Robotic Process Automation Market Report 2024: Global Analysis and Forecast

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 in the historic period can be attributed to increasing adoption of automation by small and medium enterprises, growing demand for software robots, growing presence of favorable digital infrastructure, increased investment in industrial plants, increased adoption of automation.

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 in the forecast period can be attributed to the increasing demand for automation of business processes, growing trends towards industry 4.0, rising use of RPA for regulatory reporting in the BFSI industry, expansion of the retail sector, growing need for cost-effective and efficient business processes. Major trends in the forecast period include growing technological advancements, development of robotic process automation (RPA)-enabled self-learning conversational chatbots, integration of new technologies with robotic process automation (RPA) software, integration of advanced technologies such as cloud, AI and machine learning, rising adoption of intelligent bots and digital assistants.

Market Overview -
Robotic process automation (RPA) is a technology that uses software robots to automate repetitive, rule-based tasks across various applications and systems. It facilitates the optimization of workflows, enhancing the profitability, flexibility, and responsiveness of organizations.

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Robotic Process Automation (RPA) Market Surge Amid Rising Automation Demand
The increased demand for automation in various industries is expected to boost the growth of the robotic process automation market going forward. Automation refers to the process of utilizing technology or machinery to perform tasks or processes with minimal human intervention. The advancements in artificial intelligence, robotics, and sensor technology are making automation more affordable, accessible, and versatile. Robotic process automation excels at automating repetitive, rule-based tasks such as data entry, extraction, form filling, and other digital processes, enhancing task efficiency by enabling software robots to perform these activities faster and more accurately than humans. For instance, in September 2022, according to a report published by the International Federation of Robotics, a Germany-based non-profit organization, global companies installed a total of 517,385 new industrial robots in 2021, an increase from 394,000 in 2020. Further, Asia accounted for 74% of these installations, with China leading the region by experiencing a remarkable 51% growth and selling 268,195 units in 2021. Therefore, the increased demand for automation in various industries is driving the growth of the robotic process automation market.

Competitive Landscape -
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

Innovative Offerings In The Robotic Process Automation Market
Major companies operating in the robotic process automation market are developing advanced innovations, such as automation success platform, to better serve customers with advanced features. These platforms are designed to facilitate the automation of various processes and tasks within organizations. For instance, in October 2022, Automation Anywhere Inc., a US-based software company, launched the automation success platform. The distinctive feature of the automation success platform lies in its mission to accelerate business transformation by democratizing automation, making it accessible to all. It delivers intelligent automation to every employee, empowering both IT and automation leaders to effectively scale success. It serves as the automation co-pilot for employees, enabling seamless interaction with bots within their preferred applications, thereby facilitating easier and faster task completion. The platform introduces new document automation, simplifying data extraction from documents and seamless transfer into any application.

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Key Segments -

The robotic process automation market covered in this report is segmented -

1) By Component: Software, Service
2) By Process: Automated Solution, Decision Support and Management Solutions, Interaction Solutions
3) By Operation: Rule Based, Knowledge Based
4) By Deployment : Cloud, On-Premises
5) By Industry: Banking, Financial Services And Insurance, Healthcare And Pharmaceuticals, Manufacturing And Logistics, Telecom And Information Technology, Retail And Consumer Goods, Travel, Hospitality And Transportation, Other Industries

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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