Robotic Process Automation Market Size
| Study Period | 2021 - 2029 |
| Market Size (2024) | USD 4.02 Billion |
| Market Size (2029) | USD 14.75 Billion |
| CAGR (2024 - 2029) | 29.70 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Robotic Process Automation Market Analysis
The Robotic Process Automation Market size is estimated at USD 4.02 billion in 2024, and is expected to reach USD 14.75 billion by 2029, growing at a CAGR of 29.70% during the forecast period (2024-2029).
RPA adoption is increasing across organizations of all sizes to generate greater Return on Investment (ROI) and boost productivity. Major market players are launching new Robotic Process Automation (RPA) solutions based on AI, machine learning, and cloud models to help meet the increasing demand.
- Robotic process automation (RPA), also known as intelligent automation or smart automation, is a general term for cutting-edge technologies that can be programmed to carry out a variety of tasks that previously required human intervention, such as data manipulation, setting off reactions, and establishing necessary communication with other processes and systems. Vendors in the market are also improving their products by including new capabilities like automation lifecycle management, workload management, SLA-based automation, credential management, and Citrix automation, in addition to new data APIs. These improvements are drawing in new sectors of industry that require more operational and security capabilities.
- The rising use of cutting-edge technologies like AI, machine learning, and the cloud will primarily fuel the robotic process automation market growth. More and more businesses are adopting RPA to automate business processes and handle increasingly complex data. Companies are developing and deploying cloud and AI-based RPA solutions to automatically optimize business processes and workflow. The increase in the adoption of Artificial Intelligence and cloud-based solutions for internal efficiency among SMEs is thriving the market growth. According to Vistage, among the 13.6% of SMBs leveraging AI, a significant share is using it to improve business operations, followed by customer engagement.
- The expanding use of SaaS, IaaS, and PaaS services for customer relationship management, cloud computing, enterprise resource management, open source resources, cooperative robot learning, network connectivity, and other financial applications is also creating a market for RPA solutions. RPA's functional advantages in various end-user industries, including IT and telecom, BFSI, healthcare, and retail, fuel the market's expansion. It is anticipated that the growing trend toward cloud-based solutions and the growth of robot-based solutions across a range of end-user industries will open up new potential for the construction of robotic process automation worldwide.
- RPA boosts output and revenue but also confronts risks that could cost millions. Two significant security threats associated with robotic process automation are data loss and theft. If the proper security measures are not in place, sensitive data, such as RPA bot passwords or consumer data handled by RPA, may be exposed to attackers, which could stifle the market.
- COVID-19 has negatively impacted the robotic process automation market and witnessed significant growth, owing to an increased usage of automated process automation solutions and increased social distancing norms, which will continue soon. Also, the human resource crunch observed by enterprises in industries is expected to further influence the adoption of RPA during the next two years, thus, driving the demand for such solution vendors. The industry continues to expand as software robots are used to manage regular tasks performed by temporary or seasonal workers and for staff peaks caused by regulatory spikes, new product launches, or new operations.
Robotic Process Automation Market Trends
Retail Sector to hold major share in RPA Market
- Returns processing, workflow management, customer support management, accounting and finance, ERP management and marketing, and consumer behavior analysis are some of the applications in the retail sector, with RPA playing an important role. It has been estimated that more than USD 2 trillion can be saved in a global workforce by automating almost half of human tasks, especially in an emerging industry like retail.
- The rise in business operational adjustments brought on by the pandemic-induced work-from-home trend is one of the major drivers of the robotic automation market expansion in the retail industry. The industry also benefits from using cognitive technologies and modifying internal business procedures across organizations.
- Rapid growth in the e-commerce industry is an essential factor adding to the growth of the RPA market. Online sales in the United States are expected to reach approximately 15% to 16% of the overall retail sector, according to the US Department of Commerce and the US Census Bureau.
- Along with adopting innovative practices to attract and engage more customers, the players in the retail industry have been using newer technologies for retail automation to smoothen their processes and gaining a growth momentum to counter various challenges. The growing number of warehouses is making the retail sector use robotic process automation to do tasks more efficiently and effectively. A study by Zebra Technologies on the trends in the retail industry revealed that around 75% of retailers are expected to adopt automation across all critical functions by 2023.
United States Expected to Hold Significant Market Share
- Among the leading innovators and pioneers in adopting robotics, The United States is one of the largest markets. Robot use in the region continues to grow, helping make US companies more competitive and leading to new job growth. Further, according to the Robotic Industries Association (RIA), the most significant driver of the year-to-date growth of industrial robots was an 83% increase in units purchased by automotive OEMs for process automation.
- According to the Association for Advancing Automation, over 180,000 robots have been dispatched to various American companies since 2010, and more than 1.2 million new manufacturing jobs have been created during this time. According to MIT, automotive manufacturing accounted for a significant portion of the demand for industrial robots in the United States, followed by electronic, plastics, and chemical manufacturing. It is anticipated to augment robotic process automation (RPA) growth.
- The increasing initiatives by the government and regulated authorities to boost the adoption of RPA across various industries are expected to fuel market growth over the forecast period. According to UiPath, more than 30 agencies in the region are using its RPA to eliminate compliance issues, improve throughput, and reduce their backlogs.
- Several government organizations and private companies are investing in creating conversational RPA chatbots for automating their processes. For instance, the National Science Foundation (NSF) Organization has created an RPA bot that automates messages and helps to remind people about upcoming public meetings. Since the NSF organization holds several thousand meetings annually, and the RPA bot helps save over 25,000 hours for the administrative staff.
Robotic Process Automation Industry Overview
The robotic process automation market is low consolidated with a few players such as Automation Anywhere Inc., Jafada, Kofax, etc., as various acquisitions and collaborations of large companies are expected to occur shortly. Some of the Key developments in this market are:
- In January 2024, Datamatics Global Services Ltd announced that the National Health Service (NHS) Shared Business Services (SBS) in the UK had selected their Datamatics TruBot RPA solution for a two-year framework contract. The TruBot, an AI-powered RPA solution, was officially onboarded for this collaboration, empowering public sector entities to automate a range of tasks, from staff onboarding to patient registration and billing.
- In June 2024, Automation Anywhere bolstered its suite of business automation services with a new generative AI platform. This platform is tailored to streamline organizational workflows, offering features that aid in discovering, creating, and implementing AI automation processes. With Automation Anywhere's AI Agent Studio, companies can now craft bespoke AI bots. These AI agents are trainable using the organization's data, enabling them to navigate and make decisions within the company's digital landscape.
Robotic Process Automation Market Leaders
-
Automation Anywhere Inc.
-
Blue Prism Group PLC
-
Jacada Inc.
-
Kofax Inc.
-
Datamatics Global Services Limited
*Disclaimer: Major Players sorted in no particular order
Robotic Process Automation Market News
- April 2024 - TELUS International, a prominent player in digital customer experience (CX) solutions specializing in AI and content moderation, has expanded its collaboration with Appian. This move aims to offer clients a swift and adaptable end-to-end value chain via an intelligent automation platform. Leveraging the partnership, TELUS International has crafted a cohesive, AI-driven IT environment. This setup merges advanced technologies like AI, machine learning, and robotic process automation (RPA) bolstered by a data fabric architecture. This architecture ensures seamless data management and delivery, spanning from on-premises to various cloud environments.
- October 2023 - NewVision, a prominent player in global digital transformation services, has announced a strategic partnership with UiPath, a frontrunner in enterprise Robotic Process Automation (RPA) software. This collaboration empowers businesses globally to expedite automation, spearhead digital transformation, and trim operational costs. By combining NewVision's expertise with UiPath's advanced RPA solutions, the partnership delivers swift and effective digital transformations.
Robotic Process Automation Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
-
4.2 Industry Attractiveness - Porter Five Forces
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Consumers
- 4.2.3 Threat of New Entrants
- 4.2.4 Intensity of Competitive Rivalry
- 4.2.5 Threat of Substitutes
- 4.3 Impact of COVID-19 on the industry
-
4.4 Market Drivers
- 4.4.1 Retail Sector to hold major share in RPA Market
- 4.4.2 Adoption of AI- and Cloud-based Solutions for Internal Efficiency among SMEs
-
4.5 Market Restraints
- 4.5.1 Data Security Concerns
5. MARKET SEGMENTATION
-
5.1 Deployment
- 5.1.1 On-premise
- 5.1.2 Cloud
-
5.2 Solution
- 5.2.1 Software
- 5.2.2 Service
-
5.3 Size of Enterprise
- 5.3.1 Small and Medium Enterprises
- 5.3.2 Large Enterprises
-
5.4 End User Industry
- 5.4.1 IT and Telecom
- 5.4.2 BFSI
- 5.4.3 Healthcare
- 5.4.4 Retail
- 5.4.5 Manufacturing
- 5.4.6 Other End User Industries
-
5.5 Geography
- 5.5.1 North America
- 5.5.2 Europe
- 5.5.3 Asia Pacific
- 5.5.4 Latin America
- 5.5.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
-
6.1 Company Profiles*
- 6.1.1 Automation Anywhere Inc.
- 6.1.2 Blue Prism Group PLC
- 6.1.3 Jacada Inc.
- 6.1.4 Pegasystems Inc.
- 6.1.5 UIPath Inc.
- 6.1.6 Kofax Inc. (Thoma Bravo LLC)
- 6.1.7 Be Informed BV (Hoogenberg Beheer BV)
- 6.1.8 Datamatics Global Services Limited
- 6.1.9 AutomationEdge Technologies Inc.
- 6.1.10 Jidoka
- 6.1.11 HelpSystems LLC (HGGC)
- 6.1.12 Nice Robotic Automation Ltd
- 6.1.13 CGI Inc.
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityRobotic Process Automation Industry Segmentation
RPA is an application technology that uses software with artificial intelligence and machine learning capabilities for handling high-volume, repeatable tasks. It allows employees to configure and program any computer software or robot to interpret existing organizational applications for manipulating data, processing transactions, and communicating with digital systems. The RPA is similar to traditional IT automation. Still, the significant difference between these technologies is that RPA can learn and adapt to changing circumstances, which a conventional IT automation system lacks.
The Robotic Process Automation Market is segmented by Deployment Mode (On-premise and Cloud), Solution (Software and Service), Size of Enterprise (Small and Medium Enterprises and Large Enterprises), End User Industry (IT and Telecom, BFSI, Healthcare, Retail, Manufacturing), and Geography. The market sizes and forecasts are provided in terms of value (USD billion) for all the above segments.
| Deployment | On-premise |
| Cloud | |
| Solution | Software |
| Service | |
| Size of Enterprise | Small and Medium Enterprises |
| Large Enterprises | |
| End User Industry | IT and Telecom |
| BFSI | |
| Healthcare | |
| Retail | |
| Manufacturing | |
| Other End User Industries | |
| Geography | North America |
| Europe | |
| Asia Pacific | |
| Latin America | |
| Middle East and Africa |
Robotic Process Automation Market Research FAQs
How big is the Robotic Process Automation Market?
The Robotic Process Automation Market size is expected to reach USD 4.02 billion in 2024 and grow at a CAGR of 29.70% to reach USD 14.75 billion by 2029.
What is the current Robotic Process Automation Market size?
In 2024, the Robotic Process Automation Market size is expected to reach USD 4.02 billion.
Who are the key players in Robotic Process Automation Market?
Automation Anywhere Inc., Blue Prism Group PLC, Jacada Inc., Kofax Inc. and Datamatics Global Services Limited are the major companies operating in the Robotic Process Automation Market.
Which is the fastest growing region in Robotic Process Automation Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Robotic Process Automation Market?
In 2024, the North America accounts for the largest market share in Robotic Process Automation Market.
What years does this Robotic Process Automation Market cover, and what was the market size in 2023?
In 2023, the Robotic Process Automation Market size was estimated at USD 2.83 billion. The report covers the Robotic Process Automation Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Robotic Process Automation Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key drivers of the Robotic Process Automation (RPA) Market?
Key factors driving the Robotic Process (RPA) Market are: a) Need for businesses to increase efficiency b) Reduce operational costs c) Improve accuracy d) Enhance customer experience
Robotic Process Automation Industry Report
The Global Robotic Process Automation (RPA) Market is witnessing remarkable growth, driven by the integration of advanced technologies like Artificial Intelligence (AI), machine learning (ML), and cloud computing. These innovations are significantly enhancing RPA capabilities, enabling businesses across sectors such as healthcare, Banking, Financial Services and Insurance (BFSI), IT and telecom, retail, and manufacturing to automate complex operations and efficiently manage vast data volumes. This, in turn, boosts productivity, optimizes performance, and ensures higher return on investment.
The increasing trend toward digital transformation is further propelling market expansion, as companies aim to streamline processes and improve customer experiences. Key players are innovating and entering strategic partnerships to increase their market share. The latest report by Mordor Intelligenceā¢ provides insights into the market size, share, revenue growth rate, and a forecast outlook, underscoring RPA's role in driving digital innovation across industries.
The report covers global RPA market statistics, forecast, and is segmented by deployment mode (on-premise and cloud), solution (software and service), size of enterprise (small and medium enterprises and large enterprises), end user industry (IT and telecom, BFSI, healthcare, retail, manufacturing), and geography. The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
Access a free report PDF download for a comprehensive market analysis and forecast. The market update includes a detailed market report, market research, and market trends, highlighting the market leaders and the global market's growth. The industry trends and market analysis reveal significant industry statistics and market growth, providing valuable insights for research companies and industry stakeholders.
The market report also includes a thorough market review, market segmentation, market value, and market predictions, offering a complete market overview. This industry research highlights the industry's sales, size, and outlook, providing a robust foundation for understanding the industry's dynamics. The report example and industry reports offer crucial industry information and market data, essential for making informed decisions.
In summary, the RPA market is set for substantial growth, with the market forecast indicating a positive trajectory. The industry analysis underscores the importance of staying updated with market trends and leveraging industry research to stay ahead in the competitive landscape. The report pdf and report example are invaluable resources for gaining a comprehensive understanding of the market's future direction.
