The increasing adoption of advanced technologies such as AI, Cloud, Machine Learning is expected to drive the market of the Global Robotic Process Automation Market in the forecast period 2024-2028.

According to TechSci Research report, "Robotic Process Automation (RPA) Market - Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028, the global robotic process automation market is anticipated to register a robust growth during the forecast period 2024-2028." The Global Robotic Process Automation (RPA) market is driving on account of increasing adoption of advanced technologies such as AI, Cloud, and Machine Learning that are boosting RPA capabilities in the industry. Robotic process automation technology is rising in popularity within the industry 4.0 revolution and business 3.0 concept to achieve business success. The increasing adoption of robotic process automation by various industries including manufacturing, healthcare, retail, education, finance, oil and gas and the public sector are helping enterprises reduce customer effort, improve organization's operational process, and allow automation. Furthermore, the growing need for automated business process in various enterprises, as well as the growing demand for machine learning, AI processes, and increasing innovations in RPA to accommodate changing consumer demands are some of the key driving factors leading to the growth of the global robotic process automation market.

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The Robotic Process Automation (RPA) market is segmented into component, deployment, enterprise size, end user and region. Based on component, the market is bifurcated into software, service. Service segment is further bifurcated into consulting, implementing, and training. Based on deployment, the market is segmented into on-premises and cloud. Based on enterprise size, the market is bifurcated into large and small & medium enterprise. The end user segment is further categorized into BFSI, IT & telecommunications, retail, healthcare, and others.

Based on component, the service segment is expected to dominate in the robotic process automation (RPA) market in the forecast period as the growing competition among the service providers is continuously enhancing advisory, consulting, and training services. The service segment comprises consulting, implementing, and training services. RPA as a service, coupled with continuous upgradation in automation services enabling high scalability and minimizing cost benefits are allowing more enterprises to adopt and implement RPA services to improve the business outcomes. Furthermore, the service segments are also becoming an important entity for constructing business cases by focusing on correct vendor selection as a first step before pilot project deployment and optimizing automation opportunities. Thus, the service segment is growing, enabling the growth of robotic process automation market during the forecast period.

Based on deployment, On-premises segment is expected to dominate in the global robotic process automation (RPA) market. The high growth of this segment is attributed to the increasing use of on-premises RPA solutions by enterprises that are seeking to manage expenditure and save cost by automating many operations using RPA and having adequate IT support to maintain the infrastructure. Moreover, the on-premises deployment of the RPA function helps contribute to the protection of the company's internal data while also ensuring the automation process is regulated according to the in-house policies and standards. Such benefits enable the organization to implement more on-premises RPA solutions in the business process. Furthermore, the large-scale enterprises are more cautious about revealing their information and internal data, leading to the high adoption of on-premises deployment of robotics process automation systems in the market.

Based on end user, BFSI segment dominates the largest share in the overall robotic process automation market and is expected to remain dominant in the forecast period as The rapid proliferation of internet-connected gadgets has altered traditional BFSI processes. Banks and financial institutions are using RPA software to automate numerous banking activities such as claim processing, client onboarding, loan processing, compliance maintenance, and customer verification. Moreover, the enterprises in the BFSI sector are seeking new ways to increase their customer satisfaction, thereby catering the large customer base with fast services. Furthermore, banks are turning to cloud-based RPA solutions to optimize the performance in a numerous way, including cost-saving, business agility and usage-based pricing. Therefore, BFSI segment is expected to increase during the forecast period.

Key market players in the robotic process automation market:

• Automation Anywhere Inc.
• Blue Prism Group PLC
• UIPath Inc.
• Nice Robotic Automation Ltd.
• Pegasystems Inc.
• Jacada Inc.
• Xerox Corporation
• IPsoft Inc.
• Kofax Inc.
• Datamatics Global Services Limited

Recent Development

On December 08, 2022: Service Automation Framework Alliance in partnership with APMG International announced the launch of Robotic Process Automation Foundation (RPAF), a new product level for Service Automation Framework (SAF). Accredited by APMG International, the course is for anyone starting or leading an automation transformation program. Participants will gain comprehensive and practical knowledge that explains the fundamentals of RPA technology, as well as the workflow design aspects and techniques.

On August 30, 2022: Newgen Software Technologies Limited, a leading global provider of Digital Transformation Platform announced the launch of its all-new integrated Robotic Process Automation (RPA) offering. The company is aiming to further strengthen its low code process automation portfolio by empowering the customers to achieve end-to-end process automation. The solution can integrate with legacy applications where APIs are not available and deploy bots more effectively.

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“North America is estimated to hold the largest market share in the global robotic process automation market owing to the increasing number of new product launches in the United States. However, Asia Pacific has experienced significant growth for the Robotic Process Automation market throughout the forecast period. This is due to the presence of established companies that are focusing on adopting advanced automation solutions to automate their processes at a faster pace to meet the surge in market demands. Moreover, the high penetration rate of automation solutions and process management among government agencies and enterprises are fueling the market growth in the region. Furthermore, supportive government policies and increasing investment for technology for SME’s all over the region have also been positively influencing the market with a continuous urge for launching new service plans and platforms in the upcoming years” said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Robotic Process Automation (RPA) Market Segmented By Component (Software, Service (Consulting, Implementing, and Training)), By Deployment (On-Premises and Cloud), By Enterprise Size (Large and Small & Medium Enterprise), By End User (BFSI, IT & Telecommunications, Retail, Healthcare, and Others), By Region, Competition, Forecast & Opportunities” has evaluated the future growth potential of global robotic process automation (RPA) market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the robotic process automation (RPA) Market.

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