Robotic Process Automation utilizes software to imitate the actions of a human user, like logging into applications, navigating screens, and entering data. RPA performs various tasks, such as data entry, extraction, invoice processing, customer service, etc. RPA technology can be integrated with existing systems and applications, allowing for streamlined processes and increased efficiency.

The market for robotic process automation in 2021 was worth USD 3.05 billion, and by 2030 it will be worth USD 24 billion, at a 27% CAGR during the forecast period.

RPA is typically used in banking, insurance, healthcare, and manufacturing industries, where high volumes of repetitive tasks can be automated. RPA technology can help organizations reduce costs, improve accuracy, and increase productivity while freeing human workers to focus on more strategic tasks.

Market Dynamics

Drivers

The robotic process automation market is growing due to the rising adoption of advanced technologies like artificial intelligence (AI), machine learning (ML), and the cloud. Cost-effectiveness, reliability, quality, consistency, improved analytics, increased staff productivity, flexibility, and well-organized IT support and management are the main elements influencing the growing demand for robotic process automation.

The demand for robotic process automation is also fueled by the rising 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.

Restraints

Businesses that use robotic process automation technologies must also invest in a solid infrastructure and skilled staff to oversee all operations. It takes time & money to set up RPA infrastructure, hire experts or educate current staff, and deploy thousands of bots. As a result, the high cost of infrastructure and difficulties with customization associated with RPA prevent the business from growing.

Opportunity 

There are many federal entities now that use RPA tools. According to the General Services Administration's 2020 RPA Playbook, RPA is now being used by more than twenty government agencies. Their uses range from automated payments to trip payments to activity logging.

Market Segmentation

By Type

The service segment held the biggest market share of 62.8% in 2022. The increased demand for repetitive, high-volume tasks is why RPA outsourcing and cloud-based software installation are becoming more popular. Service providers have been driven to enhance their counseling, training, and consulting services due to the strong competition among enterprises. By focusing on the right vendor selection as a first step toward pilot project deployment, RPA as a service helps businesses discover the automation opportunities to be maximized and then construct a business case.

By Deployment

The on-premises segment ruled the market with a revenue share of 78.9% in 2022. Businesses can make sure RPA access policies adhere to internal protocols by deploying RPA on-premise. Additionally, it aids in guiding customer RPA systems in terms of requirements. Large-scale businesses were also hesitant to share their secrets and internal data, which contributed to the widespread use of RPA systems that were installed on-site.

By Application 

The BFSI segment was the largest market contributor, with 28.8% of the revenue share. RPA is used in the financial sector to assist banks and other financial organizations in automating business procedures such as depositing money, opening new accounts, and granting loans. RPA installation also increases productivity and workflow speed. Additionally, it opens the door to RPA and AI integration, which is necessary for the BFSI sector to establish new policies and services.

Regional Analysis 

In 2022, North America was the biggest market, with a revenue share of 37.2%. The rising use of RPA by businesses and government organizations in the region is one of the factors that led to the high penetration rate of RPA adoption in North America. Additionally, the application of RPA in SMEs in the North American region is used to improve business operations, such as procurement details, data entry, and accounting/finance, leading to market expansion.

Asia Pacific regional market will expand at a rapid rate due to a rise in RPA use across the IT, pharmaceutical, healthcare, telecom, manufacturing, and retail industries. RPA suppliers are also concentrating on programs to draw SMEs from all over the world. For example, in May 2022, UiPath teamed with an aircraft to help SMEs digitalize their operations to operate more easily and effectively. Such worldwide initiatives will significantly impact nations like China, Japan, and India, which will ultimately fuel the Asia Pacific region's rise in the robotic process automation market.

Key Players 

· Cyclone Robotics

· Blue Prism

· Automation Anywhere

· Edge Verve Systems Ltd.

· NICE

· SS&C Technologies Holdings 

· KOFAX, Inc.

· FPT Software

· OnviSource, Inc.

· Pegasystems

· NTT Advanced Technology Corp.

· UiPath

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