Robotic Process Automation Market is expected to reach US$ 6.51 billion by 2030

Cost Benefits Offered by Robotic Process Automation Drive Robotic Process Automation Market Growth

According to our latest study on “Robotic Process Automation Market Forecast to 2030 – Global and Regional Share, Trend, and Growth Opportunity Analysis – by Component, Deployment, Enterprise Size, and End-User Industry,” the robotic process automation market size was valued at US$ 3.26 billion in 2022 and is expected to reach US$ 6.51 billion by 2030; it is estimated to record a CAGR of 9.0% from 2022 to 2030.

Robotic process automation is a form of software technology that assists in automating repetitive tasks and processes by simulating human actions during interactions with digital systems and software. Robots can execute a diverse array of predefined actions, including screen comprehension, keystroke completion, system navigation, and data extraction. These software robots exhibit enhanced speed and consistency in task execution compared to humans without requiring breaks or rest periods. Robot-led automation can revolutionize the modern workplace to a similar extent as the Industrial Revolution's machines transformed factory operations. Both intelligent automation (IA) and robotic process automation are likely to enhance business processes by making them more intelligent and efficient, albeit through distinct approaches. Both methodologies offer substantial benefits compared to traditional IT implementations. 

Rising Demand for Cognitive Robotic Process Automation to Offer Lucrative Opportunities for Robotic Process Automation Market Growth During Forecast Period

The growth of novel technologies such as machine learning, cognitive computing, and artificial intelligence is expected to promote the evolution of robotic process automation tools faster. The application of intelligent technologies is predicted to create arrangements that would lead to the development of an improved framework, which would incorporate everything, from staffing and general expenses to execution and productivity. Various end users are implementing robotic process automations featuring machine learning and artificial intelligence capabilities, leading to a new trend of data analysis and understanding. Furthermore, the significant advancements in the robotic process automation technology owing to the combined impact of AI and ML are expected to ensure increased ROI and productivity. Because of this, market players are working on advancing technological features. For instance, in August 2023, Zuci Systems, the leading player in niche AI and Machine learning solutions for e-commerce, financial technology, and digital marketing, announced a collaboration with UiPath, a titan in the robotic process automation industry. Through this partnership, the companies will help thousands of enterprises across multiple industries improve their business processes through automation. Customers of Zuci can access UiPath bots that can help manage large, unstructured datasets, lower operating costs, and decrease time-to-market. In addition, the partnership will offer end-to-end automation of key business processes, improving customer satisfaction, reducing risk, and delivering transactions faster and more accurately, securely, and at scale. Thus, the rising demand for cognitive robotic process automation is expected to create a growth opportunity for the robotic process automation market.

Robotic Process Automation Market Regional Overview:

North America holds a major share of the robotic process automation market. The robotic process automation market in North America is segmented into the US, Canada, and Mexico. The BFSI organizations in North American countries are increasingly deploying robotic process automation software to improve their business process. In addition, the demand for robotic process automation solutions has increased in the healthcare and pharmaceutical industries. It was positively impacted during the pandemic, as demand for virtual assistants, patient scheduling, and verification services rose. The IT outsourcing service providers are also opening new and advanced service centers in North American countries, as there is a rising demand for better customer satisfaction. Thus, all the above factors are fueling the growth of the North America robotic process automation market.

Robotic Process Automation Market Segmental Overview

The robotic process automation market is categorized based on component, organization size, deployment mode, and end-user industry. Based on component, the robotic process automation market is bifurcated into solution and service. The service segment is further segmented into consulting, integration & development, support & maintenance, and training. Based on deployment mode, the robotic process automation market is bifurcated into on-premise and cloud. Based on organization size, the robotic process automation market is bifurcated into small and medium enterprises (SMEs) and large enterprises. In terms of end-user industry, the robotic process automation market is segmented into BFSI, e-commerce & retail, healthcare, IT & telecom, manufacturing, and others. By geography, the robotic process automation market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).

Robotic Process Automation Market Competitive Landscape and Key Developments

Appian Corp, Automation Anywhere Inc, Blue Prism Ltd, Cyclone Robotics, Datamatics Global Services Ltd, International Business Machines Corp, Microsoft Corp, NICE Ltd, Pegasystems Inc, Salesforce Inc, SAP SE, and UiPath Inc are among the key robotic process automation market players profiled during the study. Various other companies are introducing new product offerings to contribute to the robotic process automation market size proliferation. Several other important players were also analyzed during this market research to get a holistic view of the global market and its ecosystem. The leading robotic process automation market players focus on feature upgrades, expansion and diversification, collaboration, and acquisition strategies, which enable them to grab new business opportunities.

• In November 2023, Datamatics Global Services Ltd revealed that Labor Finders, the largest privately held industrial staffing company in the US and a recipient of multiple "Best of Staffing" industry awards, became its customer for TruBot Robotic Process Automation.
• In July 2023, Microsoft Corp launched Power Automate Process Mining and next-generation AI capabilities. This new offering aims to enhance process automation and efficiency for businesses. Power Automate Process Mining is designed to help organizations analyze and optimize their business processes. It provides insights into how processes are executed, identifies bottlenecks and inefficiencies, and suggests improvements. By leveraging process mining techniques, organizations can gain a deeper understanding of their operations and make data-driven decisions to streamline workflows and enhance productivity.

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