The robotic process automation market revenue in 2022 was US$ 2,599.3 Million. The market is expected to reach US$ 24,633.4 Million by 2033, as it is estimated to grow at a CAGR of 22.8% for 2023 to 2033.
Attributes
Details
Estimated Year (2023) Market Value
US$ 3,150.4 Million
Projected Year (2033) Market Value
US$ 24,633.4 Million
CAGR% (2023 to 2033)
22.8%
Top 5 Vendor Market Share
Around 29%
Robotic process automation (RPA) is a cutting-edge software technology for creating, deploying, and managing software robots. It helps with data manipulation, passing data between applications, triggering responses, and executing transactions. It also aids in workflow optimization and increases employee engagement, interactions, and productivity by removing repetitive work from their working days. Additionally, it provides greater resilience and accuracy, as well as accelerates transformation, improves compliance, and increases productivity.
Robotic process automation market consists 38.9% of the IT automation market.
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2018 to 2022 Robotic Process Automation Market Demand Outlook Compared to 2023 to 2033 Forecast
Robotic process automation market is estimated to grow at a CAGR of 22.8% for the forecast period compared to the historic CAGR for the period 2018 to 2022 of 20.7%.
The rising demand for advanced technologies such as Artificial intelligence, cloud and machine learning to handle complex data, information, and automate business processes is driving the demand for robotic process automation (RPA) technology.
Furthermore, the growing integration of advanced technologies such as cloud, AI, machine learning, and cognitive technologies for business automation is creating a lucrative environment for the adoption of robotic process automation technologies in the coming future.
Increasing utilization of Ai-based chatbots & voice bots RPA-Enabled Self-Learning Conversational Chatbots are accelerating the market growth.
Rising adoption of intelligent bots such as RPA, chatbots, and other types of digitalassistants across the data ecosystem, as well as increased use of digital assistants like Siri &Alexa in both personal &professional settings, are some of the primary factors driving robotic process automation market growth.
Regional Analysis
North American region is analyzed to dominate the global robotic process automation market with the share of 27.3% in 2022 and South Asia Pacific region is growing at the fastest rate in the global robotic process automation market with the CAGR of 20.4 % during the forecast period of 2023 to 2033.
Growing emphasis towards automation solutions and process management technologies among government agencies & enterprises in the North American region is the key factor behind the market growth. Furthermore, rising usageof RPA among SMEs is boosting themarket growth due to rising awareness regardingvarious business functions such as data entry, accounting/finance, procurement detail, record keepingand several other HR-related functions.
Growing adoption of technologies &services in the healthcare, pharmaceutical, information technology &telecommunications, manufacturingand retail industries are providing lucrative environment for the market growth. Furthermore, increasing automation demand in the business process outsourcing (BPO) sector, as well as rising automation awareness across various industries & SMEs, are factors influencingmarket growth in South Asia Pacific region.
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Country wise insights
Rising Adoption of As-a-Service Technologies Are Accelerating the Growth of Robotic Process Automation in US Market
US is analyzed to dominate the global robotic process automation market with the share of 12.3% in 2022.
This market growth can be attributed to the various factors such as increasing implementation of SaaS, IaaS, and PaaS offerings for consumer relationship management, cloud services, corporate resource management, open-source facilities, cooperative robot learning, network connectivity and other financial applications.
Increasing Trends Towards Cloud-based Technologies Is Providing Lucrative Environment for the Growth of Robotic Process Automation Market in India
India is growing at the fastest rate with the CAGR of 20.8% in the global robotic process automation market, owing to the growing trend towards cloud-based solutions coupled with the rising adoption of robot-based solutions across varied industry verticals are some of the main factors boosting the market growth in the region.
Technological Advancements in Past Coupled with the Favourable Digital Infrastructure is Driving the Growth of Robotic Process Automation Market in Germany
Germany holds the second largest share of 10.8% in the global robotic process automation market due to rising adoption of RPA technology in automotive domain, growing trends towards Industry 4.0 and so on.
Additionally, increased investment in industrial plants together with the increasing digital transformation across industries is providing lucrative environment for the adoption & development of robotic process automation technology in the region.
Category wise Insights
Why Service segment in Robotic Process Automation Market is growing at highest CAGR during the forecast period of 2023-2033?
Highest CAGR of service segment in robotic process automationmarketcan be attributed to the various factors such as increased adoption of RPA-as-a-Service by businesses, growing expansion and advancement of sophisticated technologies like artificial intelligence & cloud native RPA as services and so on.
For these reasons, service segment in robotic process automation market held the largest CAGR of 23.1% for 2022 by component.
Why Rule based Operation Segment Has the Larger Market Share in the Robotic Process Automation Market?
Rule based operation is analyzed to dominate the robotic process automation market with the share of 68.4% in the robotic process automation market owing to the factors such as its capability to perform repetitive tasks across varied industry verticals coupled with its ability to automate the workflow.
Additionally, they are being widely used in various industries for automating the business workflows.These are the key factors behind the increased market share of rule based operation segment in robotic process automation.
Why Distribution Services held the Highest Growth Rate for Robotic Process Automation Market by Industry?
The distribution sector acts as an interface between the producers and consumers; this includes several online vendors, or e-commerce companies. Numerous processes that are carried out on these online platforms are performed by robotic process automation solutions. Online food delivery applications are also growing in urban areas around the world, allowing robotic process automation to grow at the highest CAGR of 24.3% over the forecast period for the distribution services industry.
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Competitive Landscape
A rising trend towards IoT and connected technologies are arousing the demands for robotic process automation.
In January 2023, Xerox Emirates had collaborated with KOFAX to provide a stronger value proposition for digital workflows by providing the customers with intelligent automation technologies to accelerate digitalization.
In December 2022, Liquid Payments had launched an RPA based one-click payment to allow medical & dental practices to process patient payments with greater ease, reliability, & efficiency and helps in optimizing the payment experience for patients.
Scope of report
Attribute
Details
Market value in 2022
US$ 2,599.3 Million
Market CAGR 2023 to 2033
22.8%
Share of top 5 players
Around 29%
Forecast Period
2023 to 2033
Historical Data Available for
2018 to 2022
Market Analysis
USD Million for Value
Key Regions Covered
North America, Latin America, Europe, South Asia & Pacific, East Asia and the Middle East & Africa
Key Countries Covered
USA, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Australia & New Zealand, GCC Countries, Turkey and South Africa
