PUBLISHER: The Business Research Company | PRODUCT CODE: 1458735
PUBLISHER: The Business Research Company | PRODUCT CODE: 1458735
Robotic process automation (RPA) leverages software robots to automate repetitive, rule-based tasks across diverse applications and systems, thereby streamlining workflows and bolstering the profitability, adaptability, and agility of organizations.
Robotic process automation primarily consists of two components such as software and services. Software encompasses a suite of computer programs, data, instructions, and associated documentation that empower computers or digital devices to execute specific tasks, functions, or operations. This includes automated solutions, decision support and management solutions, and interaction solutions, operating on rule-based and knowledge-based principles. Deployment modes encompass both cloud and on-premise options, catering to industries such as banking, financial services, insurance, healthcare, pharmaceuticals, manufacturing, logistics, telecom, information technology, retail, consumer goods, travel, hospitality, transportation, and beyond.
The robotic process automation market research report is one of a series of new reports from The Business Research Company that provides robotic process automation market statistics, including robotic process automation industry global market size, regional shares, competitors with a robotic process automation market share, detailed robotic process automation market segments, market trends and opportunities, and any further data you may need to thrive in the robotic process automation industry. This robotic process automation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The robotic process automation market size has grown exponentially in recent years. It will grow from $5.70 billion in 2023 to $7.28 billion in 2024 at a compound annual growth rate (CAGR) of 27.8%. The growth observed during the historical period can be ascribed to several factors, including the rising adoption of automation among small and medium enterprises, escalating demand for software robots, the proliferation of favorable digital infrastructure, heightened investments in industrial plants, and the expanding adoption of automation technologies across various sectors.
The robotic process automation market size is expected to see exponential growth in the next few years. It will grow to $19.33 billion in 2028 at a compound annual growth rate (CAGR) of 27.6%. The growth anticipated in the forecast period is driven by various factors, including the increasing demand for business process automation, the burgeoning trends toward Industry 4.0, the heightened utilization of Robotic Process Automation (RPA) for regulatory reporting in the BFSI sector, the expansion of the retail industry, and the growing necessity for cost-effective and streamlined business processes. Major trends projected during this period encompass advancements in technology, the emergence of Robotic Process Automation (RPA)-enabled self-learning conversational chatbots, the integration of new technologies with RPA software, such as cloud computing, artificial intelligence (AI), and machine learning, as well as the escalating adoption of intelligent bots and digital assistants.
The escalating need for automation across diverse industries is anticipated to propel the expansion of the robotic process automation (RPA) market in the future. Automation involves employing technology or machinery to execute tasks or processes with minimal human intervention. Advancements in artificial intelligence, robotics, and sensor technology are rendering automation more cost-effective, accessible, and adaptable. Robotic process automation specializes in automating repetitive, rule-based tasks such as data entry, extraction, form filling, and other digital processes, thereby enhancing task efficiency by enabling software robots to perform these activities faster and more accurately than humans. For instance, a report published by the International Federation of Robotics, a Germany-based non-profit organization, revealed that global companies installed a total of 517,385 new industrial robots in 2021, up from 394,000 in 2020. Asia accounted for 74% of these installations, with China leading the region with a remarkable 51% growth and selling 268,195 units in 2021. Consequently, the growing demand for automation across various industries is propelling the growth trajectory of the robotic process automation market.
Major players in the robotic process automation market are pioneering advanced Innovations such as the automation success platform to cater to customers with enhanced capabilities. These platforms are crafted to streamline the automation of diverse processes and tasks across organizations. Notably, in October 2022, Automation Anywhere Inc., a US-based software firm, unveiled its automation success platform. A standout feature of this platform is its commitment to expediting business transformation by democratizing automation, ensuring accessibility for all. It delivers intelligent automation to every employee, empowering both IT and automation leaders to efficiently scale success. Functioning as an automation co-pilot, the platform enables seamless interaction with bots within users' preferred applications, facilitating swift and hassle-free task completion. Moreover, the platform introduces novel document automation, simplifying the extraction of data from documents and enabling seamless transfer into any application.
In September 2021, MuleSoft LLC, a software company headquartered in the United States, acquired Servicetrace GmbH for an undisclosed sum. This acquisition positions MuleSoft to provide a unified platform featuring improved integration, application programming interface (API) management, and robotic process automation (RPA) capabilities, facilitating end-to-end workflow automation and the provision of connected experiences for customers spanning diverse industries. Servicetrace GmbH, based in Germany, specializes in offering robotic process automation (RPA) solutions.
Major companies operating in the robotic process automation market report are Microsoft Corporation, International Business Machines Corporation, Salesforce Inc., Xerox Corporation, Nice Systems Ltd., FPT Software, Pegasystems Inc., UiPath Inc., Verint Systems Inc., EdgeVerve Systems Ltd., BlackLine, Automation Anywhere, IPSOft Inc., NTT Advanced Technology Corp., Nintex Ltd., Kofax Inc., SS&C Blue Prism, AntWorks, Redwood Software, Kryon Systems, Another Monday, AutomationEdge, WorkFusion Inc., OnviSource Inc., Celaton Ltd., JIDOKA.be, Automation Hero.
North America was the largest region in the robotic process automation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the robotic process automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the robotic process automation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The robotic process automation market consists of revenues earned by entities by providing services such as consulting services, implementation services, security and compliance solutions, and managed services. The market value includes the value of related goods sold by the service provider or included within the service offering. The robotic process automation market also includes sales of processors, clusters, and integrated circuits. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Robotic Process Automation Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on robotic process automation market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for robotic process automation? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The robotic process automation market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.