Robotic Process Automation Market Analysis by Industry (Finance, Retail, Healthcare, BFSI, Manufacturing, IT & Telecom, and Others); by Organization (Large, and Small & Medium Organization); by Deployment Mode (Cloud, and On-Premise); and by Solution (Service, and Software) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
Buy Now Report ID: 4814 | Published Date: Apr 12, 2023
The global robotic process automation market size is estimated to reach ~USD 107.34 Billion by the end of 2035 by growing at a CAGR of ~33.14% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of global robotic process automation was ~USD 3.46 Billion. The growth of the market can be attributed to the increasing number of organizations moving towards automation across the globe in order to reduce human errors. Moreover, it is a cutting-edge technology that requires less human intervention, such as machine learning, artificial intelligence, and others. Therefore, the growing adoption of these technologies is expected to boost the growth of the market. By the end of 2024, it is estimated that more than 65 percent of all managerial work will be automated across the globe.
A sophisticated software technique known as robotic process automation (RPA) creates, deploys, and manages software robots. The use of RPA is growing across a wide range of industry sectors owing to its scalability, low investment requirements, and high return on investment (ROI). It helps to streamline workflows and increase employee satisfaction, engagement, and productivity through removing monotonous chores. Nowadays, there has been a high adoption of advanced technologies, which include robotic process automation solutions. Moreover, software robots can be set up to mimic and understand applications for interacting with other digital systems, changing data, and eliciting responses thanks to the technology known as robotic process automation, which is guided by business logic and structured inputs.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~33.14% |
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Base Year Market Size (2022) |
~ USD 3.46 Billion |
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Forecast Year Market Size (2035) |
~ USD 107.34 Billion |
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Regional Scope |
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Growth Drivers
Expanding Use of Intelligent Bots – The intelligent bots are incorporated into businesses to improve the customer experience, such as chatbots. Moreover, the service provided 24/7 requires an automation process in order to handle customers. Therefore, it is anticipated to increase the growth of the global robotic process automation market. More than 50 percent of the organization around the world use artificial intelligence chatbots in their IT department in the year 2022.
Rising Adoption of Digital Assistants – Digitalization can give industries an upper hand by improving their business operations. Utilizing innovative solutions give consumers a focused edge in their business, and a proper digitalization plan can help improve the quality of work. The channels of digitalization help in providing feedback at regular intervals of time, which could further guide the clients with the strategic decision-making process. The digital technologies are advancing than any innovation present till now in the world. Moreover, the transformation that is provided by digital technologies for the growth of the growth of digital economy includes robotic process automation. Therefore, RPA has been assisting the people through digital means, and it is anticipated to increase the market’s growth. There were more than 4 billion digital voice assistants that are being used in the devices across the globe in the year 2021.
Growing Awareness of Cloud Computing– The majority of the work in an organization is transferred to cloud platforms in order to make the process easier. Moreover, the cloud platform can be operated by a person who is operating away from their office. Hence, it is one of the major factors that is estimated to expand the market’s growth. According to the most recent data, end -user spending on public cloud services is anticipated to increase to more than USD 550 Billion by the end of 2023, worldwide. Moreover, more than 90 percent of the work will be in the cloud within the next five year.
Increasing Providers and Users of PaaS, SaaS, and Other Services– The robotic process automation helps SaaS companies improve the customer experience through removing repetitive tasks and creating more innovative teams. Hence, it is predicted to boost the growth of the market over the forecast period. There were more than 24,000 number of SaaS organizations present in the year 2021 across the world.
Rising Utilization of RPA in Diverse Applications – The RPA has been utilized in different sectors in order to reduce cost and provide the best quality service. Hence, it is predicted to increase the growth of the global robotic process automation market. The RPA application in the healthcare sector can reduce more than 50 percent of the cost that includes billing process, appointment scheduling, inventory and supply chain management, optimized regulatory compliance, insurance claim management, and others according to the recent estimates.
Challenges
There is a significant financial need to transform the traditional process into an automated process. Moreover, all the labors are not able to adopt the new technologies, so they are hesitant to use the new technologies in their processes. In addition, the automated processes keep on changing with the advancement, and the adaptability is not easy. Therefore, it is expected to restrain the growth of the global robotic process automation market in the upcoming years.
Global Robotic Process Automation Market Segmentation
The global robotic process automation market is segmented and analyzed for demand and supply by industry into finance, retail, healthcare, BFSI, manufacturing, it & telecom, and others. Out of these, the BFSI segment is expected to hold the largest share over the forecast period on the back of the rising need to reduce errors through automating business processes at the financial institutions such as deposits, account opening, and others. Moreover, there has been a surge in the adoption of RPA in BFSI organizations, that is further expected to boost the growth of the segment in the market. In addition, the need to automate the business processes in order to increase the work speed and efficiency, is another factor that is projected to rise the segment’s growth in the market. More than 60 percent of the finance organizations around the world have already piloted or actively using robotic process automation according to the estimated.
The global robotic process automation market is also segmented and analyzed for demand and supply by organization into large, and small & medium organization. Among these, the large organization is expected to have a significant share over the forecast period owing to the rising deployment of RPA by the large enterprise in order to reduce costs occurring owing to human errors in the processes. Furthermore, more time is wasted on traditional activities that increase the time for taking decisions. Therefore, it is anticipated to drive the growth of the large organization segment in the market.
Our in-depth analysis of the global robotic process automation market includes the following segments:
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By Industry |
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By Solution |
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By Organization |
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By Deployment Mode |
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The market share of robotic process automation in North America, amongst the market in all the other regions, is projected to be the largest with a share of about ~29% by the end of 2035. The growth of the market can be attributed majorly to the presence of major innovators, and players in the region. Moreover, the RPA has been increasingly adopted by organizations, and the government agencies is further expected to increase the growth of the market in the region. In addition, government initiatives to increase the adoption of RPA among the various industries are also predicted to expand the market’s growth in the region. Since the Administration's inception, the largest 24 Federal agencies have implemented more than 100 initiatives to reduce administrative burden and direct more resources towards agency missions, resulting in billions of dollars in realized and anticipated savings and the reallocation of hundreds of thousands of full-time equivalent employee hours to higher-value work. Among these initiatives are more than 50 focused on process improvement and standardization, as well as approximately 30 utilizing artificial intelligence, robotic process automation, and other innovative software.
The European robotic process automation market is estimated to be the second largest, registering a share of about ~24% by the end of 2035. The growth of the market can be attributed majorly to the surging enterprises efforts to improve the customer experience. Furthermore, the European region is the leader in the automobile industries, which have a great demand for automation. Additionally, there is a need for taking the right decision at the right time in the automobile sector, thus improved data analysis is required. Therefore, it is predicted to increase the growth of the robotic process automation market in the region.
Further, the market in the Asia Pacific, amongst the market in all the other regions, is projected to have the fastest growth by the end of 2035. The growth of the market can be attributed majorly to the growing popularity of digital transformation, and automation in countries such as China, Japan, and others. Moreover, the surging demand for automation solutions in different organization in the Asia Pacific region is estimated to rise the market’s growth in the region.
Pegasystems Inc. announced the launch of Robot Studio, robotic process automation (RPA) low-code authoring environment for Pega's intelligent automation platform.
OnviSource, Inc. announced the expansion of its Automata Robotics Process Automation solution with a new code new platform known as Orchestra that is powered by company’s new proprietary artificial intelligence engine, iMachine 2.0.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: Growing awareness of cloud computing, rising utilization of RPA in diverse applications, and rising adoption digital assistants are the major factors driving the market growth.
Ans: The market size of global robotic process automation is anticipated to attain a CAGR of ~33.14% over the forecast period, i.e., 2023 – 2035.
Ans: Difficult to automate the non-standard processes, and add complexity to the processes are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are OnviSource, Inc., Automation Anywhere, Inc., Pegasystems Inc., NICE LTD., UiPath Inc., Blue Prism Limited, WorkFusion, Inc., Kryon Systems, FPT Software Company, Ltd., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the 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.
Ans: The market is segmented by industry, solution, organization, deployment mode, and by region.
Ans: The BFSI segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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