Meticulous Research®, a top global market intelligence firm, has released a new report titled, ‘Robotic Process Automation Market by Offering (Software, Services), Type (Attended RPA, Unattended RPA), Application (Customer Account Management, Employee Onboarding), Sector (BFSI, IT & Telecom, Healthcare), and Geography - Global Forecast to 2030.’
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According to this report from Meticulous Research®, the robotic process automation (RPA) market is expected to grow to $35.9 billion by 2030, at a CAGR of 20.2% from 2023 to 2030. This growth is driven by increasing demand for automation solutions in business processes, the rapid adoption of advanced technologies like cloud computing, AI, and machine learning, and the widespread use of RPA in sectors such as BFSI. However, the high costs of deployment remain a major challenge for organizations looking to adopt RPA technologies.
Opportunities for growth include the rising use of RPA-powered conversational chatbots and the growing adoption of RPA in the healthcare sector. However, the lack of awareness and misconceptions surrounding robotic process automation continue to pose challenges for industry players. The report highlights key trends, such as the growing preference for cloud-based RPA and the increasing adoption of collaborative RPA systems across various industries.
Segmentation of the RPA Market
The robotic process automation market is segmented by offering (software, services), type (attended RPA, unattended RPA, hybrid RPA), organization size (large enterprises, SMEs), deployment mode (on-premise, cloud-based), application (administration, customer management, employee onboarding, data validation, invoice processing, data migration, and more), and sector (BFSI, IT & telecom, retail, healthcare, manufacturing, government, logistics, and others). The report also evaluates market competition and provides insights into the market dynamics at both regional and country-level.
By Offering
The market is split into software and services offerings. In 2023, the software segment is projected to dominate the market due to the increasing demand for RPA solutions to streamline business operations. The growing emphasis on automation-first approaches, alongside the integration of AI and machine learning functionalities, is driving the growth of this segment. The cost efficiency, productivity improvements, and accuracy provided by RPA software also play a significant role in its adoption.
Nevertheless, the services segment is expected to grow at the fastest pace, with the highest CAGR over the forecast period. Companies across industries such as manufacturing, automotive, and healthcare are increasingly relying on RPA-related services, such as consulting, integration, and training, to enhance their automation capabilities.
By Type
The RPA market is segmented by type into attended RPA, unattended RPA, and hybrid RPA. In 2023, attended RPA is expected to hold the largest share of the market. This is due to its extensive use in industries such as BPO (business process outsourcing) to automate tasks like data entry and customer support. The need to improve workforce productivity and achieve better return on investment further drives demand for attended RPA. Additionally, this segment is expected to register the highest CAGR during the forecast period.
By Deployment Mode
The deployment of RPA solutions is categorized into on-premise and cloud-based models. In 2023, the on-premise deployment model is expected to lead the market due to its greater control over system infrastructure and security, particularly favored by large enterprises with extensive IT resources. Organizations that prioritize data security and customization often opt for on-premise deployment.
However, the cloud-based deployment segment is expected to experience the highest growth rate during the forecast period. Small and medium-sized enterprises (SMEs), in particular, are increasingly adopting cloud-based RPA solutions due to their flexibility, cost-effectiveness, and scalability. The ease of deployment and lower costs associated with cloud-based solutions make them a popular choice for SMEs.
By Organization Size
The organization size segmentation divides the market into large enterprises and small & medium-sized enterprises (SMEs). In 2023, large enterprises are expected to dominate the market due to their well-established IT infrastructure and greater ability to implement automation technologies. These enterprises have the resources and skilled personnel needed to fully leverage RPA platforms, giving them a competitive edge in terms of process efficiency and optimization.
However, the SME segment is projected to grow at the fastest rate during the forecast period. Small and medium-sized enterprises are increasingly looking to RPA solutions to reduce costs, minimize errors, and improve operational efficiency, making this a fast-growing market segment.
By Application
The RPA market is also segmented based on various applications, including customer account management, employee onboarding, data validation, invoice processing, data migration, and more. In 2023, customer account management is anticipated to dominate the market due to the increasing adoption of RPA in the BFSI sector, where automation helps streamline customer-related processes. The growing demand for virtual banking services and enhanced customer experience is also driving the adoption of RPA solutions in this application area.
By Sector
Among the sectors utilizing RPA, the BFSI sector is expected to hold the largest share of the market in 2023. This is driven by the need for automation in managing complex tasks, such as fraud detection, compliance management, and transaction processing. The demand for RPA solutions to enhance agility and improve the customer experience further boosts market growth in the BFSI industry.
Meanwhile, the healthcare sector is expected to experience the fastest growth rate during the forecast period. The use of RPA for patient scheduling, medical billing, and appointment management is on the rise, as healthcare providers seek to automate administrative tasks and improve patient care.
By Geography
Geographically, the robotic process automation market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to dominate the market, largely due to the presence of major RPA solution providers and the widespread adoption of automation technologies across industries such as BFSI, IT & telecom, and retail. The growing use of AI-powered automation tools and the integration of cloud-based technologies are also fueling growth in this region.
However, Asia-Pacific is projected to register the highest CAGR over the forecast period. Rapid economic growth in countries like China, India, and South Korea, combined with increasing demand for automated solutions in the retail and BFSI sectors, is driving the expansion of the RPA market in the region.
Key Players:
The key players operating in the robotic process automation market are UiPath, Inc. (U.S.), Automation Anywhere, Inc. (U.S.), Pegasystems Inc. (U.S.), Blue Prism Group plc (U.K.), Celaton Limited (U.K.), OnviSource, Inc. (U.S.), Kofax Inc. (U.S.), FPT Software Company Limited (Vietnam), EdgeVerve Systems Limited (India), NICE Ltd. (Israel), IBM Corporation (U.S.), Verint Systems Inc. (U.S.), AutomationEdge Technologies, Inc. (U.S.), Appian Corporation (U.S.), and EPSoft Technologies (U.S.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/robotic-process-automation-market-5282
Key Questions Answered in the Report:
• Which are the high-growth market segments in terms of offering, type, organization size, deployment mode, application, and sector?
• What is the historical market size for robotic process automation across the globe?
• What are the market forecasts and estimates for 2023–2030?
• What are the major drivers, restraints, opportunities, challenges, and trends in the global robotic process automation market?
• Who are the major players in the global robotic process automation market, and what are their market shares?
• What is the competitive landscape like?
• What are the recent developments in the global robotic process automation market?
• What are the different strategies adopted by major market players?
• What are the geographic trends and high-growth countries?
• Who are the local emerging players in the global robotic process automation market, and how do they compete with other players?
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