Robotic Process Automation Market

Industry Overview

The robotic process automation market is expected to grow from USD 4.02 billion in 2023 to reach USD 14.75 billion by 2030, registering a CAGR of 29.7% during the forecast period 2025 - 30.

The primary factor that is pushing the robotic process automation market upward due to its ability to simplify complex business processes. Allowing a seamless convergence with the traditional business processes, it has a high demand in the logistics industry. The process reduces the sales cycle times and helps businesses enhance their product quality and therefore improve the overall experience.

Typically, the robotic process automation market uses AI technology to handle complex back-office jobs, which is a primary reason for its higher adoption among organizations. It helps them formulate better and more effective business strategies to reach the market faster with faster testing for functionality and integration of applications.

The solution does not need the IT department to be involved too much apart from the technical skills necessary for its operation. Ideally, by outsourcing the processes, performance, and management are much improved with less human intervention and errors. It offers organizations the flexibility to use fewer or more robots as per requirement to allocate and handle a specific task.

Market Segmentation

Insight by Type

According to the type. The robotic process automation market is divided into tool-based and service-based categories. The former is further subdivided into model-based and process-based heads, while the latter is divided into consulting, training, and integration and development.

Out of the two broad categories, it is the services category that holds a larger share of the market.

Insight by Process

Based on the process, the robotic process automation market is divided into interaction solutions, automated solutions, and decision support and management solutions. Out of all these, the automated solution is the largest contributor to the market.

Insight by Operation

According to the operations, the robotic process automation market is divided into knowledge-based and rule-based segments. Out of the two, the rule-based category holds the larger share of the global robotic process automation market.

Insight by Industry

According to the industry, the robotic process automation market is divided into IT, telecom, BFSI, travel, hospitality, transportation, retail, consumer goods, healthcare, pharmaceuticals, manufacturing, logistics, and more. Out of all these categories, the healthcare and pharmaceutical segments are expected to grow at a faster rate during the forecast period. This is mainly due to the growing need for automation of complex manufacturing processes and allied operations.

Global Robotic Process Automation Market Report Coverage

Industry Dynamics

Growth Drivers

The main reason for the growth of the robotic process automation market is its ability to simplify any business process. It not only helps in business operations but also positions the companies more competitively by offering more economic value. Moreover, it also helps in improving product quality, control measures, and workforce with more flexible execution to benefit the company as a whole. It is easy to deploy and integrate with the existing systems without needing significant overhaul and expedite any given business process to make the company more agile without disrupting the activities.

Overall, the technology optimizes productivity and allows the companies to implement the technology-based operating model in place of the labor-centric operating model. This saves cost and increases efficiency due to reduced errors. The companies can now focus more on value-added and strategic activities and also offer higher flexibility and scalability. This versatile technology can be used for a diverse range of tasks from data entry to invoice processing, and from IT support to customer service.

It also ensures compliance and accuracy since it follows preset guidelines and rules. The integration of useful AI technologies such as machine learning and natural language processing helps in handling large volumes of unstructured data and making more informed decisions. 

All these benefits will extend automation capabilities and open new opportunities for the robotic process automation market to grow significantly during the forecast period making the best use of predictive insights and advanced analytics.

Opportunity

The rise in demand for robotic process automation in specific industries, such as healthcare, is creating new opportunities worldwide. it helps the industry maintain medical records and credentials of patients, handle claims processing, and manage the revenue cycle. Most importantly, it reduces operational costs and enhances efficiency.

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. Insecurity of data is a significant challenge, especially in the banking and finance sectors. However, efforts are made to overcome it with more improved AI technologies.

Geographic Overview

North America is the largest contributor to the robotic process automation market due to the increasing use of this process, especially by the BFSI industry. Also, several industries in Mexico are using this technology for higher scalability and flexibility, which is further fueling its growth in North America.

However, the Asia-Pacific region is also expected to grow at a fast rate during the forecast period due to the growing demand for such useful technology in the fields of healthcare, logistics, and tourism sectors. There is also a notable development in the banking sector of developing economies such as India, China, and Japan, which is further influencing the growth of the robotic process automation market in these regions.

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.

Recent Developments by Key Players

Kofax, Inc. has relaunched Kofax, Inc. marketplace, a digital hub of connectors, tools, and applications for advanced integration of automation software. In-depth learning and ready-made assets that can connect with existing key platform elements such as RPA and Kofax TotalAgility is offered by the Kofax, Inc. marketplace.

Rockwell Automation and Microsoft expanded their partnership to accelerate industrial automation design and development via generative AI. This is to to combine technologies to enable the workforce and enhance customer-building industrial automation systems.