The Robotic Process Automation Market to Be Worth $35.9 Billion by 2030-Exclusive Report by Meticulous Research®

According to a new market research report titled, 'Robotic Process Automation Market by Offering (Software, Services), Type (Attended RPA, Unattended RPA), Application (Customer Account Management, Employee Onboarding), Sector (BFSI, IT & Telecom, Healthcare), and Geography-Global Forecast to 2030,' the robotic process automation market is projected to reach $35.9 billion by 2030, at a CAGR of 20.2% from 2023 to 2030.

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Robotic process automation (RPA) is a software technology that makes it easy to build, deploy, and manage software robots that emulate human actions interacting with digital systems and software. The utilization of robotic process automation is gaining traction due to the rapidly growing retail and healthcare sector and the growing demand for automation in business processes. 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, drive the growth of this market.

The growing demand for automation in business processes, the growing adoption of advanced technologies such as cloud, AI, and machine learning, and the rising demand for robotic process automation solutions in the BFSI sector are key factors driving the growth of the robotic process automation market. However, the high implementation cost may restrain the market's growth.

The rising adoption of RPA-enabled self-learning conversational chatbots and the growing adoption 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 major 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 robotic process automation market.

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The robotic process automation market is segmented by offering (software, services), type (attended RPA, unattended RPA, Hybrid RPA), organization size (large enterprises, small & medium-sized enterprises), deployment mode (on-premise deployment, cloud-based deployment), application (administration and reporting, customer account management, employee onboarding, data validation, invoice processing, data migration and capture extraction, and other applications), sector (BFSI, IT & telecommunications, retail, manufacturing, healthcare, transportation & logistics, government & public sector, and other sectors). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on offering, in 2023, the software segment is expected to account for the larger 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 rising demand for collaborative robotic process automation, and the growing adoption of advanced technologies such as cloud, AI, and machine learning. However, the services segment is slated to register the highest CAGR during the forecast period.

Based on type, in 2023, the attended RPA 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 rising need to improve productivity and generate maximum return, rising demand for attended RPA in the BPO sector, and growing demand for attended RPA in data entry and document retrieval of customer information. Also, this segment is slated to register the highest CAGR during the forecast period.

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Based on deployment mode, in 2023, the on-premise deployment segment is expected to account for the larger share of the robotic process automation market. The large market share of this segment is attributed to the greater control of robotic process automation infrastructure offered by on-premises solutions, the high preference for on-premise deployments among large enterprises, and the availability of trained IT professionals and supportive infrastructure. However, the cloud-based deployment segment is slated to register the highest CAGR during the forecast period.

Based on organization size, in 2023, the large enterprises segment is expected to account for the larger share of the robotic process automation market. The large market share of this segment is attributed to the strong IT infrastructure of large enterprises, the management of robotic process automation platforms by skilled IT personnel, and the growing adoption of advanced technologies such as cloud, AI, and machine learning. However, the small & medium-sized enterprises segment is slated to register the highest CAGR during the forecast period.

Based on application, in 2023, the customer account management 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 adoption of robotic process automation in the BFSI sector, the rising demand for automation in business processes, and the rising adoption of virtual banking tools to enhance the overall user experience. Also, this segment is slated to register the highest CAGR during the forecast period.

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Based on sector, in 2023, the BFSI 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 rising adoption of robotic process automation solutions for various financial processes, the surging need to improve the agility of work and customer experience, and the rising demand for fraud detection. However, the healthcare segment is slated to register the highest CAGR during the forecast period.

Based on geography, the robotic process automation market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the robotic process automation market. North America's large market share is attributed to the presence of leading robotic process automation providers and their increasing focus on developing advanced robotic process automation solutions and services. The rising demand for cloud-based robotic process automation also supports the segment's large share.

However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The infrastructural growth in APAC, especially in China, South Korea, India, Australia, Singapore, and Japan, the rapid growth of regional economies, and the region's growing banking and e-commerce sector offer growth opportunities for the players operating in the robotic process automation market.

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The key players operating in the robotic process automation market are UiPath, Inc. (U.S.), Automation Anywhere, Inc. (U.S.), Pegasystems Inc. (U.S.), Blue Prism Group plc (U.K.), Celaton Limited (U.K.), OnviSource, Inc. (U.S.), Kofax Inc. (U.S.), FPT Software Company Limited (Vietnam), EdgeVerve Systems Limited (India), NICE Ltd. (Israel), IBM Corporation (U.S.), Verint Systems Inc. (U.S.), AutomationEdge Technologies, Inc. (U.S.), Appian Corporation (U.S.), and EPSoft Technologies (U.S.)

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