The drive for businesses to automate their business processes is driving the RPA technology market. The capacity to concentrate on more important duties decreased operating expenses, and enhanced accuracy and efficiency of business operations are some of the key advantages of implementing RPA technologies. Further, it is projected that the market for RPA technology will grow in the future years as a result of the rising popularity of cloud-based RPA solutions.
COVID-19 Impact and Market Status
During the projection period, it is anticipated that the worldwide RPA technology market would expand significantly. The effects of COVID-19 on the global economy are unparalleled. The pandemic epidemic has caused a decline in the demand for RPA technology from several end-user industries, which is projected to impede market growth over the course of the forecast period. Nevertheless, the demand for RPA technology is anticipated to rise in the upcoming years as lockdown limitations are gradually relaxed and global economic activity picks up. As a result, the market is anticipated to increase significantly during the next years.
The On-premises Type to Emerge as the Most Lucrative Segment
The market is divided into on-premises and cloud sectors based on the type. Since this sort of RPA technology offers benefits including total control over the data and processes, independence from network availability or speed, and improved security, it is anticipated that the on-premises version would expand significantly. In addition, compared to cloud-based options, on-premises RPA technology is far less expensive.
The rule-based Segment is the most urging Operation
The rule-based and knowledge-based segments of the RPA technology market are dependent on how they are used. The rule-based operation is likely to have a larger CAGR during the projected time than the knowledge-based operation. This is explained by the fact that rule-based processes are simpler to automate than knowledge-based processes. Rule-based activities are also less complicated and take less time to process than knowledge-based processes.
The Administration and Reporting Industry is the Most Popular Application
The market is segmented based on applications into administration and reporting, customer assistance, data migration and capture extraction, and investigation. Since they assist organizations in automating their everyday operations related to admin work and reporting, the administration and reporting applications are anticipated to grow at the fastest rate in the RPA technology market.
The Customer Support Segment is the Most Popular End-User
The market is split into segments based on end users, including manufacturing and logistics, retail, healthcare, BFSI, IT and telecom, and hotel. Because there is such a large need for RPA technology in the retail sector, this industry is predicted to develop at the greatest CAGR. Customer service is enhanced, operational expenses are decreased, and procedures are streamlined thanks to the employment of RPA technology in the retail industry.
North America region to render Adequate Financing Avenues
The market is divided into five regions based on geography, South America, the Middle East & Africa, Asia-Pacific, Europe, and North America. Of these regions, North America is predicted to expand at the fastest CAGR throughout the projection period. The early adoption of RPA technology by local businesses and the concentration of significant firms in this area are two factors that have contributed to the strong growth of this region.
The pressure on organizations to increase their operational efficiency and effectiveness while managing costs is anticipated to propel the expansion of the RPA industry. Traditional methods employed by organizations to accomplish these goals have mostly reached their full potential, necessitating the employment of fresh, cutting-edge strategies like RPA. RPA can be integrated throughout a company's numerous business processes, offering a large possibility for cost and efficiency benefits. RPA deployment can also lessen the chance of human mistake, which frequently results in process errors and rework.
Artificial intelligence (AI) can be employed to streamline and automate rule-based processes that are typically carried out by human staff. Robotic process automation, or RPA, is the name of this technology. RPA software "robots," sometimes known as "bots," are intended to interact with programmes similar to how people do. When carrying out diverse tasks including data input, order processing, compensation administration, and customer assistance, they can mimic or outperform the speed and accuracy of human labour.
A wide variety of corporate tasks, including administration and reporting, customer assistance, data migration and capture, analysis, and others, can be automated with RPA technology. Using RPA technology, businesses may increase operational effectiveness and conform to regulations. A company's total cost of ownership (TCO) can also be decreased with the aid of RPA technology.
The cloud and on-premises deployments of robotic process automation technology are just two options. RPA software is installed on local servers as part of an on-premises deployment, whereas cloud deployment involves paying a monthly fee for online access to RPA software. Rule-based and knowledge-based operations are other types of operations that are available in the RPA technology market. Automated procedures called "rule-based operations" are started by particular circumstances or occurrences. The decision-making process in knowledge-based operations, on the other hand, is automated and necessitates human input.
At a forecasted CAGR of 36.5% from 2020 to 2030, the market for Robotic Process Automation (RPA) technology is projected to grow from an estimated USD 2,078.4 million in 2020 to USD 45,982.02 million by 2030. The rise in demand for RPA software from a variety of end-user industries, including retail, manufacturing and logistics, BFSI, healthcare, IT and telecom, and hospitality, can be credited to the advancement of the RPA technology market.
One of the main forces boosting the RPA technology industry is the development of RPA technology. The development of RPA technology is largely responsible for the increase in demand for RPA software from several end-user sectors. One of the main driving forces of the RPA technology industry is the constantly shifting corporate environment, together with the requirement for process automation and optimization.
The lack of qualified workers is one of the main gripes the RPA technology market is facing. Another obstacle to the development of this market is the lack of knowledge about RPA technologies and their advantages. Additionally, worries about data security linked to RPA technology are a significant barrier to the market's expansion. Nonetheless, with the aid of creative RPA technology suppliers and a potent marketing plan, these difficulties can be solved. Besides, due to the growing demand for automation across many industries, this market is predicted to expand in the approaching years.
WorkFusion, Automation Anywhere, UiPath, Blue Prism, NICE Systems, Pegasystems Inc., Kofax Inc., and IBM Corporation are the major companies in the RPA technology market. In-depth research of the worldwide RPA technology market for the years 2019 to 2029 is provided in this report. The study covers all the essential drivers and trends that are vital to the market's expansion. Along with comprehensive company profiles of the top players active in this market, it also offers an insightful picture of the competitive environment of the international RPA technology industry.
Recent Developments of the RPA Technology Market
- The new Robotic Operating System (ROS) 2.0 from Blue Prism, which enables businesses to embrace cloud-native practices for their digital workers, was launched in October 2019.
- To assist enterprise IT and security teams manage the digital workforce at scale, UiPath announced an interface with ServiceNow in September 2019.
- Automation anywhere established a strategic partnership with Microsoft in May 2019 to bring its RPA platform to Azure Cloud.
- The top RPA technology suppliers prioritize giving their business clients end-to-end solutions. In contrast, UiPath announced its "UiPath Enterprise Cloud Platform" in January 2019 to let businesses deploy and manage digital workers at scale. The platform is accessible on all popular cloud platforms, such as Amazon Web Services (AWS), Azure, and Google Cloud Platform.
RPA Technology Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 45,982.02 million|
|Growth Rate||CAGR of 36.5 % during 2022-2030|
|Segment Covered||Type, Application, Operation, End-User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||WorkFusion, Automation Anywhere, UiPath, Blue Prism, NICE Systems, Pegasystems Inc., Kofax Inc., and IBM Corporation|
Key Segments of the Global RPA Technology Market
Overview, 2019-2029 (USD Billion)
Operation Overview, 2019-2029 (USD Billion)
Application Overview, 2019-2029 (USD Billion)
- Data Migration & Capture Extraction
- Customer Support
- Administration and reporting
End-User Overview, 2019-2029 (USD Billion)
- IT and Telecom
- Manufacturing and Logistics Industry
Regional Overview, 2019-2029 (USD Billion)
- The rest of Europe
- Asia-Pacific as a whole
- South America's remaining countries
Middle East and South Africa