Global RPA Market Report, History and Forecast 2017-2028

Robotic Process Automation (RPA) Market 2028
Due to the COVID-19 pandemic and Russia-Ukraine War Influence, the global market for RPA estimated at USD 426.7 million in the year 2022, is projected to reach a revised size of USD 2404.5 million by 2028, growing at a CAGR of 33.4% during the forecast period 2022-2028. The concept of software robots or artificial intelligence (AI) employees is the foundation of the growing business process automation technology known as robotic process automation (RPA or RPAAI).

Using internal application programming interfaces (APIs) or specialized scripting languages, a software developer creates a list of actions to automate a task and connect with the back-end system in traditional workflow automation technologies. RPA systems, on the other hand, create the action list by observing the user carry out the task in the graphical user interface (GUI) of the program and then carry out the automation by repeating those actions directly in the GUI. This can make it easier for products that might not otherwise have APIs for this to use automation.

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Robotic Process Automation (RPA) Market Trends
Technology's role is always changing at a faster rate. Various waves of technological advancement over the past few decades have had a substantial impact on corporate growth. Now that organizations all over the world are converting into a dynamic digital environment, just a few of these technologies are in decline. However, during the course of the projection period, RPA is expected to develop and rise. RPA technology must be quick to implement, run, and scale in the modern workplace. Processing workflow far more quickly and thus more effectively, relieves human workers of their monotonous and repetitive daily tasks. This in turn is expected to drive the growth of the RPA Market.

Additionally, due to a shift in business culture toward remote work during the COVID-19 epidemic and a rise in the requirement for process automation, the RPA Market growth was accelerated. RPA is expected to develop into a more complex technology over the estimated time as it matures. Intelligent automation systems may become more necessary as a result of technological developments like machine learning, Optical Character Recognition (OCR), and analytics in the context of robotic process automation (RPA).

One of the key elements affecting the rising usage of RPA technology is the increasing demand for the automation of business processes. RPA's main objective is to record an organization's operations for effective management. Additionally, automatic data collecting removes errors and repeats and offers error-free data entry and storage. These procedures shorten the time and money needed to fix errors in data collection and processing. This in turn is expected to drive the growth of the RPA Market.

Additionally, it is anticipated that the growing need to streamline the complex handling procedure will accelerate industry growth. RPA and AI are being used by businesses in a variety of industries to boost production and efficiency. It has become crucial to increase work agility and provide better client experiences in a highly competitive industry. Robotic process automation (RPA) can be used to automate processes across a variety of older platforms and systems to gather data. For instance, bank users can access their account information online and perform other tasks like automatic bill payment and KYC verification. These services have reduced manual work and are helping to provide better customer service.

Robotic Process Automation Market Share Analysis
The BFSI industry contributed the most to total income. Banks and other financial institutions can automate business activities including account opening, deposits, and loaning through the use of RPA in the BFSI sectors, largely to save costs. Additionally, it improves speed and efficiency and provides deep insights into AI integration, all of which are crucial for the BFSI sector to develop new regulations and services. The expanding financial activity has boosted transactions and data volumes built around older systems that are challenging to integrate as a result of rapid internationalization.

Based on region, North America is expected to be the most lucrative region. This is projected based on the region's high rate of adoption of automation solutions and process management by businesses and government organizations. Additionally, the market expansion is being boosted by the adoption of RPA among North American SMEs as a result of growing awareness about enhancing various company operations, including data input, accounting/finance, procurement detail, record keeping, and several other HR-related functions. In addition, roughly 1,000 employees from the United States opposed changing their job duties and were reluctant to convert from manual to automation, despite the fact that this was predicted given the expansion of the country's market, according to a poll done by Signavio (Germany) in 2020.

Robotic Process Automation Market Segmentation
This report covers the RPA segments by manufacturers, by type, by application, by region and country, and provides market size and CAGR for the history and forecast period (2017-2022, 2023-2028), considering 2021 as the base year. It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.

Robot Process Automation Market By Type
Professional Services
Training Services

Robot Process Automation Market By Application
BFSI
Telecom/IT
Healthcare
Retail
Manufacturing
Others

Robot Process Automation Market By Company
Atos SE
Automation Anywhere Inc.
Be Informed B.V.
Blue Prism Group Plc
Cicero Inc.
Cognizant Technology Solutions Corporation
Genfour
Genpact Ltd.
Infosys Ltd
IPSoft Inc.
Jacada Inc.
Kofax Ltd
Kryon Systems
OpenConnect Systems Inc.
OpenSpan
Sutherland Global Services
Thoughtonomy
UiPath
Verint Systems Inc.

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