-2030)

11.2.2. Market Revenue and Forecast, by Deployment (2019-2030)

11.2.3. Market Revenue and Forecast, by Industry (2019-2030)

11.2.4. UK

11.2.4.1. Market Revenue and Forecast, by Type (2019-2030)

11.2.4.2. Market Revenue and Forecast, by Deployment (2019-2030)

11.2.4.3. Market Revenue and Forecast, by Industry (2019-2030)

11.2.5. Germany

11.2.5.1. Market Revenue and Forecast, by Type (2019-2030)

11.2.5.2. Market Revenue and Forecast, by Deployment (2019-2030)

11.2.5.3. Market Revenue and Forecast, by Industry (2019-2030)

11.2.6. France

11.2.6.1. Market Revenue and Forecast, by Type (2019-2030)

11.2.6.2. Market Revenue and Forecast, by Deployment (2019-2030)

11.2.6.3. Market Revenue and Forecast, by Industry (2019-2030)

11.2.7. Rest of Europe

11.2.7.1. Market Revenue and Forecast, by Type (2019-2030)

11.2.7.2. Market Revenue and Forecast, by Deployment (2019-2030)

11.2.7.3. Market Revenue and Forecast, by Industry (2019-2030)

11.3. APAC

11.3.1. Market Revenue and Forecast, by Type (2019-2030)

11.3.2. Market Revenue and Forecast, by Deployment (2019-2030)

11.3.3. Market Revenue and Forecast, by Industry (2019-2030)

11.3.4. India

11.3.4.1. Market Revenue and Forecast, by Type (2019-2030)

11.3.4.2. Market Revenue and Forecast, by Deployment (2019-2030)

11.3.4.3. Market Revenue and Forecast, by Industry (2019-2030)

11.3.5. China

11.3.5.1. Market Revenue and Forecast, by Type (2019-2030)

11.3.5.2. Market Revenue and Forecast, by Deployment (2019-2030)

11.3.5.3. Market Revenue and Forecast, by Industry (2019-2030)

11.3.6. Japan

11.3.6.1. Market Revenue and Forecast, by Type (2019-2030)

11.3.6.2. Market Revenue and Forecast, by Deployment (2019-2030)

11.3.6.3. Market Revenue and Forecast, by Industry (2019-2030)

11.3.7. Rest of APAC

11.3.7.1. Market Revenue and Forecast, by Type (2019-2030)

11.3.7.2. Market Revenue and Forecast, by Deployment (2019-2030)

11.3.7.3. Market Revenue and Forecast, by Industry (2019-2030)

11.4. MEA

11.4.1. Market Revenue and Forecast, by Type (2019-2030)

11.4.2. Market Revenue and Forecast, by Deployment (2019-2030)

11.4.3. Market Revenue and Forecast, by Industry (2019-2030)

11.4.4. GCC

11.4.4.1. Market Revenue and Forecast, by Type (2019-2030)

11.4.4.2. Market Revenue and Forecast, by Deployment (2019-2030)

11.4.4.3. Market Revenue and Forecast, by Industry (2019-2030)

11.4.5. North Africa

11.4.5.1. Market Revenue and Forecast, by Type (2019-2030)

11.4.5.2. Market Revenue and Forecast, by Deployment (2019-2030)

11.4.5.3. Market Revenue and Forecast, by Industry (2019-2030)

11.4.6. South Africa

11.4.6.1. Market Revenue and Forecast, by Type (2019-2030)

11.4.6.2. Market Revenue and Forecast, by Deployment (2019-2030)

11.4.6.3. Market Revenue and Forecast, by Industry (2019-2030)

11.4.7. Rest of MEA

11.4.7.1. Market Revenue and Forecast, by Type (2019-2030)

11.4.7.2. Market Revenue and Forecast, by Deployment (2019-2030)

11.4.7.3. Market Revenue and Forecast, by Industry (2019-2030)

11.5. Latin America

11.5.1. Market Revenue and Forecast, by Type (2019-2030)

11.5.2. Market Revenue and Forecast, by Deployment (2019-2030)

11.5.3. Market Revenue and Forecast, by Industry (2019-2030)

11.5.4. Brazil

11.5.4.1. Market Revenue and Forecast, by Type (2019-2030)

11.5.4.2. Market Revenue and Forecast, by Deployment (2019-2030)

11.5.4.3. Market Revenue and Forecast, by Industry (2019-2030)

11.5.5. Rest of LATAM

11.5.5.1. Market Revenue and Forecast, by Type (2019-2030)

11.5.5.2. Market Revenue and Forecast, by Deployment (2019-2030)

11.5.5.3. Market Revenue and Forecast, by Industry (2019-2030)

Chapter 12. Company Profiles

12.1. UiPath

12.1.1. Company Overview

12.1.2. Product Offerings

12.1.3. Financial Performance

12.1.4. Recent Initiatives

12.2. Automation Anywhere

12.2.1. Company Overview

12.2.2. Product Offerings

12.2.3. Financial Performance

12.2.4. Recent Initiatives

12.3. Blue Prism

12.3.1. Company Overview

12.3.2. Product Offerings

12.3.3. Financial Performance

12.3.4. Recent Initiatives

12.4. NICE

12.4.1. Company Overview

12.4.2. Product Offerings

12.4.3. Financial Performance

12.4.4. Recent Initiatives

12.5. Pegasytems

12.5.1. Company Overview

12.5.2. Product Offerings

12.5.3. Financial Performance

12.5.4. Recent Initiatives

12.6. Celaton Ltd.

12.6.1. Company Overview

12.6.2. Product Offerings

12.6.3. Financial Performance

12.6.4. Recent Initiatives

12.7. KOFAX, Inc.

12.7.1. Company Overview

12.7.2. Product Offerings

12.7.3. Financial Performance

12.7.4. Recent Initiatives

12.8. NTT Advanced Technology Corp.

12.8.1. Company Overview

12.8.2. Product Offerings

12.8.3. Financial Performance

12.8.4. Recent Initiatives

12.9. EdgeVerve Systems Ltd.

12.9.1. Company Overview

12.9.2. Product Offerings

12.9.3. Financial Performance

12.9.4. Recent Initiatives

12.10. FPT Software

12.10.1. Company Overview

12.10.2. Product Offerings

12.10.3. Financial Performance

12.10.4. Recent Initiatives

12.11. OnviSource, Inc.

12.11.1. Company Overview

12.11.2. Product Offerings

12.11.3. Financial Performance

12.11.4. Recent Initiatives

12.12. HelpSystems

12.12.1. Company Overview

12.12.2. Product Offerings

12.12.3. Financial Performance

12.12.4. Recent Initiatives

12.13. Xerox Corporation

12.13.1. Company Overview

12.13.2. Product Offerings

12.13.3. Financial Performance

12.13.4. Recent Initiatives

Chapter 13. Research Methodology

13.1. Primary Research

13.2. Secondary Research

13.3. Assumptions

Chapter 14. Appendix

14.1. About Us

14.2. Glossary of Terms

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

Purchase Full Research Report (Single User License US$ 4500) @ https://www.precedenceresearch.com/checkout/1348

Contact Us:         

Mr. Alex

Sales Manager

Call: +1 9197 992 333

Email: sales@precedenceresearch.com

Follow us on LinkedIn | Twitter | Facebook

Show More

Market Stats News

Market Stats News is a Canada/India based company and one of the leading providers of strategic market insights. We offer executive-level blueprints of markets and solutions beyond flagship surveys. Our repository covers consultation, syndicated market studies, and customized research reports. Through our services, we aim at connecting an organization’s goal with lucrative prospects globally.

Related Articles

Back to top button