Robotic Process Automation Market by Component Type (Software and Services), by Process (Automated Solutions, Decision Support and Management Solutions, and Interaction Solutions), by Application (Administration and Reporting, Customer Support, Data Migration and Capture Extraction, Analysis, and Others), by Deployment (On-Premise and On-Demand), by Organization size (Large Enterprises and Small & Medium-Sized Enterprises), and End Use Industry (BFSI, Healthcare and Pharmaceuticals, Manufacturing, Telecom and IT, Retail and Consumer Goods, Travel and Hospitality, Transportation and Logistics, Energy & Utilities, Communication and Media & Education, and Others) – Global Opportunity Analysis and Industry Forecast 2022-2030

Market Overview:

The Robotic Process Automation Market size was valued at USD 2.27 billion in 2021 and is predicted to reach USD 18.69 billion by 2030, with a CAGR of 22.5% from 2022 to 2030.

Humans use robotic process automation (RPA) software to automate digital tasks. It's also referred to as software robotics. There are several benefits of robotic automation that include reduced cost, increased speed, accuracy along with consistency, improved quality and scalability of production. Robotic process automation is basically designed to be compatible with most legacy applications which makes it easier as compared to other enterprise automation solutions.  Thus, the simplicity and low cost of RPA can make it an appealing solution for many businesses, particularly those dealing with legacy systems.

Increasing adoption of advanced technologies such as AI, cloud, and machine learning boosts the market growth

Rising adoption of RPA technologies to optimize operations for improving productivity and generating high returns on investment aids the robotic process automation market growth. Several key players in the market are adopting the latest advanced technologies such as AI, machine learning, and cloud to automate business processes across several industries such as BFSI, healthcare and automotive.

Additionally, by combining artificial intelligence and machine learning technologies, end-to-end automation is made possible. RPA market expansion is also anticipated to be aided by rising cloud computing adoption of Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Software as a Service (SaaS) offerings.For instance, in March 2022, Synopsys launched disruptive cloud-based SaaS solution for use in cloud computing

Growing adoption of deep learning and neural networks is driving the market growth

Deep learning is a subset of machine learning and AI that has networks capable of unsupervised learning from unstructured data. Although deep learning is known for a while, it started trending in 2016 when Google’s AI robot player defeated grandmaster Lee Sedol in the game of AlphaGo. Since then, deep learning has been considered a formidable tool for enterprises that require actionable insights and enable automated responses to large unstructured data.

Much of the advanced automation found in enterprise AI platforms is attributed to the growth and adoption of machine learning and deep learning. Neural networks are algorithms that recognize the underlying relationships in data sets through a process that mimics a human brain. Artificial Neural Networks (ANN) are replacing traditional ML models to advance precise modelling. Convolutional Neural Networks (CNN) also apply deep learning's capabilities to computer vision. Deep learning models ANN are seeing significant adoption in image processing in medicinal services, defence, transportation, and others.

Absence of highly skilled manpower and cybersecurity threats

To operate a newly automated operational model, skilled labor is needed, but finding people with RPA and AI skills is critical in most This includes technical skills, understanding the organization’s business processes, and change in the management expertise to guide the organization to the future. While hiring or upskilling talent to develop automation is typically top of mind, assigning people to ongoing maintenance, support, and troubleshooting is equally important.As per McKinsey, there is a shortage of 25% of skilled labor in the US, 27% in Europe, and 31% in Asia regions to implement IPA solutions in 2020.

One of the most important issues concerns in the digital era is cybersecurity. Organized cybercrime in malware and ransomware attacks is on the rise. Businesses get more and more security notifications every day.Over 6.07 lakh cybersecurity incidents were reported in the first six months of 2021, according to CERT-In. As a result, developing an effective security architecture that protects the organization from growing risks necessitates the use of Cybersecurity. According to a Cisco survey, 77% of companies aimed to boost automation in their security ecosystems in the present years.

Increasing focus on human-aware AI systems and development of smarter robots creates growth opportunities for the market

The rising development of AI based human-aware AI system is increasing rapidly to act according to the given environment. Human-centered AI learns performs activities through human input and collaboration, focusing on algorithms that exist among a larger, human-based system. Human-centered AI is defined by systems that are continuously improving because of human input while providing an effective experience between humans and robots.

Smart robotics is defined as a technology that comprises robots that can also collaborate with human beings, learn from their environment/experience and refine or modify their actions accordingly. The developments in sensor technology and growing interest along with investment in smart robotics enabled by Artificial Intelligence (AI) and the Internet of Things (IoT) are forcing organizations to increasingly look at intelligent machines / smart robots to personalize user experience, ramp up efficiency and improve productivity.  For the market participants in robotic process automation, these factors are anticipated to open up a lot of growth opportunities in the coming years.

Geographical Analysis

North America holds a major share of the Robotic Process Automation (RPA) market and is expected to continue its dominance during the forecast period. This is attributed to factors such as several government initiatives for the deployment of RPA tools along with the rising adoption of RPA in BFSI and the automotive sector. For instance, in August 2021, Volkswagen launched a digital transformation push across its manufacturing base in the United States and Mexico, extending its cloud-based industrial network to run together with Amazon Web Services (AWS).

In addition, the rising adoption of RPA tools in the financial sector to automate the loan approval process and in automating several tasks such as identity verification, document management, and data compilation associated with compliance. However, because there are so many manufacturing and logistics firms in Europe, the market for robotic process automation (RPA) is predicted to grow steadily in that continent. The rising demand for automated customer support across numerous industry verticals, such as IT & telecommunication, government, and insurance, is another factor driving the RPA market growth in Europe.

Competitive Landscape

The robotic process automation (RPA) market share includes various market players such as UiPath, Inc, Automation Anywhere, Blue Prism Limited, Nice Ltd., Pega System, Kofax Inc., NTT-AT, EdgeVerve System, HelpSystems, and WorkFusion, Inc. To keep their sway over the robotic process automation (RPA) market, these market players are implementing a number of strategies, such as product launches in various geographic areas.

For instance, in October 2022, Automation Anywhere launched the Automation Success Platform which was designed to accelerate business transformation by making automation accessible for everyone. Also, in May 2022, UiPath launched ‘Automation in a box’ managed service on Finastra’s cloud platform to deliver automation to banks and credit unions. In addition, in May 2022, Blue Prism Limited launched a desktop automation solution Blue Prism Desktop. Blue Prism Desktop helped to guard against operational vulnerabilities resulting from human interaction, including governance and security risks.

KEY MARKET SEGMENTS

By Component

• Software 

  • Model-Based Application Tools

  • Process-Based Application Tools

• Services

  • Consulting

  • Integration and Development

  • Training 

By Process

• Automated Solutions

• Decision Support and Management Solutions

• Interaction Solutions 

By Application

• Administration and Reporting

• Customer Support

• Data Migration and Capture Extraction

• Analysis

• Others 

By Deployment

• On-Premise

• On-Demand

By Organization Size

• Large Enterprises

• Small & Medium-Sized Enterprises (SMES)

By Vertical

• BFSI

• Healthcare and Pharmaceuticals

• Manufacturing

• Telecom and IT

• Retail and Consumer Goods

• Travel and Hospitality

• Transportation and Logistics

• Energy & Utilities

• Communication and Media & Education

• Others

By Region

• North America

  • U.S

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Spain

  • Italy

  • Netherlands

  • Denmark

  • Finland

  • Norway

  • Sweden

  • Russia

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • Australia

  • South Korea

  • Thailand

  • Singapore

  • Rest of Asia-Pacific 

• RoW

  • Latin America

  • Middle East

  • Africa

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