Robotic Process Automation Market (2023-2030)
The Robotic Process Automation Market to reach $35.9 Billion by 2030 at a CAGR of 20.2% during 2023–2030.
- Published
- Apr 2023
- Pages
- 264
- Format
- PDF + Excel
- Report ID
- MRICT - 104596
- Base year
- 2022
- 2030 · FORECAST
- $35.90B
- 2030
- $35.90B
- CAGR 2023–2030
- 20.2%
2022 baseline · 2023–2030 forecast at 20.2% CAGR · hover a bar for the value
Key highlights
In 2023, the Software Segment is Expected to Account for the Largest Market Share
The Cloud-based Deployment Segment to Register the Highest CAGR
The Attended RPA Segment to Register the Highest CAGR
Asia-Pacific to Be the Fastest-growing Regional Market
Report summary
| Particulars | Details |
|---|---|
| Base Year | 2022 |
| Estimated Year | 2023 |
| Forecast Period | 2023–2030 |
| Market Size (2030) | USD 35.90 billion |
| CAGR (2023–2030) | 20.2% |
| Format | PDF, Excel & Cloud Portal · 264 pages |
| Segments Covered | By Offering: Software, Hardware Consulting Services, Implementation & Development Services, Training Services · By Type: Attended RPA, Unattended RPA, Hybrid RPA · By Organization Size: Large Enterprises, Small & Medium-sized Enterprises · By Deployment Mode: On-premise Deployment, Cloud-based Deployment · By Application: Administration and Reporting, Customer Account Management, Employee Onboarding, Data Validation, Invoice Processing, Data Migration and Capture Extraction, Other Applications · By Sector: BFSI, IT & Telecommunications, Retail, Manufacturing, Healthcare, Transportation & Logistics, Government & Public Sector, Other Sectors |
| Countries Covered | North America (Canada), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (Japan, China, India, South Korea, Singapore, Rest of Asia-Pacific) |
| Key Companies | UiPath, Inc., Automation Anywhere, Inc., Pegasystems Inc., Celaton Limited, OnviSource, Inc., Kofax Inc., EdgeVerve Systems Limited, NICE Ltd., IBM Corporation, Verint Systems Inc., AutomationEdge Technologies, Inc., Appian Corporation |
Report overview
Segments covered: offering, type, organization size, deployment mode, application, sector. Regions: North America, Europe, Asia-Pacific.
The growth of the robotic process automation market is driven by the growing demand for automation in business processes, the increasing adoption of advanced technologies such as cloud, AI, and machine learning, and the rising demand for robotic process automation solutions in the BFSI sector. However, the high implementation cost restrains the growth of the robotic process automation market. The rising adoption of RPA-enabled self-learning conversational chatbots and the use of robotic process automation solutions in the healthcare sector are expected to create market growth opportunities. However, misconceptions and a lack of awareness regarding robotic process automation are challenges for the players in this market. The growing adoption of cloud-based robotic process automation and rising demand for collaborative robotic process automation are the latest trends in the RPA market.
Report infographic
Market dynamics
1 factors across 1 forceGrowing Adoption of Robotic Process Automation in the BFSI Sector to Drive Market Growth
The banking and financial industry is seen to be growing exponentially over the past few years with the implementation of technological advancements resulting in faster, more secure, and reliable services. To remain competitive in the market, especially with the more widespread adoption of virtual banking, banking firms are finding a way to deliver the best possible user experience to their customers and driving the adoption of robotic process automation solutions.
Robotic process automation in the banking industry is leveraged to automate multiple time-consuming, repetitive processes like account opening, KYC process, customer services, and many others. Also, banks implement intelligent automation by adding AI technologies, such as machine learning and natural language processing capabilities. This enables robotic process automation software to handle complex processes, understand human language, recognize emotions, and adapt to real-time data. In addition, robotic process automation in finance further helps anti-money laundering investigations by deploying an “if-then” method to spot potential fraud. For instance, if many transactions were made in a short period of time, RPA can flag the account as a potential threat and report it to the concerned department. Thus, the surging need for improving the agility of work and customer experience and the rising demand for fraud detection in the BFSI sector drive the growth of the robotic process automation market.
Table of contents
14 chapters · 189 sections · 264 pages · click to expandSegmental analysis
| Segment | Largest share (2023) | Fastest growth (2023–2030) |
|---|---|---|
| By Offering | Software | Services |
| By Deployment Mode | — | Cloud-based deployment |
| By Type | — | Attended RPA |
| By Sector | — | Healthcare |
By Offering
- The software segment is expected to account for the largest share of the robotic process automation market.
- The large market share of this segment is attributed to the growing demand for automation in business processes, the increasing focus on solution-centric automation capabilities, and the growing adoption of advanced technologies such as cloud, AI, and machine learning.
- In addition, the benefits offered by robotic process automation solutions, such as improved productivity, efficiency, accuracy & quality, cost-effectiveness, consistency, and better IT support and management, further support the growth of this segment.
- Several providers are investing in R&D to improve their automation solutions and make them more affordable for customers.
- However, the services segment is slated to register the highest CAGR during the forecast period.
By Deployment Mode
- The cloud-based deployment segment is projected to register the highest CAGR during the forecast period.
- The rapid evolution of avenues for cloud-based deployments, the superior flexibility offered by cloud-based deployments, and the increasing incorporation of cloud-based solutions by small & medium-sized enterprises are expected to support the growth of this segment.
By Type
- The Attended RPA Segment to Register the Highest CAGR
- The attended RPA segment is projected to register the highest CAGR during the forecast period.
- The growing demand for attended RPA in data entry and document retrieval of customer information and the rising demand for attended RPA in the BPO sector are expected to support the segment's growth.
By Sector
- The healthcare segment is projected to register the highest CAGR during the forecast period.
- The growing adoption of robotic process automation in managing and scheduling appointments, medical billing processes, and patient onboarding is expected to support the growth of this segment.
- In addition, growing healthcare R&D spending, the need for serialized tracking and tracing of drugs, and the increasing use of innovative robotic process automation solutions are expected to drive the segment's growth during the forecast period.
Geographic analysis
Asia-Pacific
Fastest growthHowever, Asia-Pacific is slated to record the highest growth rate during the forecast period. The infrastructural growth in APAC, especially in China, South Korea, Japan, and India, the rapid growth of regional economies, the growing e-commerce sector in APAC, rising adoption of advanced technologies such as cloud, AI, and machine learning, and government initiatives promoting the adoption of advanced robotic process automation solutions contribute to the rapid growth of this regional market. Asia-Pacific to Be the Fastest-growing Regional Market
North America
Largest shareIn 2023, North America is expected to account for the largest share of the robotic process automation market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Competitive landscape
- April 2022
UiPath, Inc. (U.S.) launched its Automation as a Service offering on the Finastra cloud, designed to provide a managed service model for automation to Finastra (U.K.), a leading financial services software provider to banks, credit unions, and financial institutions. With this offering, UiPath can design, install, deploy, run, and maintain automated processes to enable the banking sector to leverage the power of automation along with the security and compliance of cloud-based infrastructure from Finastra.
- April 2020
Automation Anywhere, Inc. (U.S.) launched its AI-powered bots to help lending institutions automate thousands of loan applications for small businesses under the $2.2 trillion U.S. coronavirus stimulus package.
- UiPath, Inc.
- Automation Anywhere, Inc.
- Pegasystems Inc.
- Celaton Limited
- OnviSource, Inc.
- Kofax Inc.
- EdgeVerve Systems Limited
- NICE Ltd.
- IBM Corporation
- Verint Systems Inc.
- AutomationEdge Technologies, Inc.
- Appian Corporation
Frequently asked questions
The robotic process automation market is projected to reach $35.9 billion by 2030, at a CAGR of 20.2% during the forecast period.
Cite this report
Meticulous Research. (2023). Robotic Process Automation Market - Global Opportunity Analysis and Industry Forecast (2023-2030) (Report No. MRICT - 104596). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/robotic-process-automation-market-5282