Global Robotic Process Automation Market – Analysis and Forecast (2023-2030)

Industry Insights by Type (Tool Based (Model Based, Process Based) Service Based (Consulting, Training, Integration and Development)), by Process (Automated Solution, Interaction Solution, Decision Support and Management Solution), by Operation (Rule Based, Knowledge Based), by Industry (BFSI, IT and Telecom, Travel, Hospitality and Transportation, Retail and Consumer Goods, Healthcare and Pharmaceuticals, Manufacturing and Logistics, Others), by Geography (U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Netherlands, Japan, China, India, Australia, South Korea, Brazil, U.A.E, South Africa, Saudi Arabia)

Industry Overview

The global robotic process automation market is growing at a significant rate due to the ease in business processes with the installation of robotic process automation, robotic process automation convergence with conventional business processes, high demand from the logistics industry. The use of robotic process automation helps the organizations to gain shorter sales cycle times and increased quality of product that helps the companies in improving the overall experience. Robotic process automation market uses artificial intelligence technology to handle complex back-office tasks and is observing explosive growth in this market.

This technology helps the companies to reach markets faster, helps in implementing effective business strategies, faster integration of applications and testing of functionality. The robotic solutions can be implemented in the organization with less involvement of the IT department. Moreover, the technical skills of the IT department are required by the organization to operate the robotics technology. The process that is outsourced to robots is easier to manage than one performed by the manual workforce. The organizations can increase or decrease the number of robots working or handling a given task without hiring and training and can deploy another robot and allocate the work accordingly.

Market Segmentation

Insight by Type

On the basis of type, the market is subdivided into tool based and service based. Tool based process automation is further categorized into model-based and process-based; and service-based process automation in segmented into consulting, training, and integration and development. Of both the categories, the services category hold a larger share in the market.

Insight by Process

Based on the process, the market is subdivided into automated solution, interaction solution, and decision support and management solution. Of all the categories, the automated solution holds a larger share in the market.

Insight by Operation

On the basis of operation, the market is segmented into knowledge-based and rule-based robotic process automation. Of both, rule based robotic process automation account for the larger share in the market, globally.

Insight by Industry

Based on industry, the market is segmented into BFSI, IT and telecom, travel hospitality and transportation, retail and consumer goods, healthcare and pharmaceuticals, manufacturing and logistics, and others. The healthcare and pharmaceutical segment is anticipated to witness significant growth in demand in the coming years due to the increasing need for process automation of complex manufacturing processes and other operations in the industry.

Industry Dynamics

Growth Drivers

The ease in business processes with the installation of robotic process automation is driving this market globally. Robotic process automation impacts the operations and competitive positioning of the company by affecting its economic value, quality and control measures, flexible execution, and workforce advantages. This technology also helps the companies in providing ease of deployment and helps in improving the speed and agility of the organization. The technology also facilitates organizations to automate and maximize their productivity. With the help of this technology, companies can shift from labor centric operating model to a technology-enabled operating model.

Process efficiency and cost savings: RPA enables organizations to automate mundane and repetitive tasks, leading to increased efficiency, reduced errors, and cost savings. By automating manual processes, businesses can free up their workforce to focus on more strategic and value-added activities.

Scalability and flexibility: RPA solutions are highly scalable and can be easily deployed across various departments and functions within an organization. They can automate a wide range of tasks, from data entry and invoice processing to customer service and IT support, making them versatile and adaptable to different business needs.

Integration with existing systems: RPA software can integrate with existing IT infrastructure and applications without the need for major system overhauls. This compatibility allows organizations to leverage their current technology investments and implement automation without disrupting their operations.

Improved compliance and accuracy: RPA systems follow predefined rules and guidelines, ensuring compliance with regulatory requirements and reducing the risk of human error. Software robots can consistently perform tasks with high accuracy and precision, leading to improved data quality and process compliance.

Cognitive capabilities and artificial intelligence (AI) integration: Advanced RPA solutions incorporate AI technologies such as natural language processing (NLP) and machine learning (ML) to handle unstructured data, make intelligent decisions, and automate more complex processes. This convergence of RPA and AI extends the capabilities of automation and opens up opportunities for advanced analytics and predictive insights.

The implementation of this technology is increasing in companies and is still in the early adoption stages. Moreover, redefining the work processes, reducing cost and human errors, reassigning employees to higher-value activities, and increasing efficiency can help companies to increase the productivity of their company significantly and helps in enhancing the demand for robotic process automation globally.

Opportunity

The increasing demand of robotic process automation in the healthcare industry is creating opportunities for this market globally. The healthcare and pharmaceuticals industry is highly information-dependent, as it involves medical records of patients, credentials of patients, information on claims processing, and revenue cycle management. Additionally, robotic process automation helps organizations to reduce operational costs and enhance the efficiency of the organization.

Challenges

The data insecurity risk hindering the implementation of robotic process automation in the financial sector is the major challenge faced by the industry players.

Geographic Overview

Geographically, North America is the largest market for robotic process automation. In the U.S., the BFSI industry is increasingly using RPA to improve its business processes. The BFSI industry is implementing RPA due to the high degree of flexibility and scalability, greater data processing, and workflow management capabilities provided by this system in organizations. The manufacturing industries in Mexico are increasingly using robotic process automation technology which is contributing to the growth of this market in North America.

Asia-Pacific is expected to be the fastest-growing region for the robotic process automation market. The growth of the robotic process automation market in the region is expected to take place due to increasing demand for technology in the healthcare, tourism, and logistics sectors. Also, the rapid development in the banking sector of the major economies such as China, India, and Japan are leading to the growth of the Asia-Pacific robotic automation industry.

Competitive Insight

Some of the key players providing robotic process automation solutions include Nice Systems Ltd., Pegasystems Inc., Automation Anywhere, Blue Prism PLC, Ipsoft, Inc., Celaton Ltd., Redwood Software, Uipath SRL, Verint System Inc. and Xerox Corporation.