Robotic Process Automation (RPA) Market to Grow at Double Digit CAGR Through 2028
The increasing adoption of advanced
technologies such as AI, Cloud, Machine Learning is expected to drive the
market of the Global Robotic Process Automation Market in the forecast period
2024-2028.
According to
TechSci Research report, "Robotic Process Automation (RPA) Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028, the global robotic
process automation market is anticipated to register a robust growth during the
forecast period 2024-2028." The Global Robotic Process Automation (RPA) market
is driving on account of increasing adoption of advanced technologies such as
AI, Cloud, and Machine Learning that are boosting RPA capabilities in the
industry. Robotic process automation technology is rising in popularity within
the industry 4.0 revolution and business 3.0 concept to achieve business
success. The increasing adoption of robotic process automation by various industries including
manufacturing, healthcare, retail, education, finance, oil and gas and the
public sector are helping enterprises reduce customer effort, improve
organization's operational process, and allow automation. Furthermore, the growing
need for automated business process in various enterprises, as well as the growing
demand for machine learning, AI processes, and increasing innovations in RPA to
accommodate changing consumer demands are some of the key driving factors
leading to the growth of the global robotic process automation market.
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The Robotic Process
Automation (RPA) market is segmented into component, deployment, enterprise
size, end user and region. Based on component, the market is bifurcated into
software, service. Service segment is further bifurcated into consulting,
implementing, and training. Based on deployment, the market is segmented into
on-premises and cloud. Based on enterprise size, the market is bifurcated into
large and small & medium enterprise. The end user segment is further
categorized into BFSI, IT & telecommunications, retail, healthcare, and
others.
Based on component, the service segment is expected to dominate in the robotic
process automation (RPA) market in the forecast period as the growing
competition among the service providers is continuously enhancing advisory,
consulting, and training services. The service segment
comprises consulting, implementing, and training services. RPA as a service, coupled
with continuous upgradation in automation services enabling high scalability
and minimizing cost benefits are allowing more enterprises to adopt and implement
RPA services to improve the business outcomes. Furthermore, the service
segments are also becoming an important entity for constructing business cases
by focusing on correct vendor selection as a first step before pilot project
deployment and optimizing automation opportunities. Thus, the service segment
is growing, enabling the growth of robotic process automation market during the
forecast period.
Based on deployment, On-premises segment is expected to dominate in the
global robotic process automation (RPA) market. The high growth of this segment
is attributed to the increasing use of on-premises RPA solutions by enterprises
that are seeking to manage expenditure and save cost by automating many
operations using RPA and having adequate IT support to maintain the
infrastructure. Moreover, the on-premises deployment of the RPA function helps
contribute to the protection of the company's internal data while also ensuring
the automation process is regulated according to the in-house policies and standards.
Such benefits enable the organization to implement more on-premises RPA
solutions in the business process. Furthermore, the large-scale enterprises are
more cautious about revealing their information and internal data, leading to
the high adoption of on-premises deployment of robotics process automation systems
in the market.
Based on end user, BFSI segment dominates the largest share in the
overall robotic process automation market and is expected to remain dominant in
the forecast period as The rapid proliferation of internet-connected gadgets
has altered traditional BFSI processes. Banks and financial institutions are
using RPA software to automate numerous banking activities such as claim
processing, client onboarding, loan processing, compliance maintenance, and
customer verification. Moreover, the enterprises
in the BFSI sector are seeking new ways to increase their customer satisfaction,
thereby catering the large customer base with fast services. Furthermore, banks
are turning to cloud-based RPA solutions to optimize the performance in a
numerous way, including cost-saving, business agility and usage-based pricing. Therefore,
BFSI segment is expected to increase during the forecast period.
Key market
players in the robotic process automation market:
- Automation
Anywhere Inc.
- Blue Prism Group PLC
- UIPath Inc.
- Nice Robotic Automation Ltd.
- Pegasystems Inc.
- Jacada Inc.
- Xerox Corporation
- IPsoft Inc.
- Kofax Inc.
- Datamatics Global Services Limited
Recent
Development
On
December 08, 2022: Service Automation Framework Alliance in partnership with
APMG International announced the launch of Robotic Process Automation
Foundation (RPAF), a new product level for Service Automation Framework (SAF).
Accredited by APMG International, the course is for anyone starting or leading
an automation transformation program. Participants will gain comprehensive and
practical knowledge that explains the fundamentals of RPA technology, as well
as the workflow design aspects and techniques.
On August
30, 2022: Newgen Software Technologies Limited, a leading global provider of
Digital Transformation Platform announced the launch of its all-new integrated
Robotic Process Automation (RPA) offering. The company is aiming to further
strengthen its low code process automation portfolio by empowering the
customers to achieve end-to-end process automation. The solution can integrate
with legacy applications where APIs are not available and deploy bots more
effectively.
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“North America is
estimated to hold the largest market share in the global robotic process automation
market owing to the increasing number of new product launches in the United
States. However, Asia Pacific has experienced significant growth for the Robotic
Process Automation market throughout the forecast period. This is due to the
presence of established companies that are focusing on adopting advanced
automation solutions to automate their processes at a faster pace to meet the
surge in market demands. Moreover, the high penetration rate of automation
solutions and process management among government agencies and enterprises are
fueling the market growth in the region. Furthermore, supportive government
policies and increasing investment for technology for SME’s all over the region
have also been positively influencing the market with a continuous urge for
launching new service plans and platforms in the upcoming years” said, Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Robotic Process Automation (RPA) Market Segmented By Component (Software, Service (Consulting, Implementing, and Training)), By Deployment
(On-Premises and Cloud), By Enterprise Size (Large and Small & Medium
Enterprise), By End User (BFSI, IT & Telecommunications, Retail, Healthcare,
and Others),
By Region,
Competition, Forecast & Opportunities” has evaluated the
future growth potential of global robotic process automation (RPA) market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the robotic process automation (RPA) Market.
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