Global Robotic Process Automation Market By Type (Software and Services) By Application (BFSI, Pharma & healthcare) By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Robotic Process Automation Market Overview:

The global robotic process automation market was worth USD 17,846 million in 2021. It is expected to grow at a compound annual rate (CAGR of 39.8%) between 2023 and 2032.

Market growth is expected to be driven by factors such as the need for optimizing operations to increase productivity and maximize return. The integration of the most recent technologies and the changing business processes across companies are also key factors. The robotic process automation market growth was also accelerated by the COVID-19 pandemic.

Businesses converted to remote work cultures, which increased the need for automation. RPA is maturing and will become more advanced over the forecasted time. Intelligent automation systems will be in high demand due to technological advancements such as machine learning, optical character recognition, and analytics within robotic process automation.

By using robotics technology, companies can eliminate human errors and deliver high-quality products.

Global Robotic Process Automation Market Scope:

Type Analysis

With 62.89% of the global market, the service segment was dominant in 2021. It is expected to maintain its dominance in the future. This service segment includes consulting, implementation, and training services. Due to the high level of competition between large-scale enterprises, service providers have been pushed to improve their consulting and training services. RPA as a service is in high demand due to the continuous improvements in automation services that allow for high scalability while minimizing cost.

RPA is a service that helps organizations identify automation opportunities and build business cases.
Software is expected to grow at a steady rate over the forecast period. RPS software allows for agile and cost-effective business operations. It automates manual and rule-based administrative processes and automates them quickly. Creating a virtual workforce improves accuracy as well as reduces the costs of implementation.

Market leaders offer platform and software licenses that are tailored to the specific business needs of the enterprise. They also provide the rules necessary for automating the processes.

Application Analysis

In 2021, the BFSI sector accounted for 27.6%. Banks and other financial institutions can use RPA to automate their business processes such as account opening, deposit, and loan lending. This is done primarily to reduce costs. It also increases efficiency, and speed, and provides broad insights into AI integration, which is essential for the BFSI industry to develop new services and policies. The rapid globalization of financial transactions has led to an increase in data volumes and transaction volumes. These transactions are based on legacy systems that can be difficult to integrate.

Due to the rising demand for RPA in order to automate hospital management systems, the healthcare & pharmaceutical segment will experience the fastest growth. RPA is used in communication and media and education to collaborate and connect across multiple channels using cloud-based, web, or mobile applications.

Media and communication businesses are using RPA and AI to reduce costs and improve customer satisfaction. RPA is used in the IT & Telecom sector primarily to address ever-changing regulatory compliance and support a product throughout its entire lifecycle.

To automate the business processes across enterprises, most companies in the market are adopting advanced technologies like Artificial intelligence, machine learning, the cloud, and cognitive technologies.

Robotic process automation is useful in the hospitality industry because of its various advantages, like automation of housekeeping services, management of reservations, room service delivery and maintenance, checking guests in and out of the property, managing room inventories, catering to guest requests, and handling accounting and billing requirements.

Маrkеt Ѕеgmеntѕ:

By Type

• Software
• Service
• Consulting
• Implementing
• Training

By Application

• BFSI
• Pharma & Healthcare
• IT and Telecom
• Other Applications

Market Dynamics:

RPA technology is being adopted more frequently due to the growing need for business automation. RPA’s core purpose is to record the activities of an organization for efficient management. Automated data collection eliminates repetitions and errors by allowing for seamless data entry and storage. These practices can reduce the time and costs required to correct errors in data collection and processing.

Automation helps to minimize human resource dependence. Increasing awareness about the benefits of the use of automation within SMEs can help to increase the market growth.

A survey by UiPath (U.S.), a global software company that specializes in robotic process automation, as well as The Economist Intelligence Unit, (U.K), a research and analysis section of the Economist Group found that 90% of organizations have adopted RPA to automate business processes. 73% agreed that automation has brought them satisfaction.

The industry is also expected to grow because of the increasing demand for simplified handling. RPA and AI-based robotic automation are being used by organizations in many verticals to improve productivity and efficiency. It is essential to increase work agility and provide better customer experiences in a highly competitive marketplace.

RPA robots are able to perform a variety of tasks in multiple legacy systems, as well as access information from the digital platform. Customers can access their bank account information online, and they can also process KYC verifications and bill payments through the internet. These services are designed to reduce the manual involvement and help customers have a better experience.

The market is expected to grow steadily because of the above benefits, but the reluctance to change from manual to automatic processes companies is likely to limit the market growth rate. RPA solutions are being considered by organizations around the world to enhance their business processes. The lack of knowledge about RPA technology is a barrier to its adoption. RPA solutions are being implemented by professional service providers within the next two-three years.

The growth in innovations in robotic process automation to changing customer demands and the increase in adoption of RPA in the BFSI and healthcare sectors are major growth factors to drive market growth.

Businesses switched to remote work cultures during the COVID-19 pandemic and needed to automate workflows. In 2020-2021, there was a significant increase in RPA adoption for automating and maintaining workflows. Companies are increasingly interested in no-code automation platforms, which has increased the adoption of automation and made it an integral part of their automation process.

Cloud-based solutions were also in high demand during the pandemic. Cloud automation solutions provide excellent business value, including inconsistent deployment, cost reductions, overall resilience, and security. It improves enterprise workflows by streamlining backend processes.

Regional Analysis

North America was responsible for 36.5% of the revenue share in 2021. This is expected to continue growing over the forecast period. This can be attributed to the high adoption of process management and automation solutions among government agencies and businesses in the region. The market is also growing because of the increasing knowledge about how to improve various business functions such as data entry and accounting/finance.

To expand their robotic process automation industry product portfolio major companies have started to enter the middle east & Africa.

Signavio (Germany), a vendor of business process management, found that around 1,000 Americans resisted changing their jobs and were hesitant to move from manual to automated work, which is consistent with the country’s expected market growth.

The Asia Pacific is the fastest-growing region in robotic process automation. This is due to the rising adoption of solutions and services across the healthcare & pharmaceutical, telecom, manufacturing industries, and retail sectors.

The favorable market growth of the region is also due to the rising robotic process automation demand in the Business Process Outsourcing sector (BPO), and the increasing knowledge of automation across various industries and SMEs.

FPT Software announced in June 2021 its partnership with Sitecore (a U.S.-based provider of digital experience software) to promote Sitecore’s digital marketing solutions to a wider range of Japanese businesses. Sitecore offers intelligent automation, digital/IT transformation, action, and low code. This partnership will provide opportunities for many Japanese enterprises.

FPT Software will also be able to connect to Sitecore’s business network with top enterprises in IT consulting and services, as well as advertising & public relations. Many prominent vendors are trying to increase their robotic process automation market share and presence in this high-potential region. Asia is known for being the hub of IT and outsourcing services. The manufacturing sector has a huge demand for automation, which helps to support the region’s market growth.

Кеу Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Competitive Landscape:

Companies were forced to use RPA to automate business processes. Some employees who were involved in the automation process were also laid off by the COVID-19 pandemic. Zomato Ltd., an Indian online food delivery service, laid off 13% of its workforce in 2020. It adopted high-tech automation to absorb the COVID-19 impact and reduce redundant workers.

The technology vendors offer solutions through partnerships with resellers and consulting firms, in addition to expanding the company’s reach and size. Many IT companies partner with consulting firms to sell value-added services such as customized solutions and tech support. This increases the adoption of robotic process automation and process management solutions for managing many questions.

Value-added resellers can be found at retail for services and computer gear. Walmart has over 500 bots as of October 2021 to answer employee questions and collect information from audit papers. They also track inventory flow and identify slow-moving items and headstock.

There are some of the most prominent players in the global robotic process automation market like Automation Anywhere, EdgeVerve Systems Ltd., FPT Software, KOFAX, Inc., Automation Anywhere, Inc., Blue Prism Group Plc, KOFAX INC., and others. And some additional market players are Pegasystems Inc., Nice Systems Ltd., Nice Systems Ltd., OnviSource, Inc., Automation Anywhere Inc., UiPath Inc., and Others.

Маrkеt Кеу Рlауеrѕ:

• Automation Anywhere
• Blue Prism PLC
• EdgeVerve Systems Ltd.
• FPT Software
• KOFAX, Inc.
• NICE
• NTT Advanced Technology Corp.
• OnviSource, Inc.
• Pegasystems
• UiPath
• Other Key Players

For the Robotic Process Automation Market research study, the following years have been considered to estimate the market size: