DUBAI, UAE, Dec. 7, 2023 /PRNewswire/ -- According to the latest report by Kings Research, the global Robotic Process Automation Market (RPA) registered a valuation of USD 2.45 billion in 2022 and is estimated to reach USD 29.89 billion by 2030, growing at a CAGR of 42.90% from 2023 to 2030. Major factors propelling the market growth include the demand to enhance efficiency and profitability, novel technological advancements, and evolving business processes within companies. Various industries, such as banking, healthcare, retail, and manufacturing, are adopting RPA to streamline their operations which further contributes to the market growth.
Robotic Process Automation (RPA) stands as an innovative technology employing software bots to automate routine business tasks, replicating human actions throughout the enterprise. Its applications are wide-ranging, encompassing industries like telecom, retail, banking, accounting, healthcare, and HR. Through transaction processing, response triggering, data manipulation, and interaction with other digital systems, RPA provides substantial advantages to enterprises, including improved customer experience, reduced operational risk, optimized internal processes, and increased cost savings and efficiency. The integration of RPA is essential for businesses aiming to maintain competitiveness in today's dynamic marketplace.
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Both big corporations and small businesses are adopting RPA to boost productivity. The market is also evolving with trends like integrating artificial intelligence, adding cognitive abilities, and advancing automation, which is likely to shape the future of RPA. Furthermore, the development of robust software platforms, cost savings through reduced labor, and ongoing advancements in artificial intelligence and cognitive computing are foreseen to spur market expansion.
Competitive Landscape
Key leaders in the robotic process automation market are actively pursuing various business strategies, including partnerships, mergers and acquisitions, product innovations, and joint ventures. These initiatives aim to broaden their product offerings and enhance market presence in different regions. For instance, in June 2023, Automation Anywhere and Google Cloud joined forces to integrate generative AI and intelligent automation. This collaboration was intended to drive the adoption of AI technology in the enterprise sector, offering valuable new opportunities and automation applications through generative AI integration.
Major players in the global robotic process automation market include
- IBM Corporation
- Automation Anywhere Inc.
- Blue Prism Limited
- EdgeVerve Systems Limited
- Pegasystems Inc.
- Trimble Inc.
- Thoma Bravo
- Datamatics Global Services Limited
- Fortra, LLC
- NICE
- CGI Inc.
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Trending Now: Pax8 And Rewst Partner to Bring RPA to the Masses
Pax8 announced its partnership with Rewst, a leading RPA platform in July 2023. This partnership provides MSPs with a dedicated Robotic Process Automation (RPA) platform that seamlessly integrates with Pax8's extensive pre-built integrations, ready-to-use workflows, and comprehensive training and support.
Comprehensive Support Offered by Service Providers to Boost Robotic Process Automation Market Progress
Based on offering, the market is segmented into solution and services.
The services segment accounted for the largest market share in 2022. This growth is backed by service providers offering comprehensive support and expertise throughout the RPA implementation journey. Organizations often need customized consultation, efficient integration, training, and ongoing maintenance to ensure successful deployment of RPA. Services such as process assessment, workflow design, and change management are crucial in bridging the gap between technology and business needs. Service providers play a vital role in guiding businesses through these complex processes as they strive for seamless automation and higher return on investment (ROI).
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Strict Compliance Regulations by BFSI Vertical to Bolster Market Growth
In terms of vertical, the robotic process automation market is categorized into BFSI, healthcare, retail, IT & telecommunications, manufacturing, energy & utilities, and others.
The BFSI (Banking, Financial Services, and Insurance) segment dominated the global robotic process automation market in 2022 due to its heavy reliance on data-driven processes and strict compliance regulations. Robotic process automation has played a crucial role in enhancing accuracy and efficiency across tasks such as data entry, fraud detection, and regulatory reporting. This aligns with the sector's need for precision and security. Additionally, the BFSI industry's early adoption of technology and continuous efforts to streamline operations are likely to fuel segmental uptake over the review timeframe.
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Growing Use of RPA in Healthcare for Care Delivery Operations to Augment Robotic Process Automation Market Revenue
The growing adoption of RPA services in healthcare for care delivery operations is a significant driving factor for market growth. Integrating robotic process automation in healthcare processes streamlines operations, and enhances the adaptability, competitiveness, and scalability of organizations. This results in improved work efficiency, effectiveness, and participation rates by automating routine tasks and reducing employee work hours. Healthcare RPA provides high-value services with minimal risk, accelerating digital transformation and innovation. This time-saving aspect benefits healthcare providers, facilitating improved diagnosis, nursing care, and communication between patients and providers, thereby propelling market growth.
Furthermore, another pivotal factor propelling the global robotic process automation market is the endeavor to achieve operational efficiency, cost reduction, and heightened accuracy. Industries, in their pursuit of workflow optimization, identify RPA as a versatile solution applicable across diverse verticals such as BFSI, healthcare, retail, and manufacturing. Cloud-based RPA deployments offer scalable and flexible solutions, while on-premise options contribute to enhanced data control.
North America to Dominate Robotic Process Automation Market Due to Early Automation Adoption
North America led the global robotic process automation market in 2022 driven by its advanced technological infrastructure, early automation adoption, and substantial investment in RPA initiatives. North America's strong RPA ecosystem, with numerous vendors and tech-savvy companies, is a major driving force. This leads to innovation and RPA use, particularly in finance, healthcare, and manufacturing, significantly impacting the market. The region's dominance also encourages competition and prompts other regions to expedite their RPA strategies, thereby bolstering the development of the global RPA market.
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Major Points from TOC:
Chapter 1 Introduction of the Global Robotic Process Automation Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
Chapter 2 Executive Summary
Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
Chapter 4 Global Robotic Process Automation Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Robotic Process Automation Market, By Offering
Chapter 7 Global Robotic Process Automation Market, By Deployment
Chapter 8 Global Robotic Process Automation Market, By Organization Size
Chapter 9 Global Robotic Process Automation Market, By Vertical
Chapter 10 Global Robotic Process Automation Market, By Geography
Chapter 11 North America
Chapter 12 Europe
Chapter 13 Asia Pacific
Chapter 14Middle East & Africa
Chapter 15 Latin America
Chapter 16 Global Robotic Process Automation Market Competitive Landscape
16.1 Overview
16.2 Key Developments
16.3 Key Strategic Developments
16.4 Company Market Ranking
16.5 Regional Footprint
16.6 Industry Footprint
Chapter 17 Company Profiles
17.1 IBM Corporation
17.1.1 Key Facts
17.1.2 Financial Overview
17.1.3 Product Benchmarking
17.1.4 Recent Developments
17.1.5 Winning Imperatives
17.1.6 Current Focus & Strategies
17.1.7 Threat from competition
17.1.8 SWOT Analysis
17.2 Automation Anywhere Inc.
17.2.1 Key Facts
17.2.2 Financial Overview
17.2.3 Product Benchmarking
17.2.4 Recent Developments
17.2.5 Winning Imperatives
17.2.6 Current Focus & Strategies
17.2.7 Threat from competition
17.2.8 SWOT Analysis
17.3 Blue Prism Limited
17.3.1 Key Facts
17.3.2 Financial Overview
17.3.3 Product Benchmarking
17.3.4 Recent Developments
17.3.5 Winning Imperatives
17.3.6 Current Focus & Strategies
17.3.7 Threat from competition
17.3.8 SWOT Analysis
17.4 EdgeVerve Systems Limited
17.4.1 Key Facts
17.4.2 Financial Overview
17.4.3 Product Benchmarking
17.4.4 Recent Developments
17.4.5 Winning Imperatives
17.4.6 Current Focus & Strategies
17.4.7 Threat from competition
17.4.8 SWOT Analysis
17.5 Pegasystems Inc.
17.5.1 Key Facts
17.5.2 Financial Overview
17.5.3 Product Benchmarking
17.5.4 Recent Developments
17.5.5 Winning Imperatives
17.5.6 Current Focus & Strategies
17.5.7 Threat from competition
17.5.8 SWOT Analysis
Continued………
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