The global Robotic Process Automation market size is expected to be worth around US$ 25.54 billion by 2028, according to a new report by Vision Research Reports.
The global Robotic Process Automation market size was valued at US$ 1.41 billion in 2020 and is anticipated to grow at a CAGR of 40.5 % during forecast period 2021 to 2028.
The organization's need to automate structured, repetitive processes to focus on core business activities and reduce operation time and effort is anticipated to drive the growth. The Robotic Process Automation (RPA) can be implemented across various business departments to automate numerous processes such as employee, customer, vendor onboarding, payroll processing, order processing, and report aggregation.
The integration of technology to automate repetitive tasks across industries has resulted in accelerated work, reduced human error, and increased throughput. The combination of RPA with cognitive technologies such as speech recognition, and Natural Language Processing (NLP) is capable of handling higher-order tasks with (AI) assistance without humans' decision-making capabilities. RPA was designed to reduce repetitive tasks by following a set of predefined procedures that do not require knowledge or insights, while the integration of AI allows RPA softbots to function as a knowledge-based dynamic system to work beyond an automated cognitive system. The application of RPA from the bill of materials to customer query handling with the intelligence of AI has led to a high growth trajectory of the RPA market.
The software segment is expected to expand at 38.6% CAGR over the forecast period owing to the demand for adoption of RPA to tackle remote working issues and reduce the company expense on additional employees. The leading vendors provide software/ platform license based on enterprise requirement to automate the processes. For instance, the UiPath RPA platform includes UiPath studio, UiPath robots, attended robots, unattended robots, non-production robots, and UiPath orchestrator, and the user can get the license for either a single user called named user or for multiple users called concurrent user. The pricing model varies across each vendor, and enterprises can get customized solutions as per their industry requirement.
The robotic process automation services ensure infrastructure management by continuous development of application management services and related consulting. These services are vital for the integration and development of a robust automation environment. Increased adoption of these solutions is propelling the growth of the consulting and implementation services in the market for robotic process automation. RPA providers are offering customer-specific solutions. Thus, the implementation service segment plays an important role in market growth over the forecast period.
The cloud segment is projected to exhibit the highest CAGR of 43.3% from 2020 to 2027. The growth is attributed to the increasing adoption of cloud-based solutions. RPA on cloud offers an added advantage of the ease of deployment, lower infrastructure cost, and lesser upgrade and maintenance costs. Customers are inclining more towards cloud-based deployment over on-premise as it can deal with the concerns in a robust manner. Furthermore, the cloud-deployed robotic process automation enables flexibility in scaling the operations and helps in gaining real-time access to data regardless of the location of the employees.
The SME segment is projected to witness the highest CAGR over the forecast period. With the implementation of RPA, SMEs can improve their productivity and hence gain a competitive edge. In the recent past, there has been an upsurge in the awareness regarding the benefits of using automation among SMEs. Higher adoption of robotic process automation in is expected to provide growth avenues in the emerging economies. However, several small and medium-sized organizations have limitations, in terms of cost and human resources; hence they are focused on keeping their operations as lean as possible. This has resulted in the leveraging of robotic process automation among small enterprises for transitioning from human workers to automation.
The pharma and healthcare segment is projected to expand at the highest CAGR over the forecast period. RPA solutions are increasingly being adopted in the healthcare industry as the sector is characterized by labor-intensive activities and demanding patient data compliances along with the ever-increasing amount of data processing. Healthcare service organizations are using smart tools to implement fast automation for processes such as admissions and discharge, clinical data interoperability, and health plans.
The Asia Pacific region is expected to witness the highest CAGR of 43.4% over the forecast period. Automation, which includes machine learning, robots, and AI, are the frontiers for market growth in the region. Rising awareness about automation in the region is expected to boost demand. Furthermore, increasing demand for business process automation solutions in the BPO sector in China and India is contributing to regional growth. However, SMEs in Indian are more concerned about data security and have affordability issues that prove to be challenging for the RPA vendors. Additionally, the lack of training for RPA among the SMEs in Japan proves to be a concern while implementing the technology. However, enhanced awareness within the region is anticipated to boost the growth of the market for robotic process automation.
NTT Advanced Technology Corporation
EdgeVerve Systems Limited
Small and Medium Enterprises (SMEs)
Pharma & Healthcare
Retail & Consumer Goods
Information Technology (IT) & Telecom
Communication and Media & Education
Logistics, and Energy & Utilities
Middle East & Africa (MEA)
The Robotic Process Automation market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Robotic Process Automation market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Robotic Process Automation market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Robotic Process Automation market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Robotic Process Automation market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Robotic Process Automation capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Robotic Process Automation by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Robotic Process Automation market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Robotic Process Automation market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Robotic Process Automation market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Robotic Process Automation industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Robotic Process Automation market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Robotic Process Automation market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Robotic Process Automation market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Robotic Process Automation market. These factors have benefited the growth of the global market for Robotic Process Automation. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Robotic Process Automation. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Robotic Process Automation are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Wires And Cables Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Optical Character Recognition Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Engineering Services Outsourcing Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Augmented Reality Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Automotive Finance Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...