Published: November 2021 | Report Code: IM10931 | Available Format: PDF | Pages: 189
The global robotic process automation market was valued at $2,078.3 million in 2020, and it is expected to grow at a CAGR of 36.3% during 2020–2030. The key factors responsible for the growth of the market include the ease of handling business processes, higher efficiency, and enhanced customer experience offered by RPA. Moreover, the surge in the demand for virtual workforces is aiding the market growth.
Owing to the customer-service–related issues created by the COVID-19 pandemic, several companies shifted to bots, or software robots to continue operations despite the restrictions. In addition, governments and companies are leveraging RPA robots to track patients, optimize supply chains, assist students and teachers in online classes, and respond to the increasing demand for online shopping. Due to these factors, significant growth was observed in the market for RPA in 2020.
The automated solution category held the largest share of the market in 2020, based on process. This is majorly attributed to the increasing efforts of enterprises to automate their basic operations and processes, such as customer query handling, data entry, scanned document uploading, and information verification, for automatic approvals and rejections. Moreover, these solutions allow firms to save their operating expenses by automating high-volume, repetitive processes with a 0% error rate.
The rule-based RPA category accounted for the larger share of the market in 2020, based on operation. This was due to the rule-based software’s efficient execution of repetitive activities without the need for human intervention or expertise. In addition, rule-based solution uses pre-defined inputs to run corporate applications, leveraging the existing user interfaces. It is also trained on the basis of the processes' functional specifications, and the information imparted to the system can be changed at any time.
The service bifurcation accounted for the larger share of the market in 2020, based on offering. This can be attributed to the rising demand for RPA itself across different verticals. Therefore, service providers are continuously improving their consulting, advisory, and training services, which is resulting in reducing costs and increasing scalability for users. Companies such as Accenture PLC and Capgemini SE offer professional services such as for RPA strategy applications, including operating model, roadmap, and business case; opportunity identification; vendor selection; pilot advisory; and its execution support.
The SMEs category is projected to register the faster growth in the market during the forecast period (2021–2030), based on organization. This can be attributed to the surging adoption of these solutions by SMEs to be more productive and handle more data with a smaller workforce. Because of the improved operational performance and lower costs that RPA provides, the technology is becoming more common in SMEs. As a result, SMEs are now starting to use RPA to improve productivity and transform manual business processes.
The retail and consumer goods category is expected to grow at the highest rate in the market during the forecast period, based on vertical. This can be attributed to the fact that these solutions offer several benefits to the retail and consumer goods industry, which include savings on unnecessary spending on resources and improvements in revenue cycle management. It also allows retailers to adjust pricing, production, and inventory faster.
Geographically, the North American region generated the highest revenue in 2020 in the market owing to the high penetration of process management and automation solutions across the two countries in the region. Furthermore, the presence of a large number of companies that offer offshore customer services, coupled with the availability of major vendors, results in the dominating share of the region in the global market.
The Asia-Pacific (APAC) region is expected to witness the fastest growth in the RPA market during the forecast period. This can be ascribed to the rising internet penetration, growing awareness on automation, rapid economic growth, and growing IT service industry in the region. Furthermore, the rising disposable income in several developing countries is substantially increased adoption of these solutions in the region.
Investments in emerging vendors and startups are a key trend being witnessed in the robotic process automation market. As the technology continues to gain significant investment, it has begun to reach an ever-wider customer base. Such developments have provided emerging vendors in the market with a clear path forward, as they begin to launch capabilities for specific digital business demands. Several companies are gaining notable investments, which is boosting their presence within the niche.
For instance, in April 2020, Blue Prism Limited announced that it has raised $112.0 million in funding from its existing and new investors. The funding is being used to strengthen and protect Blue Prism’s balance sheet during a period of uncertainty, while allowing continued investment in the innovation of its dedicated enterprise intelligent automation suite.
RPA software helps increase the work efficiency as it can run in the background 24*7, which helps mechanize back-end processes, which leads to the growth of the robotic process automation market. This, in turn, enables the human employees to involve themselves in more-important tasks, where they are more needed, such as client handling. For instance, in 2017, IBM Corporation partnered with Automation Anywhere Inc. in order to help businesses digitize their operations and boost efficiency across business processes, by providing a set of tools that simplify and automate data-intensive tasks within processes managed by IBM Corporation’s process management software.
Moreover, the enhanced customer experience provided by such solutions is driving the market growth. This is mainly evident within the finance sector, which is adopting digital technologies. This technology takes over tasks such as generating statements, thereby allowing banks to send computerized reminders to customers, along with handling the transactions they make in real time. Owing to such benefits, many market players are offering industry-centric solutions in order to help BFSI companies boost their efficiency and enhance the consumer experience.
|Base Year (2020) Market Size||$2,078.3 Million|
|Market Size Forecast in 2030||$45,982.0 Million|
|Forecast Period CAGR||36.3%|
|Report Coverage||Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Country Analysis; Impact of COVID-19; Companies’ Strategic Developments; Company Profiling|
|Market Size by Segments||By Process; By Operation; By Offering; By Organization; By Vertical; By Region|
|Market Size of Geographies||U.S.; Canada; Germany; France; U.K.; Italy; China; Japan; India; Brazil; Mexico; U.A.E.; Saudi Arabia|
The global RPA market is highly fragmented due to the rapid developments in technologies such as artificial intelligence (AI) and digital transformation of industries, which have increased market competition. In recent years, players in the market have been involved in partnerships and product launches in order to attain a significant position. For instance:
The global robotic process automation market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.
Based on Process
Based on Operation
Based on Offering
Based on Organization
Based on Vertical
The market for RPA valued $2,078.3 million in 2020.
The COVID-19 pandemic has impacted the RPA industry positively.
The market for RPA receives the highest revenue from North America.
The RPA industry is growing because of the rising need for business process efficiency and customer experience enhancement.
Most players in the market for RPA are launching new products and entering into partnerships.
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