Robotics Process Automation (RPA) Market Segmentation by Operation (Rule-Based and Knowledge-Based); by Deployment Mode (On-Premises, and Cloud); by Application (Customer Support, Administration & Reporting, Data Migration & Capture Extraction, Analysis, and Others); by Industry (BFSI, Healthcare, IT & Telecom, Manufacturing, Retail, Hospitality, and Others)-Global Demand Analysis and Opportunity Outlook 2031
21 Oct 2022
ICT & Telecom
Impact Analysis on the Growth of Market
Inflation and Looming Recession to Haunt Businesses:
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Global Robotics Process Automation (RPA) Market Highlights over 2022-2031
The global robotics process automation (RPA) market was estimated to be worth USD 1.6 billion in 2021 and is expected to further expand at a CAGR of 27% over the forecast period, i.e, 2022-2031. Robotics Process Automation is a type of software technology based on artificial intelligence that makes it easy to automate digital tasks. It is easy to use and manage. RPA automates the workflow making organizations profitable and responsive. The growth of the market can be attributed to the increasing adoption of artificial intelligence and cloud-based solutions for internal efficiency among organisations to increase their productivity and reduce overhead costs. Furthermore, the growing demand for smart software to carry out high-volume and repetitive tasks that usually take a lot of time for humans to accomplish, and which are typically monotonous to perform is also driving the market growth.
The rise in the cases during COVID-19 demanded a rise in regular testing and registrations. It became impossible to handle the registration process manually without leaving any room for errors. To handle the registration process effortlessly and in a time-effective manner, hospitals started adopting automation solutions for registering cases, maintaining health records, and tracking the history of the patient. This contributed greatly to the growth of the robotics process automation market globally.
However, high set-up cost for the infrastructure to support RPA and lack of skilled professionals to manage RPA solutions effortlessly are the key factors restraining the growth of the market.
The market is segmented by deployment mode into on-premises and cloud, out of which, the cloud segment is expected to hold the largest share of the market in the forecast period owing to rapidly growing popularity of cloud-based RPA due to its ability to offer greater scalability, security, ease of access, and management while providing a superior experience to the users.
Based on application, the market is segmented into customer support, administration & reporting, data migration & capture extraction, analysis, and others, out of which, the analysis segment is anticipated to witness the highest growth during the forecast period. The growth of the segment can be attributed to the assistance provided to organizations to help them analyze sales, regular day-to-day work, latest trends, profits and losses, market reports, and other key organizational operations.
Global Robotics Process Automation (RPA) Market Regional Synopsis
Regionally, the global robotics process automation (RPA) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. North America region is expected to hold the largest share of the market owing to the presence of leading innovators and pioneers in terms of the adoption of robotics in the region. Furthermore, increased awareness about enhancing the various organizational tasks has led to increasing adoption of RPA by SMEs. This is projected to drive the market growth further.
The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The growth can be attributed to the increasing awareness about RPA among SMEs and the growing adoption of RPA across various sectors, such as manufacturing, IT & telecom, healthcare, retail, and others. Moreover, the region is the center for the manufacturing and IT industries, and it is essential for both these industries to adopt automation services to increase their productivity and reduce errors.
Our in-depth analysis of the global robotics process automation includes the following segments:
By Deployment Mode
Administration & Reporting
Data Migration & Capture Extraction
IT & Telecom
Growth Drivers and Challenges Impacting the Growth of the Global Robotics Process Automation Market
Increasing adoption of artificial intelligence and cloud-based solutions
Growing demand for smart software to carry out high-volume and repetitive tasks
High set-up cost for the infrastructure to support RPA
Lack of skilled professionals to manage RPA solutions effortlessly
Key Companies Dominating the Global Robotics Process Automation Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global robotics process automation market that are included in our report are Pegasystems Inc., NICE, Kryon Systems, Naviant, Redwood Software, UiPath, Blue Prism Limited, Microsoft, Automation Anywhere, Inc., EdgeVerve Systems Limited, and others.
Latest Developments in the Global Robotics Process Automation Market
October 2020: Automation Anywhere, Inc. launched a smart assistant for organizations to automate internal tasks. It is easy to use and caters to various organizational processes.
August 2020: AirAsia Aviation Group Limited announced the implementation of robotic process automation to help increase productivity, reduce errors and redeploy resources to higher-value functions in the effort for higher cost savings and a better revenue.
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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
FREQUENTLY ASKED QUESTIONS
Increasing adoption of artificial intelligence and cloud-based solutions for internal efficiency among organisations, and growing demand for smart software to carry out high-volume and repetitive tasks that usually take a lot of time for humans to accomplish, and which are typically monotonous to perform are the major factors driving the growth of the market.
The market is anticipated to attain a CAGR of 27% over the forecast period, i.e., 2022-2031.
High set-up cost for the infrastructure to support RPA and lack of skilled professionals to manage RPA solutions effortlessly are estimated to hamper the market growth.
Which region will provide more business opportunities for growth of robotics process automation market in future?
Asia Pacific region is anticipated to provide more business opportunities over the forecast period for the growth of the market.
The major players in the market are Pegasystems Inc., NICE, Kryon Systems, Naviant, Redwood Software, UiPath, Blue Prism Limited, Microsoft, Automation Anywhere, Inc., EdgeVerve Systems Limited, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by operation, deployment mode, application, industry, and by region.
Which sub-segment captures the largest market size in the application segment in the global robotics process automation market?
The analysis segment is anticipated to hold largest market size in value and display significant growth opportunities.
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- Pegasystems Inc.
- Kryon Systems
- Redwood Software
- Blue Prism Limited
- Automation AnywhereInc.
- EdgeVerve Systems Limited