New York, USA, Jan. 09, 2023 (GLOBE NEWSWIRE) — The worldwide robotic process automation market size was USD 3.5 billion in 2021. The value of global market is expected to increase from USD 4.4 billion in 2022 to USD 24 billion by 2030 at a robust CAGR of 27% during the period of 2022-2030. The growing need for automated business processes is one of the main causes driving the increased use of RPA technology. RPA’s main objective is to accurately record an organization’s operations for effective management. Implementing RPA has benefits, including better internal processes, customer experiences, cost savings, decreased operational risk, and enhanced productivity. These solutions are becoming increasingly important to organizations because they can automate business operations and deal with complex data & information.
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The Robotic Process Automation Market Insights:
- By type, service segment held a maximum market position with 63.66% of the share in 2022.
- By deployment in 2022, the on premise segment ruled the market with 80.52% of the revenue share.
- In 2022, BFSI segment led the market with a share of 31.22% by application.
- Asia Pacific led the regional market in 2022 with a share of 40.07%.
Factors influencing the Robotic Process Automation Market growth:
Factors like increasing demand for robotic process automation in healthcare and rising adoption of machine learning, AI, and cloud are boosting market expansion.
- Robotic process automation is widely utilized in the healthcare industry because it can simulate human interactions, log into applications, move files, fill out forms, and other things. Healthcare providers collect a vast amount of data daily, such as patients’ personal details or their treatment course. Firms can collect and alter data utilizing robotic process automation tools to produce analytics that offer priceless insights to make correct diagnoses and treat patients appropriately.
- The rapid adoption of advanced technologies like AI, machine learning, and cloud drives the robotic process automation market growth. Companies are increasingly using RPA to automate operations and manage increasingly complicated data. RPA-based cloud and AI technologies are being developed and implemented by enterprises to automatically enhance corporate workflows and procedures.
Segmentation Analysis of Robotic Process Automation Market
The market segmentation of robotic process automation is done on the basis of type, application, deployment, and region.
- Communication &Media
- Energy & Utilities
- IT & Telecom
- Pharma & Healthcare
- Retail & Consumer Goods
- The U.S.A.
- Rest of North America
- United Kingdom
- Rest of Europe
- New Zealand
- Rest of Asia-Pacific
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By type, service segment held a maximum market position with 63.66% of the share in 2022. Due to intense competition among businesses, service providers are under pressure to enhance their training and advising services. The need for RPA as a service is driven by ongoing improvements in automation solutions that provide great scalability and reduce cost.
By deployment in 2022, the on-premise segment ruled the market with 80.52% of the revenue share. On-premise RPA, helps in the customization and management of RPA systems for the benefit of the organizations.
In 2022, BFSI segment led the market with a share of 31.22% by application. Financial institutions and banks can automate business processes, like opening an account, deposits, and loans through RPA in the BFSI sectors to save costs. Additionally, it improves efficiency and speed and provides a deeper understanding of AI integration, which is crucial for BFSI to develop new regulations and services. The expanding financial activity has boosted data volumes and transactions built around older systems that are challenging to incorporate due to rapid internationalization.
Asia Pacific led the regional market in 2022 with a share of 40.07%. Nearly 61.11% of the market share in APAC was owned by China. One of the biggest RPA software producers in China, Cyclone Robotics, has increased its reach by entering the Asia-Pacific regional market. The APAC market growth is driven by Cyclone Robotics’ focus on hyper automation, which uses cutting-edge technologies to apply various automation capabilities, like RPA, whether alone or in tandem with ML and AI.
Key RPA platforms delivered by pivotal market players:-
|New Automata Version 3.0||Offers a wide range of RPA Features, including attended or unattended workflows, rule-based or AI-driven and analytics-based automation, pre-packaged or user-customized workflows, and server-based or desktop automation||OnviSource|
|RPA Workspace||The world’s only cloud-platform that combines RPA, AI, machine learning, & analytics to automate repetitive operations and generate organisational agility, thereby building stronger customer relationships which drive business success.||Automation Anywhere|
|PEGA Platform||A powerful, low-code, RPA platform which helps the world’s greatest enterprises in AI-powered decision-making & workflow automation to address their most critical business concerns, such as personalising engagement, automating service, and optimising operations.||Pegasystems|
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Robotic Process Automation Market key players :
- Cyclone Robotics
- Automation Anywhere
- Blue Prism
- FPT Software
- SS&C Technologies Holdings
- NTT Advanced Technology Corp.
- KOFAX, Inc.
- Edge Verve Systems Ltd.
- OnviSource, Inc.
- On January 2023, the leading Gen2 RPA provider, Robocop, launched an improved partner program in order to better assist service providers and partners and give them more success in developing, marketing, and executing Gen2 RPA projects.
- On October 2022, SS&C Technologies Holdings announced the introduction of its intelligent automation range under the SS&C Blue Prism brand. BPM, RPA, and low & no-code capabilities are combined by SS&C Blue Prism to give a wide range of intelligent automation services.
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