Overview and Scope
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.
Sizing and Forecast
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.
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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
North America was the largest region in the robotic process automation (RPA) 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 (RPA) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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)
The robotic process automation (rpa) market report table of contents includes:
1. Executive Summary
2. Robotic Process Automation (RPA) Market Characteristics
3. Robotic Process Automation (RPA) Market Trends And Strategies
4. Robotic Process Automation (RPA) Market – Macro Economic Scenario
5. Global Robotic Process Automation (RPA) Market Size and Growth
…..
32. Global Robotic Process Automation (RPA) Market Competitive Benchmarking
33. Global Robotic Process Automation (RPA) Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Robotic Process Automation (RPA) Market
35. Robotic Process Automation (RPA) Market Future Outlook and Potential Analysis
36. Appendix
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