Robotic Process Automation Market is expected to reach US$ 20.83 Billion by 2031

Increased Demand for Robotic Process Automation in BPO Drives Robotic Process Automation Market

According to our latest market study on "Robotic Process Automation Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Component, Deployment, Organization Size, and End-User Industry," the market was valued at US$ 4.48 billion in 2024 and is anticipated to reach US$ 20.83 billion by 2031; it is estimated to record a CAGR of 24.8% from 2025 to 2031. The report includes growth prospects in light of current robotic process automation market trends and driving factors influencing the market growth.

IT department workers give over 20% of their working hours to repetitive tasks. Owing to this, numerous IT firms are outsourcing tasks such as data entry, invoice processing, data extraction, claims processing, consumer support, and other repetitive tasks. This boosts the demand for robotic process automation (RPA), benefiting IT firms and enhancing their productivity. The business process outsourcing (BPO) sector is one of the major sectors that is highly engaged in working on repetitive tasks. The sector always seeks to increase cost efficiency in their operations while carrying out routine and repetitive work. This factor surges the adoption of robotic process automation among BPO companies to increase productivity, automate repetitive manual operations, and maintain low operational costs. In addition, when the robotic process automation program is set and constantly runs, the maintenance cost of BPOs can also be minimal, which saves both time and money compared to hiring and training new employees. The cost-effective benefits of robotic process automation increase the demand for BPOs. For instance, according to RAX Automation Suite by Monstar Lab, data from October 2022 stated that BPO companies across the globe have begun to introduce innovative technologies to enhance their operations. According to the Department of Trade and Industry, the Philippines has more than 700 BPO companies and has a 13.0% share of the worldwide information technology-business process management market. The growing number of BPOs creates demand for robotic process automation to automate repetitive tasks.

Robotic Process Automation Market Analysis – by Geography, 2023

Source: The Insight Partners Analysis

Robotic process automation uses automated workflow to process, calculate, and develop effective reports by offering an error-free performance. Numerous automation systems, such as bots, are designed to handle data through predefined rules, which provide consistent workflow at any time. Bots help businesses to check the data and match it with the instructed outline. If the data is not matched with an instructed outline, the robotic process automation system can raise concerns and reject the data. Moreover, robotic process automation provides high flexibility and scalability to businesses, allowing them to increase return on investment (RoI) by taking on big projects. Hence, significant benefits offered by robotic process automation to the BPO sector are increasing its demand globally, driving the robotic process automation market growth.

The scope of the robotic process automation market report focuses on North America (US, Canada, and Mexico), Europe (UK, Germany, France, Italy, Russia, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). In Europe, the UK held the largest robotic process automation market share in 2024. The UK is one of the most developed and largest economies in Europe. The digitalization and adoption of technology by the corporate and private sectors is growing steadily in the UK. As per the Confederation of British Industry (CBI), the skilled labor shortage primarily drives technology adoption in the UK. CBI also states that startups and scaleups are the keystones of the UK tech sector and employ more than 1.6 million people. Such growth in digitalization also promotes the demand for automation in the technical support service industry, raising the need for robotic process automation in the UK. The UK has witnessed tremendous growth in online shopping. According to ITA, in 2021, the e-commerce market accounted for 30% of the total retail market, with annual revenue totaling over US$ 120 billion, which grew from 20% in 2020. Further, in 2021, ~82% of the UK population purchased at least one product online. According to the Digital Market Outlook, the number of e-commerce users in the country is expected to reach 62.1 million by 2025. Therefore, the growing demand for online shopping is likely to have a significant impact on the robotic process automation market forecast in the next few years. 

The US has the second-largest e-commerce market in the world. According to the US Department of Commerce, the US retail e-commerce sales for the third quarter of 2024 were US$ 300.1 billion, an increase of 2.6% compared to the second quarter of 2024. Such a rise in the retail sector in the country will increase the demand for robotic process automation solutions to provide all-time support to customers. Also, as the country is technologically advanced and known for adopting advanced technologies at an early phase, the adoption of automation tools will be highly increasing among businesses. In addition, the rising application of artificial intelligence (AI) and increasing adoption of the Internet of Things (IoT) have been contributing to the growth of various technology-related firms in the country. The US has one of the highest consumer spending rates worldwide and accounts for nearly two-thirds of the country's economic activity. According to the US Bureau of Economic Analysis data, the country's consumer spending was US$ 14,214.86 billion in the last quarter of 2022, compared to US$ 13,981.51 billion during the last quarter of 2021. Higher consumption of goods and services generates a requirement for customer service and support. Thus, a rise in the volume of customer engagement channels leads to higher demand for robotic process automation solutions as it helps increase operational efficiency and accuracy, driving the US robotic process automation market growth.  

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 players profiled in the robotic process automation market report. Several other major players were also studied and analyzed in the market report to get a holistic view of the market and its ecosystem. The market analysis provides detailed market insights, which help the key players strategize their growth.

Contact Us
 
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com