Robotic Process Automation (RPA) Market Size, Share, Trends, & Industry Analysis Report, By Process (Automated Solution, Decision Support & Management Solution, Interaction Solution); By Operation; By Type; By Industry; By Organization Size; By Region: Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 116
- Format: PDF
- Report ID: PM1010
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global robotic process automation (RPA) market was valued at USD 3589.83 million in 2023 and is expected to grow at a CAGR of 38.2% during the forecast period.
Robotic process automation amalgamates APIs and user interface interplay to unite and carry out tedious chores between undertaking and innovativeness solicitations. By placing scripts that imitate human procedures, RPA instruments finish the independent performance of several ventures and agreements covering disconnected software systems. The robotic process automation (RPA) market size is expanding as this configuration of automation utilizes rule-dependent software to execute business procedure ventures at an escalated magnitude, liberating human resources to sort additional intricate chores.
RPA does not undoubtedly need a developer to compose drag and drop attributes in user interfaces, making it simpler to embark non technical labor force. As RPA decreases the duties of teams, staff can be redistributed towards alternate precedence work that does not require human processing, causing escalation in innovativeness and ROI. As bots and chatbots can operate 24/7, they can decrease hiatus for customers, causing escalated proportions of customer satiation.
Robotic Process Automation (RPA) is a rapidly growing technology that is transforming the way organizations operate. RPA is the use of software robots, or "bots," to automate repetitive, routine, and time-consuming tasks typically performed by human workers. These tasks can include data entry, form processing, customer service, and other manual, repetitive processes. The goal of RPA is to free up human workers to focus on more strategic and value-adding activities, while also improving efficiency, accuracy, and consistency.
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The use of RPA technology is growing rapidly across a range of industries, including finance, healthcare, retail, and government. The benefits of RPA are numerous such as reduced operational costs, increased efficiency and productivity, improved accuracy, and improved customer satisfaction. RPA is also helping organizations to save time and reduce errors, as well as improving compliance and data security.
One of the key drivers of the growth of RPA is the increasing demand for automation. Organizations across a range of industries are seeking to streamline their operations and improve efficiency by using robotic process automation. RPA can help organizations to reduce operational costs by automating repetitive tasks, freeing up human workers to focus on more strategic and value-adding activities. This is particularly important in industries where labor costs are high, such as finance and banking.
Another driver of the growth of RPA is to improve the customer experience. RPA can help organizations to improve the customer experience by automating routine and repetitive tasks, freeing up human workers to focus on more complex and value-adding tasks. This can lead to faster response times and improved customer satisfaction. The rapid advancements in technology, such as artificial intelligence and machine learning, are also contributing to the growth of the RPA market. These advancements are making it easier to automate complex tasks and processes and are also driving the development of new and innovative RPA solutions.
For example, the use of machine learning algorithms can help RPA bots to continuously learn and adapt to changing business processes, improving their accuracy and efficiency over time. The growing need for data security is also driving the growth of the RPA market. RPA can help organizations to improve data security by automating routine and repetitive tasks, reducing the risk of human error, and increasing the accuracy and consistency of data. This is particularly important in industries where data security is a critical concern, such as finance and healthcare.
In addition, the implementation of RPA can also be time-consuming and require significant investment in planning and preparation. Another challenge associated with RPA is the need to integrate the technology with existing systems and processes. RPA must be integrated with existing software applications, databases, and systems in order to be effective. This can require significant investment in time and resources, as well as careful planning and execution which can hinder market growth.
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Industry Dynamics
Growth Drivers
Robotic Process Automation (RPA) is experiencing rapid growth, driven by several key factors. Firstly, the increasing demand for automation in various industries is leading organizations to adopt RPA as a means to streamline their operations and improve efficiency. Secondly, advancements in technology, such as artificial intelligence and machine learning, are contributing to the growth of RPA by making it easier to automate complex tasks and processes, and also driving the development of new RPA solutions.
Another important growth driver of RPA is the desire to improve the customer experience. RPA can help organizations automate routine and repetitive tasks, freeing up human workers to focus on more complex and value-adding tasks, leading to faster response times and improved customer satisfaction. The growing need for data security is also driving the growth of the RPA market, as RPA can help organizations to reduce the risk of human error and increase the accuracy and consistency of data.
In addition, the cost-saving benefits of RPA are significant, particularly in industries where labor costs are high, such as finance and banking. By automating routine and repetitive tasks, organizations can reduce operational costs, freeing up human workers to focus on more strategic and value-adding activities. In conclusion, the growth drivers of RPA include the increasing demand for automation, advancements in technology, the desire to improve the customer experience, the growing need for data security, and the cost-saving benefits of
automating routine and repetitive tasks.
Report Segmentation
The market is primarily segmented based on process, type, operation, industry, organization size, and region.
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By Process |
By Type |
By Operation |
By Industry |
By Organization Size |
By Region |
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The automated solutions segment is expected to witness the fastest growth over the forecast period
The RPA market is divided into three main segments. Automated Solutions, Decision Support and Management Solutions, and Interaction Solutions. Among these segments, Automated Solutions are witnessing the fastest growth, driven by the increasing demand for automation and the growing need for better decision-making capabilities in organizations. Automated Solutions, which include software robots, offer organizations a simple and efficient way to automate routine and repetitive tasks. These solutions can be easily integrated into existing systems and workflows, making them a popular choice for organizations looking to streamline their operations.
Decision Support and Management Solutions provide organizations with the ability to make informed decisions by analyzing large amounts of data in real time. These solutions use advanced algorithms and machine learning techniques to identify patterns and trends in data, providing organizations with valuable insights that can be used to drive business growth. Interaction Solutions, which include chatbots and virtual assistants, are also experiencing strong growth, driven by the growing demand for better customer experiences. These solutions allow organizations to interact with customers in real time, providing fast and personalized support.
The tool-based segment accounted for the largest market share in 2022
Tool-Based is expected to hold the largest market share during the forecast period. Tool-Based RPA solutions offer organizations an easy and straightforward way to automate routine tasks and processes. These solutions are designed to be simple and user-friendly, allowing organizations to get started with automation quickly and with minimal training.
Process-Based Application Tools, on the other hand, offer more advanced capabilities and are designed for organizations with more complex automation needs. These solutions provide organizations with a more comprehensive and flexible way to automate processes, allowing them to scale their automation efforts as needed.
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North America is dominated the regional market in 2022
North America is expected to witness the largest growth in the Robotic Process Automation (RPA) market. This is due to a number of factors, including the strong presence of technology companies in the region, the high adoption of technology in the region, and the favorable regulatory environment for RPA.
North America is home to some of the world's largest technology companies, many of which are investing heavily in RPA. This is helping to drive the growth of the RPA market in the region, as well as the presence of organizations seeking to adopt new and innovative solutions to streamline their operations and improve their performance.
Asia Pacific is expected to witness significant growth in the Robotic Process Automation (RPA) market in the coming years. This is due to a number of factors, including the rapidly growing economies in the region, the increasing adoption of technology, and the favorable regulatory environment for RPA.
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Competitive Insight
Some of the major players in robotic process automation (RPA) market include Blue Prism Group Plc (UK), Celaton Ltd. (UK), Kofax Ltd. (U.S.), Xerox Corporation (U.S.), Verint Systems Inc. (U.S.), Automation Anywhere Inc. (U.S.), Ipsoft, Inc. (U.S.), Redwood Software (Netherlands), UiPath (U.S.), Pegasystems Inc. (U.S.), Daythree Business Services Sdn Bhd (Malaysia), Kryon Systems (Israel), Softomotive (UK).
Recent Developments
- In May 2024, Business software and solutions specialist AdvancedAdvT announced an agreement for the acquisition of Celaton, which operates an intelligent document processing platform called inSTREAM. The acquisition is said to align with AdvT's existing business and will benefit clients involved in end-to-end business processing and sales order processing automation.
- In January 2024, the robotic process automation market key player rebranded itself as Tungsten Automation. According to the company, the rebranding was done to further embody the characteristics of its workflow automation software. Also, the transformation reflects the firm’s evolution from a pioneer in document capture to a leading worldwide provider of AI-powered workflow automation solutions.
- February 2023, Kofax Limited announces the new intelligence automation software, a platform for Intelligent Automation. Among the new features included in TotalAgility 7.11, it also enhanced Intelligent Document Processing (IDP), new low-code design features, and improved DevSecOps capabilities.
Robotic Process Automation Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 4862.06 million |
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Revenue Forecast in 2032 |
USD 66,079.34 million |
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CAGR |
38.2% from 2024 - 2032 |
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Base year |
2023 |
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Historical data |
2019 - 2022 |
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Forecast period |
2024 - 2032 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2024 to 2032 |
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Segments Covered |
By Process, By Type, By Operation, By Industry, By Organization Size, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Blue Prism Group Plc (UK), Celaton Ltd. (UK), Kofax Ltd. (U.S.), Xerox Corporation (U.S.), Verint Systems Inc. (U.S.), Automation Anywhere Inc. (U.S.), Ipsoft, Inc. (U.S.), Redwood Software (Netherlands), UiPath (U.S.), Pegasystems Inc. (U.S.), Daythree Business Services Sdn Bhd (Malaysia), Kryon Systems (Israel), Softomotive (UK). |
Uncover the dynamics of the Robotic Process Automation (RPA) Market sector in 2024 with detailed statistics on market share, size, and revenue growth rate meticulously curated by Polaris Market Research Industry Reports. This all-encompassing analysis extends to a forward-looking market forecast until 2032, complemented by a perceptive historical overview. Immerse yourself in the profound insights offered by this industry analysis through a complimentary PDF download of the sample report.
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FAQ's
The robotic process automation (RPA) market report covering key segments are process, type, operation, industry, organization size, and region.
Robotic Process Automation Market Size Worth $ 66,079.34 Million By 2032.
The global robotic process automation (RPA) market expected to grow at a CAGR of 37.9% during the forecast period.
North America is leading the global market.
Key driving factors in robotic process automation (RPA) market Growing Demand For Automation Of Business Processes.
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