Robotic Process Automation (RPA) Market Size, Share & COVID-19 Impact Analysis, By Component (Software and Services), By Operation (Rule-Based and Knowledge-Based), By Application (Administration and Reporting, Customer Support, Data Migration & Capture Extraction, Analysis, and Others), By Industry (Retail, Manufacturing & Logistics Industry, BFSI, Healthcare, IT and Telecom, Hospitality, and Others), and Regional Forecasts, 2023-2030

The global robotic process automation market size was valued at USD 10.01 billion in 2022 and is projected to grow from USD 13.86 billion in 2023 to USD 50.50 billion in 2030, exhibiting a CAGR of 20.3% during the forecast period from 2023 to 2030.

The scope of the report consists of various software and solutions offered by the key players such as Automation Anywhere Inc., Blue Prism PLC, Kofax, Inc., and Nice Systems Ltd. Among these, Automation Anywhere Inc. offers several Robotic Process Automation solutions and software such as automation 360, IQ bots, bot insights, and digital workplace. Similarly, Blue Prism PLC offers several intelligent RPA platforms such as robotic operating models, blue prism cloud, and RPA-based lifecycle management software.

Rising adoption of these solutions to optimize operations for improving productivity and generate high return on investment aids the market growth. Several key players in the market are adopting the latest advanced technologies such as AI, machine learning, and cloud to automate the business processes across enterprises. For instance,

• In May 2021, UiPath Inc. launched artificial intelligence-powered UiPath Platform 21.4, which eliminates manual business processes of the enterprises. The platform provides security controls and automates business processes related to the data.

• In August 2020, OnviSource, Inc. introduced AI-based Liaa TeleServ Intelligent Virtualchatbot. It automates the telephone answering service processes and provides user-friendly logical interactions with the customers. The platform automates entire business processes tele callers in teleservices. It helps to conduct several tasks such as providing relevant interactions, automating the custom greetings, and facilitating the accurate recordings of interactions.

Further, several players are receiving funding for the development of RPA platforms and gaining higher return on investment in the ongoing digital transformation era. For instance,

• In November 2019, Automation Anywhere Inc. received funding of USD 290 million from Salesforce Ventures. This funding enabled the company to accelerate its RPA solutions capabilities to automate the end-to-end business processes.

COVID-19 IMPACT

Rising RPA Adoption across Healthcare amid COVID-19 Pandemic Aids the Market Growth

The COVID-19 pandemic is slated to positively impact the market due to the significant uptick in adopting RPA software and solutions to support COVID-19 patients visiting physicians.

For many healthcare providers, the COVID-19 pandemic has boosted the demand for contact center tasks by two to three times. As a result, several of these centers are resorting to automation to speed up the onboarding of remote contact center staff.

Vaccine manufacturers have also used RPA to speed up the development of pharmaceutical medicines. The result has piqued the interest of the pharmaceutical sector in novel development models based on AI and increased automation. RPA might also play a significant role in pharmacovigilance, collecting data on the side effects and difficulties in the field after a medicine has been introduced.

The global robotic process automation market share exhibited growth by 4.2% in 2021 owing to rising demand by healthcare providers amid the COVID-19 pandemic. Post-pandemic, the demand for RPA solutions has remained stable. This is primarily owing to the surge in adopting several strategies, such as partnerships, mergers, and acquisitions by the market players.

LATEST TRENDS

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Rising Adoption and Development of RPA-Enabled Self-Learning Conversational Chatbots Aids the Market Growth

Intelligent bots are becoming more prevalent across the data ecosystem, whether it's through RPA, chatbots, or other types of digital assistants. The variety of tasks that these bots can perform is expanding.

With the rise of digital assistants such as Siri and Alexa in both personal and professional settings, many knowledge workers view chatbots to be a dated, template-based version of what bots can do. However, the range of applications for these linguistically adept bots is expanding to cover both internal and external ones.

Several leading players are developing chatbots using AI and RPA technologies. For instance,

• In June 2021: RPA Labs launched a new virtual chatbot assistant, RPA Engage. The chatbot assistant is an AI-based platform for logistics that enhances customer experience by automating interactions with the vendors, customers, and internal teams. This platform is a combination of conversational machine learning, AI, andNatural Language Processing (NLP)that provides answers logically.

同时,一些政府机构和私人companies are investing in creating conversational RPA chatbots for automating their processes. For instance, the National Science Foundation (NSF) Organization has created RPA bot that automates messages and helps to remind people about upcoming public meetings. Since, the NSF organization holds several thousands of meetings annually and the RPA bot helps save over 25,000 hours of time for the administrative staff.

DRIVING FACTORS

Increasing Adoption of Advanced Technologies such as AI, Cloud, and Machine Learning Boosts RPA Capabilities

The demand for these solutions across organizations is increasing to handle complex data, information, and to automate business processes. Key players in the market are combining advanced technologies such as cloud, artificial intelligence, machine learning, and cognitive technologies to automate their business processes. These AI and cloud based solutions detect work activities, recognize the optimal workflows automatically, and suggest self-regulatory paths for businesses. Companies are developing AI and cloud-based RPA software and solutions. For instance,

• 2021年5月,自动化inc .)推出了一个cloud-based RPA solution to boost industrial bots. The application can be scaled, deployed, and managed on the server.


• In May 2020, AntWork, Inc. introduced AI-based RPA process automation platform ANTstein. The platform was integrated with machine learning and intelligent AI technologies. This intelligent automatic platform offers RPA bot utilization to provide proper insights of all types of data curation, data mining, and building.

In addition, end-to-end automation is achieved by combining artificial intelligence and machine learning technologies. Furthermore, increasing adoption of Platform as a Service (PaaS), Infrastructure as a Service (IaaS), andSoftware as a Service (SaaS)offerings for cloud computing is expected to drive the global market growth.

RESTRAINING FACTORS

Infrastructure and Customization Issues Associated with RPA to Impede Market Growth

Companies need to invest in dependable infrastructure and a skilled staff to oversee all operations when using robotic process automation technology. It's complex and expensive to set up RPA infrastructure, hire professionals or educate current personnel, and deploy thousands of bots.

In addition, platforms of automation bots change frequently, and the essential adaptability isn't always included into bots. Many companies are hesitant to use this technology in their operations. It's also a tool that needs a distinct identity and cutting-edge technology. As a result, upgrading the platform in response to the company's continuously changing needs is difficult.

SEGMENTATION

By Component Analysis

By component, the market is bifurcated into software and services. Among these, the services segment is expected to hold the largest share owing to the surge in adoption of the RPA-as-a-Service by enterprises around the globe. Also, leading players in the market are expanding and developing advanced technologies such as AI and Cloud native RPA as services. For instance,

• In October 2020, Automation Anywhere Inc. launched AI-based robotic automation as a services platform that accelerated RPA adoption globally.

On the other hand, the software segment is expected to grow at a moderate CAGR during 2022-2029 owing to the surge in adoption of RPA software across the manufacturing sector to automate repetitive robotic tasks.

By Operation Analysis

Ability to Perform Repetitive Task without Human Intervention to Drive Rule-based Segment

On the basis of operation, the market is bifurcated into rule-based and knowledge-based.

The rule-based segment is expected to capture the largest market share as it performs repetitive tasks across industries and automates the workflow. Several leading players are deploying rule-based RPA platforms for automating the business workflows. For instance, as of 2021, UiPath completed the automation process for 65% of the Fortune 500 for millions of repetitive tasks.

The knowledge-based segment is anticipated to record the highest CAGR during 2022-2029. Currently, the adoption of knowledge-based systems is low compared to rule-based systems. However, it is likely to experience a rapid adoption after the integration of automation with cognitive technologies such as AI andmachine learning. Several companies are adopting cloud-based and AI driven solutions for scaling up business operations. For instance,

• In May 2020, Automation Anywhere Inc., launched SaaS-based RPA products for its cloud-based and web-based workforce platforms. This platform provides flexibility for the workers in offices and remote working employees.

By Application Analysis

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Administration and Reporting Applications to Generate Monumental Demand for RPA through 2029

In terms of application, the market is segmented into analysis, data migration & capture extraction, administration and reporting, customer support, and others.

Among these, the administration and reporting segment held the maximum share in 2021, owing to quick and efficient adoption of automation for most of the finance and administration related processes.

The analysis segment is expected to exhibit the highest CAGR over 2022-2029 owing to the rising demand from the banking, finance, and insurance sector to create reports, invoices, and other day-to-day work.

By Industry Analysis

BFSI to Witness Rising Use of RPA for Regulatory Reporting and Balance Sheet Reconciliation

The market is segregated into retail, manufacturing & logistics industry, IT and telecom, BFSI, healthcare, hospitality, and others (travel & transportation, education, government).

The BFSI segment held the maximum market share in 2021, primarily owing to the rising demand for automating the banking processes such as KYC, customer handling, customer, and compliances management. Rising cost of compliances management operations of banks has created ample opportunity for the growth of the RPA software and platforms across the BFSI landscape. For instance, according to the World Bank Organization Report, in 2020, banks spent around USD 270 billion yearly on compliance management operations. To reduce such high cost of compliance management, the RPA software demand has increased substantially.

The healthcare segment is anticipated to grow with the highest CAGR during the forecast period. This is primarily owing to factors such as the rising utilization of RPA tools for several healthcare processes such as admissions and discharge, clinical data interoperability, and health plans. Similarly, the risingdigital transformationin the IT and telecom industry is likely to surge the demand for software during the forecast period. Also, the manufacturing and logistic industries are set to grow in the near future owing to the rising data complexity.

REGIONAL INSIGHTS

North America Robotic Process Automation Market Size, 2021 (USD Billion)

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Geographically, the market share is fragmented into five major regions, including North America, Europe, Asia Pacific, the Middle East & Africa, and South America. They are further categorized into countries.

预计北美最大的标志et share in the global market during the forecast period owing to the rising adoption of self-regulated advanced technologies such as AI and machine learning. Moreover, the United States government is providing funding and conducting programs to encourage private companies to deploy automated solutions for smooth flow of their workflow. For instance, the U.S. federal government introduced new RPA programs which created around 1,000 robotic automations solutions that helped to free around 1.5 million hour of capacity. Rising penetration of automation software, solutions, and processes among the enterprises and government agencies in this region aids the market growth. Also, in March 2019, the U.S. Federal government allocated a budget that encourages RPA and AI adoption to serve U.S. citizens better.

Asia Pacific is anticipated to be the fastest-growing region over 2022-2029. This is primarily due to the rising adoption of these solutions across the automotive manufacturing industry. Furthermore, risingIndustry 4.0evolution with increasing investment in industrial plants is anticipated to aid the market growth. China, India, and Japan are expected to have maximum share in the coming years. The increasing digital transformation across industries in India is driving RPA software solutions demand. For instance, India’s banks such as ICICI are leading adopters of these solutions for automating their customer email response, IT support, and portability of accounts. Several leading players are expanding their RPA product offerings in Asia Pacific. For instance,

• In December, 2020, Japan-based Sumitomo Mitsui Banking Corporation (SMBC) and Sumitomo Mitsui Financial Group (SMFG) collaboratively implemented UiPath, Inc.’s RPPA solutions. It helped to keep up high-volumes of financial services operations and meet cost-reduction demand in banking. They implemented RPA solutions across their platform to improve the operation efficiency, increase the productivity, and reduce the operational cost.

The demand for RPA tools from European countries such as Germany, the U.K., and Italy is high. Manufacturing companies across these countries are adopting these solutions to automate small-scale projects and to scale up their operations. According to IBA Group, RPA implementation in European countries helped to save around 50% or more of the cost for small sized companies and 30% for large-scale enterprises.

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Similarly, increasing adoption of advanced technologies such ascloud computingand AI in South America drives the market growth.

中东和非洲和南美在此ies have shown slow adoption of RPA, compared to other regions, mainly owing to lack of industrial investments. However, according to the Middle Eastern and Automation Forum, several industry players in this region have planned to invest in these RPA technologies for reducing the cost and enhancing the business processes efficiency. Companies are entering the Middle East & Africa (MEA) to expand their robotic process automation industry product portfolio. For instance,

• In May 2019, UiPath, Inc. partnered with Mannai Trading Co. WLL Qatar-based trader to drive the adoption of these solutions.

KEY INDUSTRY PLAYERS

Key Players are Focused on Strengthening their Market Position with Continuous Developments

The global market is consolidated by the presence of leading players such as Automation Anywhere, Inc., UiPath, Inc., and Blue Prism Group Plc. These key players are expanding their operations by adopting several strategies such as mergers, acquisitions, collaborations, and partnerships. These companies are focused on adopting cognitive technologies such as AI and machine learning to serve their customers. For instance,

• In March, 2022:SS&C Technologies Holdings, Inc. acquired Blue Prism Group Plc for around USD 1.6 billion. With this acquisition, the company expanded its automation services and software capabilities across healthcare and financial services sectors. This acquisition helped the company create deep expertise across the robotic process automation and intelligent automation products offerings.


• In March 2021:Microsoft Corporation launched robotic process automation for its Windows 10 users. The company offered its RPA Power Platform products that help to automate repetitive, monotonous tasks performed by humans.


• January 2021 –Nice System Ltd. introduced AI-based RPA solution to fast-track automation opportunities. This solution allowed the businesses to strengthen organizational efficiencies and expand existing business processes even during unpredictable market conditions.


• November 2020 –Pegasystems, Inc. launched Pega Auto-balancing RPA digital transformation solution. The solution is driven by advanced artificial intelligence technology for optimizing workload management without human intervention.

List of Key Companies Profiled:

• Automation Anywhere(U.S.)


• Blue Prism Group PLC (U.K.)


• UiPath Inc. (U.S.)


• Microsoft Corporation (U.S.)


• Nice Systems Ltd.(Israel)


• WorkFusion, Inc. (U.S.)


• Pegasystems, Inc.(U.S.)


• OnviSource, Inc.(U.S.)


• Salesforce (Servicetrace GmbH/Mulesoft, Inc.) (Germany)


• Kryon Systems(U.S.)

KEY INDUSTRY DEVELOPMENTS:

• May 2021-Automation Anywhere Inc. launched a cloud-based robotic process automation solution to boost industrial bots. Automation Anywhere Inc.’s applications can be scaled, deployed, and managed on server.


• July 2020 —Nice Systems Ltd. partnered with Minit to accelerate the return on investment by automating discovery accuracy. The combination of both the companies accelerated automation and interactive process for boosting the operational efficiency.


• October 2019 —Automation Anywhere, Inc. launched an AI-based RPA-as-a-Service platform to accelerate the global adoption.

REPORT COVERAGE

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The report offers qualitative and quantitative insights on the market and a detailed robotic process automation market analysis of the size & growth rate for all possible segments in the market. Along with this, it provides an elaborative analysis of market dynamics, emerging trends, and the competitive landscape. Key insights offered in the report are the adoption of automation by individual segments, recent industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, Porter’s five forces analysis, business strategies of leading market players, macro and micro-economic indicators, and key robotic process automation market trends.

REPORT SCOPE & SEGMENTATION

ATTRIBUTE	DETAILS
Study Period	2019-2030
Base Year	2022
Estimated Year	2023
Forecast Period	2023-2030
Historical Period	2019-2021
Growth Rate	CAGR of 20.3% from 2023 to2030
Unit	Value (USD billion)
Segmentation	By Component, By Operation, By Application, By Industry, and By Region
By Component	Software Services
By Operation	Rule-Based Knowledge-Based
By Application	Administration and Reporting Customer Support Data Migration & Capture Extraction Analysis Others (Compliance, Strategy)
By Industry	Retail Manufacturing and Logistics Industry BFSI Healthcare IT and Telecom Hospitality Others (Education, Travel & Transportation, Government)
By Region	North America (By Component, By Operation, By Application, By Industry, and By Country) U.S. (By Application) Canada (By Application) Mexico (By Application) South America (By Component, By Operation, By Application, By Industry, and By Country) Brazil (By Application) 参数entina (By Application) Rest of South America Europe (By Component, By Operation, By Application, By Industry, and By Country) U.K. (By Application) Germany (By Application) France (By Application) Italy (By Application) Spain (By Application) Russia (By Application) Benelux (By Application) Nordics (By Application) Rest of Europe Middle East & Africa (By Component, By Operation, By Application, By Industry, and By Country) Turkey (By Application) Israel (By Application) GCC (By Application) South Africa (By Application) North Africa (By Application) Rest of the Middle East & Africa Asia Pacific (By Component, By Operation, By Application, By Industry, and By Country) China (By Application) Japan (By Application) India (By Application) South Korea (By Application) ASEAN (By Application) Oceania (By Application) Rest of Asia Pacific