GVR Report cover Robotic Process Automation Market Size, Share & Trends Report

Robotic Process Automation Market Size, Share & Trends Analysis Report By Type, By Service, By Application, By Deployment, By Organization, By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-1-68038-145-0
  • Number of Pages: 140
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2020
  • Industry: Technology

Report Overview

The global robotic process automation market size was valued at USD 1.89 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 38.2% from 2022 to 2030. Factors such as the need to optimize operations to gain improved productivity and generate maximum return, integration of the latest technologies, and changing business processes across enterprises is expected to boost the market growth. Furthermore, during the COVID-19 pandemic, businesses switched to remote work culture, and the need to automate workflow was also increased thus this factor accelerated the market growth. As RPA is becoming mature, it is anticipated to grow increasingly more sophisticated during the forecasted period. Technological advancement such as machine learning, Optical Character Recognition (OCR), and analytics within the RPA domain is potentially creating a demand for intelligent automation systems. As a result, intelligent automation is anticipated to eliminate more than 40% of service desk interactions by 2025. The combination of cognitive RPA and various chatbot technologies would enable unattended modes of automation at the services desk, thereby reducing human interventions and improving operational productivity.

North America robotic process automation market size, by type, 2020 - 2030 (USD Million)

The growing demand for automation of business processes is one of the significant factors influencing the increasing adoption of RPA technology. The core purpose of RPA is to document the activities of an organization for efficient management. Moreover, automated data collection provides seamless data entry & storage and eliminates errors and repetitions. Such practices reduce the time and cost required to rectify the mistakes in data gathering and processing. According to a survey conducted by UiPath (U.S.) in 2020, a global software company for robotic process automation, and The Economist Intelligence Unit (U.K.), a research and analysis division of the Economist Group, 90% of the organizations adopted RPA for automating business processes. In comparison, 73% of the surveyed agreed to be completely satisfied with the benefits resulting from automation.

Further, the increased demand to simplify the complex handling process is expected to augment the industry growth. Organizations across several verticals are deploying RPA and AI to increase productivity and efficiency. In a highly competitive market, it has become essential to improve work agility and deliver enhanced customer experiences. RPA robots can perform tasks across different legacy systems to get information on the digital platform. For instance, bank customers can check their account details online and process KYC verification and automatic bill payment along with other functions through the internet. These services have minimized manual involvement and are guiding in delivering a better customer experience.

Even though the market is anticipated to grow steadily due to the benefits mentioned above, the reluctance of companies to switch from manual to automated processes is expected to restrain the market growth. Organizations around the globe are looking at deploying RPA solutions to improve business processes. However, lack of understanding about the technology pose a barrier to the adoption of this software. Professional service providers are planning to implement RPA solutions in their organizations within the next two to three years.

During the COVID-19 pandemic, businesses switched to remote work culture and increased the need to automate workflow. Thus, significant adoption of RPA for maintaining and automating workflow was witnessed in the year 2020 - 2021. Also, the growing interest of companies in no-code automation platforms has fueled the adoption rate for RPA and has become a part of the automation process for businesses. Furthermore, cloud-based solutions have gained tremendous demand during the pandemic. The cloud automation solutions deliver excellent business value inconsistent deployment, operational cost reductions, and overall resilience and security. It also improves the backend processes in the enterprise workflows.

Type Insights

The service segment dominated the global market with a 61.89% share in 2021 and is expected to continue its dominance over the coming years. The service segment comprises consulting, implementing, and training services. The high competition among enterprises has urged the service providers to improve their consulting, training, and advisory services. The continuous upgrades in automation services that enable high scalability and minimize cost have driven the demand for RPA as a service. The implementation of RPA as a service assist organization to identify the automation opportunities to be optimized and then building business cases by concentrating on the proper vendor selection for a step toward pilot project deployment.

The software segment is estimated to expand at a steady CAGR in the forecast period as RPS software enables agile and cost-effective business operations through rapid automation of rule-based, manual, and back-office administrative processes. It improves accuracy and reduces the cost of implementation by creating a virtual workforce. The market leaders offer software/platform licenses per the enterprise business need and rules required to automate the specified processes. In June 2021, Kofax Inc. a U.S. based company acquired PSIGEN Software, Inc., a leading provider of content management, document capture, and workflow automation software and solutions, providing a wide range of solutions and software in the marketplace and augmenting the intelligent automation platform of the company. PSIGEN’s content management software, PSIsafe, and document capture software, PSIcapture, are quite simple to deploy and offer robust capabilities.

Deployment Insights

The on-premise segment is expected to be the highest revenue share of 79.54% in 2021 and will expand further at a steady CAGR from 2022 to 2030. On-premise deployment in organizations ensures that RPA access policies follow in-house protocol. Moreover, it helps the organizations to govern and customize the RPA systems as per the requirement. Additionally, the large-scale enterprises were doubtful about revealing their information and internal data, leading to the high adoption of on-premise deployment of RPA systems.

The cloud segment growth is attributable to the rising adoption of RPA outsourcing services in which the solution is installed on the cloud for enterprises. The RPA service provider buys and converts licenses for the client to deploy RPA bots into a process. Thus, the bots are immediately ready to operate as the client starts using RPA cloud services. RPA deployed through the cloud offers automatic upgrades, low infrastructure cost, ease of deployment, and less maintenance cost. Moreover, the adaptation to cloud-based IT infrastructure is also driving end-user to cloud-based RPA deployment that can also solve cybersecurity concerns in a robust manner.

Organization Insights

The large enterprise segment estimated for the largest revenue share of more than 66.47% in 2021. Many large enterprises deploy RPA to reduce the time invested in conventional activities and invest the saved time in strategic decision-making. Moreover, RPA enables large enterprises to depend on automation for reducing human errors, reducing overhead expenses, improving work efficiency, and adherence to regulatory compliance. As the pandemic hinders revenue targets of enterprises, the RPA vendors extended licensing period at no additional cost for their existing clients as these solutions are attributed as a crucial part to execute automated tasks with a reduced workforce.

The SME segment is expected to register the highest CAGR during the forecast period. These enterprises are aggressively opting for RPA due to flexibility, cost-effectiveness, lower technology risks, resource utilization scalability, and improved organizational productivity. The increasing awareness about the advantages of using automation within SMEs can help boost the market growth. SMEs have limitations regarding human resources and budget and need to retain their operational expenses. The RPA enables SMEs to overcome the reduced human error and shortage of employees for redundant tasks by supporting automation functions, which is expected to boost the robotic process automation market.

Application Insights

The BFSI sector held the largest revenue share in 2021, accounting for 28.89% of the overall market. The application of RPA in BFSI sectors enables banks and other financial institutions to automate business processes, such as account opening, deposits, and lending loans, primarily to optimize costs. Moreover, it enhances speed, efficiency and offers broad insights on integration with AI, which are essential for the BFSI sector to work out new policies and services. Due to rapid globalization, the growing financial activity has increased transactions and data volumes structured around legacy systems that are hard to integrate.

Global robotic process automation market share, by application, 2021 (%)

The Pharma & Healthcare segment is anticipated to record the fastest growth over the forecast period owing to the rising demand for RPA to automate the hospital management systems. Moreover, RPA in the communication and media & education sector is mainly used to connect, cooperate, and interact across numerous channels via cloud-based applications, web applications, or mobile apps. Further, RPA and AI are being used by media and communications businesses to save costs and enhance the customer experience. RPA in the IT & telecom sector is mainly used to tackle the ever-changing regulatory compliance and support a product through its entire lifecycle.

In August 2020, OnviSource, Inc. launched Liaa TeleServ Intelligent Virtual Agent, which provides Telephone Answering Service (TAS) and fully automated teleservice applications and user-friendly interactions. It automates the entire process of a live agent with teleservices, including conducting relevant interactions with callers, automated custom greetings, and accurate recording of interaction in both text and audio using its speech-to-text transcription and end-to-end multimedia message handling.

Regional Insights

North America accounted for 37.26% revenue share in 2021 and is expected to grow steadily over the forecast period. This is estimated by the high penetration rate of automation solutions and process management among government agencies and enterprises in the region. Furthermore, the application of RPA among North America’s SMEs due to rising knowledge about improving various business functions, such as data entry, accounting/finance, procurement detail, record keeping, and several other HR-related functions, is augmenting the market growth. Moreover, according to a survey conducted by Signavio (Germany)in 2020, a business process management vendor, around 1,000 employees from the U.S. resisted changing their job roles and relucted to switch from manual to automation which is expected of the country’s market growth.

Asia Pacific has been the largest growing region in the robotic process automation market due to the rising solutions and services adoption across the healthcare, pharma, IT and Telecom, manufacturing, and retail industries. Further, rising automation demand in the Business Process Outsourcing (BPO) sector and rising knowledge of automation among various industries and SMEs are factors impacting the region's favorable market growth.

In June 2021, FPT Software announced its partnership with Sitecore, a U.S.-based digital experience software provider, to promote Sitecore digital marketing solutions to a broader range of businesses with intelligent automation, digital/IT transformation, and low code in Japan. The partnership will open opportunities for several enterprises in Japan. Moreover, FPT Software will be able to connect with Sitecore’s business ecosystem with leading enterprises in advertising & public relations and IT consulting & services. This high potential region has several influential vendors trying to expand their presence and market share as Asia is known as the hub for IT, outsourcing services, and manufacturing sectors which have immense demand for automation to minimize repetitive work, which supports the regional market growth.

Key Companies & Market Share Insights

The COVID-19 pandemic enforced companies to adopt RPA for automating business processes relied on the technology and laid off some employees who were indirectly part of the automation process. For instance, in 2020, Zomato Ltd., an online food delivery company in India, laid off 13% of its employee strength 2020 as it adopted high-tech automation processes to absorb the impact of the COVID-19 pandemic and to reduce the redundant workforce.

Apart from growing the company's size and reach, the technology vendors provide solutions by partnering with consulting firms and resellers. Value-added packages such as free tech support and other sales services that provide customized solutions are frequently sold by IT companies that collaborate with consulting organizations, thus increasing the adoption of robotic process automation to manage many queries. Customers can find value-added resellers at the retail level for computer gear and services in abundance. For instance, as of October 2021, Walmart uses over 500 bots not only to automate duties like answering employee inquiries or collecting helpful information from audit papers but also to track inventory flow and identify slow-moving commodities and headstock.

Some prominent players in the global robotic process automation market include:

  • Automation Anywhere

  • Blue Prism

  • EdgeVerve Systems Ltd.

  • FPT Software

  • KOFAX, Inc.

  • NICE

  • NTT Advanced Technology Corp.

  • OnviSource, Inc.

  • Pegasystems

  • UiPath

Robotic Process Automation Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 2.32 billion

Revenue forecast in 2030

USD 30.85 billion

Growth Rate

CAGR of 38.2% from 2022 to 2030

Base year for estimation

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD Million and CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Type, service, deployment, organization, application, region

Regional scope

North America; Europe; Asia Pacific; South America; MEA

Country scope

U.S.; Canada; Mexico; U.K.; Germany; France; Spain; Italy; Latvia; China; India; Japan; South Korea; Australia; Brazil; Argentina; Chile

Key companies profiled

Automation Anywhere; Blue Prism; EdgeVerve Systems Ltd.; FPT Software; KOFAX, Inc.; NICE; NTT Advanced Technology Corp.; OnviSource, Inc.; Pegasytems; UiPath

Customization scope

Free report customization (equivalent to up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Segments Covered in the Report 

The report forecasts revenue growth at global, regional, and at country level and provides an analysis on the latest trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global robotic process automation market report based on type, deployment, organization, application, and region:

  • Type Outlook (Revenue, USD Million, 2018 - 2030)

    • Software

    • Service

      • Consulting

      • Implementing

      • Training

  • Deployment Outlook (Revenue, USD Million, 2018 - 2030)

    • Cloud

    • On-premise

  • Organization Outlook (Revenue, USD Million, 2018 - 2030)

    • Large Enterprises

    • Small & Medium Enterprises

  • Application Outlook (Revenue, USD Million, 2018 - 2030)

    • BFSI

    • Pharma & Healthcare

    • Retail & Consumer Goods

    • Information Technology (IT) & Telecom

    • Communication and Media & Education

    • Manufacturing

    • Logistics and Energy & Utilities

    • Others

  • Region Outlook (Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • France

      • Germany

      • U.K.

      • Rest of Europe

    • Asia Pacific

      • China

      • India

      • Japan

      • ANZ

      • Singapore

      • ASEAN

      • Rest of Asia Pacific

    • Latin America

      • Brazil

      • Mexico

      • Rest of Latin America

    • Middle East & Africa (MEA)

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