Robotic Process Automation Market Size, Share & Trends Analysis Report By Type, By Application, By Deployment, By Organization, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global robotic process automation market size was valued at USD 2,322.9 million in 2022 and is projected to expand at a CAGR of 39.9% from 2023 to 2030. As a result of the COVID-19 pandemic, businesses worldwide had to shift towards automating business workflow, which has helped accelerate the growth of robotic process automation during the forecast period. For instance, according to a survey conducted by Blue Prism Limited (a U.K.-based RPA solution provider) published a survey report in February 2022 named "RPA In the APAC Financial Services Sector." According to the report, 21% of India's financial services organization respondents said their organizations adopted RPA during the COVID-19 pandemic.

Some of the major features of RPA for which businesses are adopting RPA include improved productivity, optimizing performance, integrating new technologies, generating higher returns, and moving business processes across the enterprise. All these factors mentioned have resulted in higher adoption of RPA across various industries, resulting in the growth of the robotic process automation market during the forecast period.  Robotic process automation technology has been getting matured over the years. It is anticipated to become much more complex during the forecast period, as the latest technologies such as ML, OCR (Optical Character Recognition), and analytics are being integrated with RPA, enabling increased performance. Intelligent automation is expected to eliminate approximately 40% of service desk interaction by 2025. 

The increasing demand for automation of business processes is one of the major factors influencing the growing adoption of RPA technology. Businesses opt for RPA solutions with advanced features integrated with the latest technologies, such as AI. Companies in the robotic process automation market have been collaborating to work towards offering enhanced RPA solutions in the market. For instance, in March 2021, Google partnered with Automation Anywhere to make the Automation Anywhere platform available in the google cloud, enabling both companies to develop AI mutually and RPA-powered solutions. Such collaboration has helped the availability of better RPA solutions in the market, enabling wider adoption in the market.

Increased capability of RPA solution with the integration of AI technology in terms of improved business results, creating new positions, improved ROI, and reduced wage costs, among others. RPA robots can also perform activities across different systems to get information on digital platforms. For instance, adopting RPA in the finance industry helps bank customers check account details online and process KYC verification, along with other functions, through the internet. Such services have resulted in reduced manual involvement and enabled the offering of improved customer experience.

Although the robotic process automation market is expected to grow significantly during the forecast period, businesses are still reluctant to switch from manual to automated processes. Companies' reluctance can be attributed to long-term sustainability, error magnification, overall risk, and maintenance. Although such a factor is restraining market growth, the persistence of the digitalization wave is expected to negate this factor in the coming years.

Type Insights

The robotic process automation service segment is expected to occupy the largest market share in 2022, 62.3%. The service segment includes consulting, implementing, and training series. Increased competition among enterprises has resulted in RPAA service providers enhancing the services offered. 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 assists the 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.

Implementing RPA as a service helps businesses identify automation opportunities for optimization. RPA software also enables cost-effective and agile business operations attributed to the rapid automation of manual and back-office processes. RPA services also enable increased accuracy and reduce the cost of 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-premises segment of the robotic process automation market is expected to occupy the largest share in 2022, 78.9%. On-premise deployment of RPA enables businesses to ensure RPA access policies are in line with in-house protocols. Additionally, it helps the company to govern customer RPA systems regarding the requirement. Additionally, 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 of the robotic process automation market is expected to have significant growth during the forecast period. RPA service providers purchase and convert licenses for clients, enabling clients to deploy RPA bots into processes, allowing both to be immediately ready to be operated once the clients start using RPA cloud services. RPA, which is offered via the cloud, provides lower infrastructure costs, automatic upgrades, lower maintenance, and ease of deployment.

Organization Insights

The large enterprise segment of the robotic process automation market is expected to occupy the largest market share in 2022, 66.0%. Large enterprises are deploying RPA to reduce the time wasted in conventional activities and help save time for strategic decision-making. Moreover, RPA helps large enterprises minimize human error, improve work efficiency, and reduce overhead expenses. RPA vendors have extended licensing periods with no additional cost during the COVID-19 pandemic for the existing clients enabling them to benefit from RPA evening during the pandemic.

The SME segment is projected to have the highest CAGR from 2023 to 2030. SMEs are highly pushing towards adopting RPA regarding its cost-effectiveness, flexibility, reduced technology risks, and improved organizational productivity. The rise in awareness among SMEs regarding the benefits of automating business processes has also played a part in the growth of the SME segment in the robotic process automation market. 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 segment of the robotic process automation market holds the largest revenue share in 2022, accounting for 28.8% of the overall market. The use of RPA in the financial industry helps banks and other financial institutions to automate business processes, which include lending loans, account opening, and deposits, among others. Moreover, the implementation of RPA improves efficiency and work speed. Also, it opens the window to integrating RPA with AI, which is essential for the BFSI sector to set new policies and services.

The number of companies in the robotic process automation market offering RPA solutions tailor-made for the BFSI sector also has facilitated the segment's growth during the forecast period. For instance, UiPath offers an RPA solution for the BFSI sector, which has an 80% faster reconciliation time and twice the transaction processing capacity. The presence of such players in the robotic process automation market has helped grow the BFSI segment during the forecast period.

The BFSI segment of the robotic process automation market holds the largest revenue share in 2022, accounting for 28.8% of the overall market. The use of RPA in the financial industry helps banks and other financial institutions to automate business processes, which include lending loans, account opening, and deposits, among others. Moreover, the implementation of RPA improves efficiency and work speed. Also, it opens the window to integrating RPA with AI, which is essential for the BFSI sector to set new policies and services.

The number of companies in the robotic process automation market offering RPA solutions tailor-made for the BFSI sector also has facilitated the segment's growth during the forecast period. For instance, UiPath offers an RPA solution for the BFSI sector, which has an 80% faster reconciliation time and twice the transaction processing capacity. The presence of such players in the robotic process automation market has helped grow the BFSI segment during the forecast period.

Regional Insights

North America accounted for 37.2% highest share in 2022 and is projected to have a steady CAGR during the forecast period. Factors that resulted in the high penetration rate of RPA adoption in North America can be attributed to the increased adoption of RPA among government agencies and enterprises in the region. Moreover, the implementation of RPA in SMEs located in North America area is utilized to enhance business functions, including procurement detail, data entry, and accounting/finance, resulting in market growth.

Asia Pacific is projected to have the highest CAGR during the forecast period, which can be attributed to an increase in the adoption of RPA across the IT, pharma, healthcare, Telecom, manufacturing, and retail industries. RPA vendors are also focusing on initiatives to attract SMEs across the globe; for instance, in May 2022, UiPath partnered with an airplane (a U.S.-based document workflow automation platform) to empower SMEs to digitalize their businesses for them to run easier and more efficiently. Such initiatives at a global level will have a high impact in the countries such as India, China, and Japan, which eventually will drive the growth of the Asia Pacific region in the robotic process automation market.

Key Companies & Market Share Insights

Companies in the robotic process automation market have engaged in partnerships, mergers & acquisitions to capture the market. For instance, in October 2022, Automation Anywhere partnered with IBM to offer an advanced platform for integrating systems, people, and bots across various processes. The partnership will enable both companies to create, improve, and manage routine business processes, creating better business value. 

Value-added packages, including free tech support and other sales services that provide customized solutions, are often offered by IT companies that collaborate with consulting organizations, which increases the adoption of RPA for managing queries. Clients can find abundant value-added resellers for computer gear and services at the retail level. For instance, as of October 2021, Walmart has more than 500 bots for automating processes such as answering employee inquiries, collecting helpful information from audit papers, identifying slow-moving commodities and deadstock, and tracking inventory flow. 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

Global Robotic Process Automation Market Segmentation

The report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the 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.

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • ANZ

    • Singapore

    • ASEAN

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa (MEA)