Robotic Process Automation (RPA) Market Size, Share And Industry Growth Forecast 2024 To 2033

The robotic process automation (RPA) market size has grown exponentially in recent years. It will grow from $6.34 billion in 2023 to $7.94 billion in 2024 at a compound annual growth rate (CAGR) of 25.2%. The growth in the historic period can be attributed to increased cost efficiency, increased process efficiency and accuracy, scalability, compliance and risk mitigation, enhanced customer experience.

The robotic process automation (RPA) market size is expected to see exponential growth in the next few years. It will grow to $19.21 billion in 2028 at a compound annual growth rate (CAGR) of 24.7%. The growth in the forecast period can be attributed to increasing cloud-based RPA solutions, increased adoption in SMEs, increasing focus on intelligent automation, increasing cross-industry adoption. Major trends in the forecast period include product innovations, partnerships, technological advancements, adopting innovative practices to attract and engage more customers.

Market Overview -
Robotic process automation (RPA) refers to the utilization of software robots to automate routine and rule-driven tasks in business processes, streamlining operations by mimicking human actions on digital platforms for activities like data entry and transaction processing.

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Increasing Demand For Automation Of Business Processes Fuels Robotic Process Automation (RPA) Market

The increasing demand for automation of business processes is expected to propel the growth of the robotic process automation (RPA) market going forward. Business process automation (BPA) refers to the use of technology to streamline and automate routine and manual tasks within organizational processes. Increasing demand for automation of business processes is driven by the pursuit of efficiency, cost savings, and enhanced productivity in today's competitive and rapidly evolving business landscape. Robotic process automation (RPA) addresses the increasing demand for automation of business processes by offering advanced technological solutions that streamline operations and enhance efficiency, allowing organizations to automate repetitive and rule-based tasks, such as data entry, invoice processing, and report generation, which were traditionally performed manually. For instance, in December 2023, according to a European Commission report, the Belgium-based independent executive arm, AI adoption has seen a significant rise among businesses, with 8% of EU enterprises incorporating artificial intelligence technologies. Among large EU enterprises, the adoption rate is even higher at 28%, and 53% of EU enterprises utilizing AI have opted for off-the-shelf commercial AI software or systems. Therefore, the increasing demand for automation of business processes is driving the growth of the robotic process automation (RPA) market.

Competitive Landscape -
Major companies operating in the robotic process automation (RPA) market are Microsoft Corporation, International Business Machines Corporation, SAP SE, CGI Inc., Xerox Corporation, Genpact Limited, Nice Systems Ltd., Pegasystems Inc., Verint Systems Inc., UiPath Inc., FPT Software, BlackLine Inc., KOFAX Inc., Automation Anywhere Inc., IPsoft Inc., NTT Advanced Technology Corp., EdgeVerve Systems Ltd., Datamatics Global Services Limited, Uniphore., WorkFusion Inc., Redwood Software, Jacada Inc., AutomationEdge Technologies Inc., Kyron Systems, OnviSource Inc., Salesforce (Servicetrace GmbH/Mulesoft Inc.), Blue Prism Group PLC, Be Informed B.V., Jidoka, HelpSystems LLC (HGGC)

Integration Of Advanced Technologies Enhanced Robotic Process Automation (RPA) Market Presence

Major companies operating in the robotic process automation (RPA) market are developing advanced solutions such as RPA (Robotics Processing Automation) technology to faster purchase processes for repeat customers. The technology enhances operational efficiency by automating repetitive tasks, reducing errors, and increasing productivity in business processes. For instance, in December 2022, Liquid Payments Inc. (LQ), a US-based omnichannel healthcare payments platform, launched a One-Click Payment integration based on robotic process automation (RPA), providing medical and dental practices with enhanced ease, reliability, and efficiency in processing patient payments. This solution is tailored to optimize the payment experience for both patients and practices and can be seamlessly integrated into any healthcare practice management system. The recent update includes a refined integration layer, further enhancing the connection between patient payments and the underlying Practice Management System (PMS). The outcome is a streamlined and efficient process, ensuring faster and more accurate patient payments for healthcare practices.

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Key Segments -

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

1) By Component: Software, Services
2) By Operation: Rule-Based, Knowledge-Based
3) By Deployment: Cloud, On-Premise
4) By Organization: Large Enterprise, Small And Medium Enterprise
5) By Application: Banking, Financial Services, And Insurance (BFSI), Manufacturing, Healthcare And Pharmaceuticals, Information Technology (IT) And Telecommunications, Retail And Consumer Goods, Government And Defense, Energy And Utilities, Transportation And Logistics

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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