The global robotic process automation market is projected to generate $ 27,098 million revenue by 2030, advancing at a CAGR of 32.3% during 2021–2030. This can be ascribed to the surge in demand for virtual workforces, increased work efficiency offered by RPA, and a rise in the need for enhanced customer experience. Moreover, RPA helps organizations speed up processes, enhances quality and productivity, and improves services, while reducing operating costs.
Based on operation, the market is bifurcated into rule-based and knowledge-based. Between the two, the rule-based category accounted for a higher revenue share, of around 62%, in 2021, and it is further expected to maintain its dominance during the forecast period. This is attributed to the advantages associated with rule-based automation solutions, such as the efficient execution of repeatable tasks that do not require human intervention or expertise. Additionally, rule-based RPA operates enterprise applications through the existing user interfaces, on the basis of pre-defined inputs.
Based on vertical, the retail and consumer goods category is projected to register the fastest growth during the forecast period. This can be because integrating data and information has become easier due to the deployment of these solutions, thus giving the retail and consumer goods industry players more time to focus on providing the best possible services. It also enables retailers to make faster changes to price, production, and inventory.
On the other hand, the BFSI sector accounted for the largest revenue share in 2021, and it is further expected to dominate the market in the coming years. This is attributed to the rising application areas of RPA in the BFSI sector, as it empowers banks and other financial organizations to mechanize business processes, such as deposits, account opening, and lending loans, mainly to optimize costs.
Based on organization, the large enterprises category held a larger revenue share in 2021 in the market, and it is expected to maintain its position during the predicted period as well. This is due to the advantages associated with RPA for large enterprises such as increased security, improved analytics, enhanced customer service, and consistency.
Geographically, North America accounted for the largest revenue share in 2021 and is further expected to maintain its position in the coming years. This is ascribed to the developed IT infrastructure, high investment, and rapid adoption of advanced technologies in the region. Whereas, the APAC market will register the fastest growth during the predicted period, advancing at a substantial CAGR. This can be due to the increasing IT infrastructure investment, the growing awareness of automation, and the rising number of SMEs in the region.
Major players operating in the robotic process automation market are NICE Ltd., Pegasystems Inc., Automation Anywhere Inc., Blue Prism Limited, Celaton Ltd., Redwood International Business Group B.V., IPsoft Incorporated, UiPath Inc., Xerox Corporation, IBM Corporation, Kofax Inc., Kryon System Ltd., and WorkFusion Inc.