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.
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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.
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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
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