Robotic Process Automation Market Is Expected To Boost, Due To Increased Need Of Automate Workflow

Robotic Process Automation Industry Overview

The global robotic process automation market size was valued at USD 1.89 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 38.2% from 2022 to 2030.

Factors such as the need to optimize operations to gain improved productivity and generate maximum return, integration of the latest technologies, and changing business processes across enterprises is expected to boost the market growth. Furthermore, during the COVID-19 pandemic, businesses switched to remote work culture, and the need to automate workflow was also increased thus this factor accelerated the market growth. As RPA is becoming mature, it is anticipated to grow increasingly more sophisticated during the forecasted period. Technological advancement such as machine learning, Optical Character Recognition (OCR), and analytics within the RPA domain is potentially creating a demand for intelligent automation systems.

As a result, intelligent automation is anticipated to eliminate more than 40% of service desk interactions by 2025. The combination of cognitive RPA and various chatbot technologies would enable unattended modes of automation at the services desk, thereby reducing human interventions and improving operational productivity.

Gather more insights about the market drivers, restrains and growth of the Global Robotic Process Automation Market

The growing demand for automation of business processes is one of the significant factors influencing the increasing adoption of RPA technology. The core purpose of RPA is to document the activities of an organization for efficient management. Moreover, automated data collection provides seamless data entry & storage and eliminates errors and repetitions. Such practices reduce the time and cost required to rectify the mistakes in data gathering and processing. According to a survey conducted by UiPath (U.S.) in 2020, a global software company for robotic process automation, and The Economist Intelligence Unit (U.K.), a research and analysis division of the Economist Group, 90% of the organizations adopted RPA for automating business processes. In comparison, 73% of the surveyed agreed to be completely satisfied with the benefits resulting from automation.

Further, the increased demand to simplify the complex handling process is expected to augment the industry growth. Organizations across several verticals are deploying RPA and AI to increase productivity and efficiency. In a highly competitive market, it has become essential to improve work agility and deliver enhanced customer experiences. RPA robots can perform tasks across different legacy systems to get information on the digital platform. For instance, bank customers can check their account details online and process KYC verification and automatic bill payment along with other functions through the internet. These services have minimized manual involvement and are guiding in delivering a better customer experience.

Even though the market is anticipated to grow steadily due to the benefits mentioned above, the reluctance of companies to switch from manual to automated processes is expected to restrain the market growth. Organizations around the globe are looking at deploying RPA solutions to improve business processes. However, lack of understanding about the technology pose a barrier to the adoption of this software. Professional service providers are planning to implement RPA solutions in their organizations within the next two to three years.

During the COVID-19 pandemic, businesses switched to remote work culture and increased the need to automate workflow. Thus, significant adoption of RPA for maintaining and automating workflow was witnessed in the year 2020 - 2021. Also, the growing interest of companies in no-code automation platforms has fueled the adoption rate for RPA and has become a part of the automation process for businesses. Furthermore, cloud-based solutions have gained tremendous demand during the pandemic. The cloud automation solutions deliver excellent business value inconsistent deployment, operational cost reductions, and overall resilience and security. It also improves the backend processes in the enterprise workflows.

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Robotic Process Automation Market Segmentation

Grand View Research has segmented the global robotic process automation market based on type, deployment, organization, application, and region:

Robotic Process Automation Type Outlook (Revenue, USD Million, 2018 - 2030)

• Software

• Service

  • Consulting

  • Implementing

  • Training

Robotic Process Automation Deployment Outlook (Revenue, USD Million, 2018 - 2030)

• Cloud

• On-premise

Robotic Process Automation Organization Outlook (Revenue, USD Million, 2018 - 2030)

• Large Enterprises

• Small & Medium Enterprises

Robotic Process Automation Application Outlook (Revenue, USD Million, 2018 - 2030)

• BFSI

• Pharma & Healthcare

• Retail & Consumer Goods

• Information Technology (IT) & Telecom

• Communication and Media & Education

• Manufacturing

• Logistics and Energy & Utilities

• Others

Robotic Process Automation Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East & Africa

Market Share Insights

• October 2021: Walmart uses over 500 bots not only to automate duties like answering employee inquiries or collecting helpful information from audit papers but also to track inventory flow and identify slow-moving commodities and headstock.

• June 2021: Kofax Inc. a U.S. based company acquired PSIGEN Software, Inc., a leading provider of content management, document capture, and workflow automation software and solutions, providing a wide range of solutions and software in the marketplace and augmenting the intelligent automation platform of the company.

Key Companies profiled:

Some prominent players in the global robotic process automation market include

• Automation Anywhere

• Blue Prism

• EdgeVerve Systems Ltd.

• FPT Software

• KOFAX, Inc.

• NICE

• NTT Advanced Technology Corp.

• OnviSource, Inc.

• Pegasystems

• UiPath

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.