Market Overview:

The Global Robotic Process Automation Market Size Was Valued At USD 10.01 Billion In 2022 And Is Projected To Grow From USD 12.04 Billion In 2023 To USD 43.90 Billion In 2030, Exhibiting A CAGR Of 20.3% During The Forecast Period From 2023 To 2030.

Robotic Process Automation (RPA) is an emerging technology that automates day-to-day business practices by utilizing software robots that mimic human behaviour to perform repetitive tasks across the enterprise. Its use cases span telecommunications, retail, banking, accounting, healthcare, human resources, and information technology. RPA assists organizations in processing transactions, initiating responses, manipulating data, and communicating with other digital systems. Implementing RPA results in improved customer experience, decreased operational risk, enhanced internal processes, decreased costs, and increased efficiency.

By deploying scripts that replicate human operations, RPA technologies enable the automated execution of a variety of tasks and transactions across unconnected software systems. RPA tools can be utilized for a variety of tasks, such as receiving an email invoice, extracting the data, and entering it into a bookkeeping system.

In transaction processing, robotic process automation excels due to its higher accuracy, decreased cycle time, and increased productivity. It has applications in telecommunications, retail, finance, accounting, human resources, healthcare, and information technology. RPA facilitates transaction processing, response triggering, data manipulation, and communication with other digital systems for businesses.

COVID-19 Impact:

• Rising RPA Adoption across Healthcare amid COVID-19 Pandemic Aids the Market Growth

The COVID-19 pandemic is anticipated to have a positive impact on the market as a result of the substantial increase in the adoption of RPA software and solutions to support COVID-19 patients visiting physicians. The COVID-19 pandemic has increased the demand for contact center tasks by two to three times for many healthcare providers. Consequently, a number of these centers are utilizing automation to expedite the onboarding of remote contact center employees.

Vaccine manufacturers have utilized RPA to accelerate the development of pharmaceutical drugs. The outcome has piqued the pharmaceutical industry's interest in novel development models based on AI and increased automation. RPA may also play an important role in pharmacovigilance, collecting information on side effects and difficulties in the field after the introduction of a medication.

In 2021, the global market share for robotic process automation increased by 4.2% due to rising demand from healthcare providers amid the COVID-19 pandemic. Demand for RPA solutions has remained stable post-pandemic. This is primarily due to the market participants' increased adoption of various strategies, such as partnerships, mergers, and acquisitions.

Latest Trends:

• Rising Adoption and Development of RPA-Enabled Self-Learning Conversational Chatbots Aids the Market Growth

Intelligent bots are proliferating throughout the data ecosystem, whether through RPA, chatbots, or other digital assistants. Expanding variety of tasks that these bots can perform.

With the rise of personal and professional digital assistants such as Siri and Alexa, many knowledge workers view chatbots as a dated, template-based version of what bots can do. However, the range of internal and external applications for these linguistically proficient bots is expanding.

Market Dynamics:

Driving Factors:

• Increasing the Adoption of Advance Technologies

The growth of the robotic process automation market is aided by the increasing adoption of RPA technologies to optimize operations for improving productivity and generating high returns on investment. Several market leaders are adopting cutting-edge technologies such as AI, machine learning, and cloud to automate business processes in industries including BFSI, healthcare, and automotive.

In addition, the combination of artificial intelligence and machine learning technologies enables end-to-end automation. Increasing cloud computing adoption of Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Software as a Service (SaaS) offerings is anticipated to boost RPA market growth. In March 2022, for example, Synopsys introduced a disruptive cloud-based SaaS solution for use in cloud computing.

• Growing Adoption of Deep Learning and Neural Networks

Deep learning is a subset of machine learning and artificial intelligence in which networks are able to learn unsupervised from unstructured data. Deep learning has been around for a while, but it became popular in 2016 when Google's AI robot player defeated grandmaster Lee Sedol in the game AlphaGo. Since then, enterprises that require actionable insights and automated responses to large, unstructured data have considered deep learning to be a formidable tool.

The rise and adoption of machine learning and deep learning are largely responsible for the advanced automation found in enterprise AI platforms. Neural networks are algorithms that identify the underlying relationships in data sets by emulating the human brain. To advance precise modelling, artificial neural networks (ANN) are replacing traditional machine learning (ML) models. Convolutional Neural Networks (CNN) also utilize the capabilities of deep learning for computer vision. A number of industries, including healthcare, the military, and the transportation industry, are embracing ANN models for image processing.

• Growing Usage of Saas:

The increasing use of SaaS, IaaS, and PaaS services for customer relationship management, cloud computing, enterprise resource management, open source resources, cooperative robot learning, network connectivity, and other financial applications is also driving the market for robotic process automation.

Restraints/Challenges:

• Absence of Highly Skilled Manpower

To operate a newly automated operational model, skilled labor is required, but in most cases it is difficult to find individuals with RPA and AI expertise. This includes technical skills, an understanding of the organization's business processes, and the expertise to guide the organization into the future through management change. While hiring or upskilling talent to develop automation is typically a top priority, it is also essential to assign personnel to ongoing maintenance, support, and troubleshooting. According to McKinsey, by 2020 there will be a shortage of 25% of skilled labor in the United States, 27% in Europe, and 31% in Asia to implement IPA solutions.

• High Cost of Infrastructure and Customization:

During the implementation of robotic process automation technologies, businesses must invest in a robust infrastructure and a skilled workforce to oversee all processes. Setting up infrastructure for RPA, hiring professionals or training existing employees, and deploying thousands of bots is time-consuming and expensive. In addition, platforms for automated bots change frequently, and adaptability is not always built into bots. Additionally, it requires a distinct identity and cutting-edge technology. Consequently, updating the platform to meet the organization's ever-evolving needs is a daunting task. All of these factors are impeding the global market's overall prosperity.

Absence of Cybersecurity Threats:

Cybersecurity is one of the most important concerns in the digital age. The prevalence of organized malware and ransomware attacks is on the rise. Every day, businesses receive more and more security alerts. According to CERT-In, over 6.07 million cybersecurity incidents were reported in the first six months of 2021. Therefore, Cybersecurity is required to develop an effective security architecture that protects the organization from growing threats. 77% of companies surveyed by Cisco intended to increase automation in their security ecosystems in the coming years.

Opportunities:

• Increasing Focus on Human-Aware AI System and Development of Smarter Robots

The development of AI-based human-aware AI systems that can adapt to their environment is accelerating. Human-centered artificial intelligence (AI) learns through human input and collaboration, focusing on algorithms that exist within a larger system based on humans. Human-centered artificial intelligence is characterized by systems that continuously improve as a result of human input and facilitate an effective interaction between humans and robots.

Smart robotics is defined as a technology consisting of robots that can also collaborate with humans, learn from their environment/experience, and adapt their actions accordingly. The advances in sensor technology, growing interest in, and investment in, smart robotics enabled by Artificial Intelligence (AI) and the Internet of Things (IoT) are compelling organizations to look to intelligent machines / smart robots to personalize the user experience, increase efficiency, and boost productivity. In the coming years, these factors are anticipated to create numerous growth opportunities for the market participants in robotic process automation.

• Rise in implementation of RPA tools by federal agencies, integration of A.I. with RPA

Currently, a variety of federal agencies utilize RPA tools. According to the General Services Administration's 2020 RPA Playbook, more than a dozen government agencies are actively using RPA. Their applications consist of automated payments, trip payments, activity logging, and more.

Strategic Development:

• In March 2022 - SS&C Technologies Holdings, Inc. acquired Blue Prism Group Plc for approximately $1.6 billion. With this acquisition, the company's automation services and software capabilities in the healthcare and financial services sectors were expanded. This acquisition allowed the company to develop a comprehensive understanding of robotic process automation and intelligent automation products.
• In March 2021 - Microsoft Corporation launched robotic process automation for Windows 10 users. The company offered RPA Power Platform products that assist humans in automating repetitive, monotonous tasks.
• In January 2021 - Nice System Ltd. introduces an RPA solution powered by artificial intelligence to expedite automation opportunities. This solution enabled businesses to enhance organizational efficiencies and expand existing business processes, regardless of market volatility.
• In November 2020 - Pegasystems, Inc. launches Pega Auto-balancing RPA digital transformation solution. Advanced artificial intelligence technology drives the solution to optimize workload management without human intervention.
• In December 2019 - Kryon Systems partnered with Naviant, a provider of content services, to accelerate intelligent robotic automation solutions. The software solutions of the company automate and manage Naviant's partner Hyland solutions to improve customer service.

Key Vendors:

Top key players in the Robotic Process Automation includes

• Nice Systems

NICE (Nasdaq: NICE) is the leading global provider of cloud and on-premises enterprise software solutions that enable organizations to make more informed decisions based on advanced analytics of structured and unstructured data. NICE assists organizations of all sizes in providing improved customer service, ensuring compliance, combating fraud, and protecting citizens.

• Pegasystems

Pega provides a robust low-code platform that enables the world's top organizations to adapt to change by fostering agility. Our clients utilize our AI-powered decisioning and workflow automation to address their most pressing business challenges, such as personalizing engagement, automating service, and streamlining operations.

• Automation Anywhere

Automation Anywhere leads the world in Robotic Process Automation (RPA) and Artificial Intelligence (AI). With their software solution, they provide the most widely deployed RPA platform and community to enable the entire organization to automate end-to-end business processes.

• Blue Prism

Blue Prism is an automation-focused software development firm based in the United Kingdom. The organization has developed one of the most effective RPA tools, also named Blue Prism. Blue Prism is primarily utilized to create software robots that automate mundane tasks and eliminate manual labor. Blue Prism was the first organization to coin the term RPA, which stands for "Robotic Process Automation.

• IPsoft

IPsoft is the global leader in Enterprise AI and the home of Amelia, the most human-like digital AI colleague in the industry. Amelia is the only AI on the market that can fully comprehend user needs and intentions due to her ability to learn, interact, and improve over time. Amelia can be taught to recognize words and phrases in over a hundred different languages.

• Celaton

Celaton was founded in 2004 for the sole purpose of assisting businesses in optimizing the processing of incoming documents from customers and suppliers. Celaton employs Intelligent Process Automation (IPA) technology, inSTREAM, to provide Intelligent Document Processing (IDP), resulting in process efficiencies and decreased Average Handling Times (AHT). In contrast to conventional Robotic Process Automation (RPA), which automates tasks within a process, inSTREAM automates the entire process.

• Redwood Software

Redwood Software is the market leader in mission-critical business process full stack automation. We believe in the transformative power of automation and have developed the first SaaS-based, composable automation platform designed for ERP. Our unmatched solutions empower organizations to orchestrate, manage, and monitor their workflows across any application, service, or server – on-premises or in the cloud – with confidence and control.

• Uipath

UiPath is a data entry and robotic process automation solution designed for organizations of all sizes. The solution enables users to create, deploy, and manage business process automation. UiPath is equipped with UiPath Orchestrator, a management console for enterprise process automation tasks.

• Verint System

By connecting enterprise-wide work, data, and customer experiences, Verint enables the world's most recognizable brands to develop enduring customer relationships. With this approach, brands can successfully adapt to the future of work, eliminate inefficiencies caused by organizational and data silos, and consistently deliver differentiated experiences at scale across every interaction.

• Xerox

As a wholly-owned subsidiary of Xerox Holdings Corp, Xerox Corp (Xerox) provides document management and business solutions. The company's principal product line consists of photocopiers, sensors, printers, scanners, and digital presses. In addition, it offers document management services, such as centralized print services, enterprise content management, and workflow automation services.

• Arago Us

Through Knowledge Automation, Aragos aims to provide the benefits of Artificial Intelligence to enterprise customers worldwide. Our primary belief is that the ultimate value of artificial intelligence is to collaborate with people to automate urgent but low-value routine tasks and free up time to focus on more rewarding and challenging innovation work. Resulting in a greater sense of worth for the individual and the creation of genuine value for employers.

• IBM

IBM (International Business Machines) is the only company in the world to provide customers with comprehensive hardware, software, services, and consulting solutions. IBM has the e-business capabilities, products, services, and partner network to assist large and small businesses with the planning, development, and implementation of their e-business infrastructure. IBM's e-business infrastructure enabling capacity has been bolstered by Linux support. The company also provides customers with financing and leasing options.

Segmentation Analysis:

By Type Outlook:

On the basis of product type, the market is divided into software and services. The service segment generates the most revenue in the market, accounting for over 62.8% of the market share in 2022, and is anticipated to grow at the fastest rate. The rise in demand for RPA outsourcing and cloud-based software installation for automation is a result of the rising demand for high-volume, repetitive tasks. The fierce competition between businesses has compelled service providers to enhance their advisory, training, and consulting services. Adoption of RPA as a service aids businesses in identifying the automation opportunities to be maximized and developing a business case by focusing on the proper vendor selection as a first step toward pilot project deployment.

Due to the need for companies to overcome remote working challenges and automate operations for internal data control while reducing company expenses for extra personnel, the software category is projected to reach 37.2% of revenue share in 2022 and grow at a consistent CAGR throughout the projection period.

• Software
• Services

By Deployment:

The market is divided into on-premises and cloud segments based on deployment. As a result of its in-house ownership, the on-premises sector is anticipated to lead the market with a revenue share of over 79.7% in 2022 and to surpass at a steady CAGR between 2023 and 2032. In 2022, the cloud sector is expected to surpass a 9 percent revenue share. The cloud sector, on the other hand, is anticipated to be the category with the highest growth rate over the next few years due to advantages such as cheaper infrastructure costs, ease of deployment, minimal upgrading, and lower operational costs. Organizations are gravitating toward cloud-based solutions to gain operational flexibility as they expand. In May 2020, for instance, Automation Anywhere will release robotic process automation SaaS for its web-based and cloud-based workforce platform. This platform enables the adoption of a remote or in-office work environment.

• On-Premises
• Cloud

By Industry:

In 2022, the BFSI segment holds the largest market share within the industry. Banking and insurance institutions use RPA for regulatory reporting and reconciliation of their balance sheets. This technology also assists financial services companies in monitoring and controlling multiple interfaces, thereby facilitating the execution of transactions. In April 2020, for instance, the United States Banks implemented the UiPath software robot to process loan applications from small and medium-sized businesses (SMB) across the country.

In the coming years, the healthcare industry is anticipated to expand at the fastest rate. To comply with external audits, RPA enables healthcare providers to track and record each process step in structured log files. RPA is primarily used in hospital management to improve administrative processes, revenue cycle management, time for blood or organ transportation, cleaning patient areas, and coordinating schedules for operations and other medical services. For instance, the British startup T-impact provides a frequently used RPA function in the healthcare industry: assisting surgeons during operations by providing vital instructions, recommendations, and common warnings.

• BFSI
• Pharma & Healthcare
• Retail & Consumer Goods
• Information Technology (IT) & Telecom
• Communication and Media & Education
• Manufacturing
• Logistics, and Energy & Utilities
• Others

By Operation:

On the basis of operation, the market is divided into knowledge-based and rule-based segments. The rule-based segment is anticipated to capture the largest market share because it automates the workflow and performs repetitive tasks across industries. Several industry leaders are deploying RPA platforms based on rules to automate business workflows. As of 2021, UiPath had completed the automation process for millions of repetitive tasks at 65 percent of Fortune 500 companies.

The knowledge-based market segment is projected to have the highest CAGR between 2022 and 2029. Knowledge-based systems are currently less prevalent than rule-based systems. After the integration of automation with cognitive technologies such as AI and machine learning, however, rapid adoption is likely. Multiple businesses are adopting cloud-based and AI-driven solutions to scale their operations.

• Knowledge-Based
• Rule-Based

Regional Insights:

North America's revenue share accounted for 37.26 percent of the total in 2021 and is anticipated to increase steadily over the forecast period. This is estimated based on the region's extensive adoption of automation solutions and process management by government agencies and businesses.
Moreover, the application of RPA in North American SMBs is boosting market growth due to the growing awareness of the need to improve a variety of business functions, including data entry, accounting/finance, procurement details, record keeping, and a number of HR-related tasks. In addition, according to a survey conducted by the German provider of business process management Signavio in 2020, approximately 1,000 American workers are resistant to switching from manual to automated roles, despite the country's expected market growth.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Nordic Countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia-Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Scope of Report:

Conclusion:

• The report discusses the major market participants involved in the market, including Market participants, raw material suppliers, equipment suppliers, end users, traders, distributors, and others.
• Detailed information about the companies is provided. In addition, the report details their capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and technological advancements. This report analyzes twelve years of historical data and projections.
• The market's growth factors are discussed in depth, and the market's various end users are described in depth.
• In addition to data and information by market participant, region, type, application, etc., custom research can be conducted to meet specific needs.