Robotic Process Automation Market Size Growing at 35.9%

TOKYO, Feb. 14, 2023 (GLOBE NEWSWIRE) — The Global Robotic Process Automation Market Size accounted for USD 1.6 Billion in 2021 and is projected to achieve a market size of USD 25.1 Billion by 2030 rising at a CAGR of 35.9% from 2022 to 2030.

Robotic Process Automation Market Research Report Highlights and Statistics

• The Global Robotic Process Automation Market size in 2021 stood at USD 1,600 Million and is set to reach USD 25,100 Million by 2030, growing at a CAGR of 35.9%
• The adoption rate of RPA has increased rapidly in recent years, with many companies adopting RPA in their operations.
• The finance and banking sector dominates the robotic process automation market share, followed by the manufacturing, healthcare, retail, and others.
• Cloud-based deployment models are rapidly gaining popularity, accounting for more than 60% of the total RPA market share.
• The North American region’s robotic process automation market share is expected to be the largest, with Europe and Asia-Pacific following closely behind.
• Major players in the RPA market include Automation Anywhere, Blue Prism, UiPath, WorkFusion, and others.

Robotic Process Automation Market Overview

Robotic Process Automation (RPA) is an innovative technology that uses software robots to automate manual, repetitive, and rule-based tasks that were previously performed by humans. The RPA market has witnessed substantial growth in recent years, owing to its ability to streamline business operations and increase efficiency while reducing costs.

The utilization of RPA ranges across various industries such as finance, healthcare, retail, and others, where it finds diverse applications. For instance, in the financial services sector, RPA can be used to automate the reconciliation of accounts, loan processing, and fraud detection. In the healthcare sector, RPA can assist with claims processing, appointment scheduling, and patient data management.

The versatility of RPA is further accentuated by its capability to integrate with various systems and applications, including legacy systems, cloud services, and Artificial Intelligence (AI) and Machine Learning (ML) technologies. This makes it an ideal solution for organizations seeking to digitize and streamline their operations.

The RPA market continues to grow, offering organizations a reliable, efficient, and cost-effective solution to automate mundane and repetitive tasks. With its diverse range of applications, organizations can leverage RPA to improve operational efficiency and stay ahead in the competitive business landscape.

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Cloud Storage Market Report Coverage:

Market	Robotic Process Automation Market
Robotic Process Automation Market Size 2021	USD 1.6 Billion
Robotic Process Automation Market Forecast 2030	USD 25.1 Billion
Robotic Process Automation Market CAGR During 2022 – 2030	35.9%
Robotic Process Automation Market Analysis Period	2018 – 2030
Robotic Process Automation Market Base Year	2021
Robotic Process Automation Market Forecast Data	2022 – 2030
Segments Covered	By Type, By Deployment, By Organization Size, By Application, And By Geography
Robotic Process Automation Market Regional Scope	North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled	Automation Anywhere, Blue Prism Limited, EdgeVerve Systems Limited, Kofax Inc., FPT Software, NTT Advanced Technology Corporation, OnviSource, Inc., Pegasystems Inc., UiPath, and Xerox Corporation.
Report Coverage	Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis

Trends in the Robotic Process Automation Market

• Increased adoption by SMEs: Small and medium-sized enterprises (SMEs) are increasingly adopting RPA solutions, recognizing its potential to streamline operations and increase efficiency.
• Increased focus on security: With the rise of cyber threats, organizations are placing increased emphasis on security measures in their RPA solutions to protect sensitive data.
• Increased focus on user experience: Organizations are focusing on improving the user experience of RPA solutions, making them more intuitive and user-friendly.
• Adoption by and heavy growth in the healthcare sector: The healthcare sector is rapidly adopting RPA solutions, recognizing its potential to improve patient care and streamline operations.
• Increased adoption by the retail sector: The retail sector is increasingly adopting RPA solutions, recognizing its potential to improve customer experience and increase efficiency.
• Increased investment in RPA development: Organizations are investing heavily in the development of RPA solutions, recognizing its potential to transform their operations.
• Increased demand for low-code platforms: The demand for low-code platforms that enable non-technical users to develop and deploy RPA solutions is increasing.
• Increased demand for RPA service providers: The demand for RPA service providers that specialize in developing, deploying, and managing RPA solutions is increasing.

Robotic Process Automation Market Dynamics

• Increased efficiency and cost savings: RPA helps organizations streamline operations, reduce errors and increase efficiency, leading to significant cost savings.
• Increased demand for automation solutions: The demand for automation solutions is increasing, as organizations seek to improve their operations and remain competitive in a rapidly changing business landscape.
• Improved customer experience: RPA helps organizations improve customer experience by streamlining processes and reducing wait times.
• Improved compliance: RPA helps organizations comply with regulations and standards, reducing the risk of compliance violations and legal action.
• Improved data analysis: RPA helps organizations analyze data more efficiently, improving decision-making and enabling organizations to make data-driven decisions.
• Improved accuracy: RPA reduces human error and increases accuracy in tasks, improving the quality of operations and reducing the risk of errors.

Growth Hampering Factors in the Robotic Process Automation Market

• High initial investment costs: The high initial investment costs associated with RPA solutions may discourage organizations from adopting RPA, particularly small and medium-sized enterprises (SMEs).
• Data security concerns: Organizations may be concerned about the security of sensitive data processed by RPA solutions, hindering their adoption.
• Complex implementation: Implementing RPA solutions can be complex and time-consuming, requiring significant resources and expertise.
• Competition from other technologies: RPA may face competition from other technologies, such as artificial intelligence (AI) and machine learning, that offer similar benefits.
• Lack of scalability: Some RPA solutions may not be scalable, making it difficult for organizations to expand their RPA solutions as their needs change.
• Lack of customization: Organizations may struggle to find RPA solutions that are customized to their specific needs, hindering their adoption.

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Market Segmentation

By Type

• Implementing
• Consulting
• Training

By Deployment

By Organization

Robotic Process Automation Market Overview by Region

North America has the largest Robotic Process Automation market share, with the United States being the largest contributor to this growth. The increasing adoption of RPA by the healthcare and financial services sectors in the United States is driving the growth of the RPA market in North America.

Europe has the second largest Robotic Process Automation market share, with significant growth being observed in countries such as the United Kingdom, Germany, and France. The increasing adoption of RPA by the retail and banking sectors in Europe is driving the growth of the RPA market in this region.

The Asia-Pacific region has the fastest-growing Robotic Process Automation market share, with significant growth being observed in countries such as China, India, and Australia. The increasing adoption of RPA by the manufacturing and BPO sectors in the Asia-Pacific region is driving the growth of the RPA market in this region.

The Latin American and MEA regions have a low market share for robotic process automation however they are set to grow steadily in the future with significant market for RPA in Brazil, UAE, Saudi Arabia etc.

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Robotic Process Automation Market Key Players

The Robotic Process Automation (RPA) market is highly competitive and has a large number of players. Some of the major players in the RPA market include: UiPath, Blue Prism, Automation Anywhere, WorkFusion, Pega Systems, NICE, Cognizant, Infosys, Wipro, Accenture, HCL Technologies, TATA Consultancy Services, KPMG, Deloitte, EY, Capgemini, Atos, Kofax, Genpact and Virtusa. These players are engaged in offering innovative RPA solutions and services to organizations across various industries, helping them streamline their operations and improve efficiency. The competitive landscape of the RPA market is dynamic, with new players entering the market and existing players continuously expanding their product offerings and services.

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