Regardless of a company’s size or income, the most recent research study offers an exhaustive analysis of the Robotic Process Automation market for 2023–2032. This survey study discusses the key market trends and the industry’s outlook for the forecast years.
Global Robotic Process Automation Market presents a variety of new trends that have a significant impact on market growth dynamics as well as the most recent industry knowledge. According to the most recent projection, global growth will reach its lowest point this year at 2.8% before edging up to 3.0% in 2024. Although more slowly than expected, the rate of global inflation will drop from 8.7% in 2022 to 7.0% this year and 4.9% by 2024. Notably, growth rates for emerging markets and developing economies have increased significantly in many cases, from 2.8 percent in 2022 to 4.5% this year.
The study reveals that the global Robotic Process Automation (RPA) market is expected to cross $7,000 million by 2024, at a CAGR of nearly 27% during the forecast period. Due to significant growth in technologies such as artificial intelligence (AI) and cognitive learning, the adoption of business automation technologies by enterprises has also increased. This has led to a rapid increase in demand for the virtual workforce to eliminate repetitive human efforts, on the back of which, the global robotic process the automation market is gaining traction.
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Rule-based operations: the global market leader
Rule-based robotic process automation operations have been the largest larger contributor to the global robotic process automation market as compared to knowledge-based operation. This operation uses sophisticated computer software that automates rule-based processes, which are statements pre-defined in a software system, without the need for constant supervision of the human workforce.
The rule-based operation has gained significant interest from all sized enterprises as it enables organizations to configure software robots that effectively automate various annual and highly repetitive tasks. It also helps organizations in saving a lot of time by completing an actual human task within a fraction of seconds. The market for rule-based operations is expected to continue its dominance, during the forecast period, as it can be easily integrated within a business ecosystem without disrupting the traditional or legacy business framework
The market to witness the fastest growth in Asia-Pacific during the forecast period
Geographically, North America has been the largest market for robotic process automation, whereas Asia-Pacific is expected to witness the fastest growth among all regions, during the forecast period. The anticipated growth in the market can be attributed to factors such as advancement in new technologies, growing digitalization, growth in the automation software industry, and increasing adoption of business process automation solutions by small and medium scale enterprises in the region. Further, due to increasing demand for automation in major industry tasks such as business process outsourcing (BPO), outbound sales, and other back-office work, industries in the region have high tendency to adopt robotic process automation solutions at a rapid scale in the next few years.
Operational Excellence in the Middle-East is driving the global robotic process automation market
One of the foremost driver due to which the Global Robotic Process Automation Market is gaining traction is considered to be its success in increasing operational excellence in the rapidly developing Middle-East and North Africa (MENA). The regions in line with the global trend have rapidly opened up to embark on the RPA transformation wave. Although in its nascent stage, Robotics process automation has already created significant traction in the GCC region, due to high interest shown by the Middle-East CXOs.
Also, the companies in these regions, allowing software bots handle mundane and low-value tasks, employers are finding it easier to upgrade the skill levels of employees thereby retaining more local workforce, At present, corporates in the Financial services and Telecom space have started their RPA journey as early adopters. However, entities in other sectors as Oil & Gas, Healthcare, Retail, Real estate, manufacturing and Government sector are expected to join the bandwagon very soon
On the basis of User size, the market is segmented into Large Enterprise and SMEs. On the basis of Industry, the market is segmented into BFSI, Telecom & IT, Retail and Consumer Goods, Manufacturing, Healthcare and Pharmaceuticals, and Others. BFSI was the largest segment in the global robotic process automation market in 2017.
High competition among key players in the market
The research states that the global robotic process automation market is highly competitive, with players developing new robotic process automation applications. Some of the key players operating in the robotic process automation ecosystem are Nice Systems Ltd., Pegasystems Inc., Automation Anywhere, Blue Prism PLC, Ipsoft, Inc., Celaton Ltd., Redwood Software, Uipath SRL, Verint System Inc., Xerox Corporation, and IBM Corporation.
Most of the major vendors in the global robotic process automation market are actively focused on enhancing their offerings to meet the ongoing demand for advanced business automation solutions. This includes software integrated with artificial intelligence and cognitive learning.
Market Segmentation: Global Robotic Process Automation Market
By Process
, Automated Solution
, Decision Support & Management
, Interaction Solution
By Operation
, Rule based
, Knowledge based
By Service
, Professional
, Training & Support
By User Size
, Large Enterprize
, SMEs
By Industry
, BFSI
, Telecom & IT
, Retail and Consumer Goods
, Manufacturing
, Healthcare and Pharmaceuticals
, Others
In addition, the report provides analysis of the robotic process automation market with respect to the following geographic segments:
, North America
o U.S.
o Canada
, Europe
o Germany
o U.K.
o Russia
o France
o Rest of Europe
, Asia Pacific (APAC)
o China
o India
o Japan
o Singapore
o Rest of Asia Pacific
, LATAM
o Brazil
o Mexico
o Rest of Latin America
, MEA
o Saudi Africa
o UAE
o Saudi Arabia
o Rest of Middle-East
Reasons to Buy This Report:
(A) This research is an invaluable resource for top-level executives, policymakers, industry professionals, sales managers, and market stakeholders. It empowers them to make informed decisions and develop effective strategies.
(B) The report provides a comprehensive analysis of ROBOTIC PROCESS AUTOMATION market revenues at global, regional, and country levels, offering projections up to 2032. This data allows companies to assess market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the ROBOTIC PROCESS AUTOMATION market based on types, applications, technologies, and end-uses. This segmentation facilitates strategic planning and resource allocation based on the expected growth rates of each segment.
(D) Investors benefit from an analysis of the ROBOTIC PROCESS AUTOMATION market, gaining insights into market scope, positioning, key drivers, challenges, growth opportunities, and potential threats. This information aids in making well-informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge equips businesses with a better understanding of the competitive landscape, enabling them to strategize effectively.
(F) The study aids in evaluating ROBOTIC PROCESS AUTOMATION market predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
Key Questions Market Research and Analysis Report
What is the current market size, both in terms of value and volume?
What is the historical growth rate of the market, and what are the projected growth rates for the future?
Who are the major players in the market, and what is their market share?
What are the market trends and dynamics influencing the industry?
What are the key drivers of market growth?
What are the challenges and barriers faced by market participants?
What are the emerging opportunities in the market?
What is the competitive landscape of the market?
What are the consumer preferences, behaviors, and buying patterns within the market?
What is the market segmentation, and how are different market segments performing?
What are the pricing trends and strategies in the market?
What are the distribution channels and their effectiveness in reaching the target audience?
What are the regulatory and legal factors impacting the market?
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