The robotic process automation global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Robotic Process Automation Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The robotic process automation market size has grown exponentially in recent years. It will grow from $5.70 billion in 2023 to $7.28 billion in 2024 at a compound annual growth rate (CAGR) of 27.8%. The growth in the historic period can be attributed to increasing adoption of automation by small and medium enterprises, growing demand for software robots, growing presence of favorable digital infrastructure, increased investment in industrial plants, increased adoption of automation.
The robotic process automation market size is expected to see exponential growth in the next few years. It will grow to $19.33 billion in 2028 at a compound annual growth rate (CAGR) of 27.6%. The growth in the forecast period can be attributed to the increasing demand for automation of business processes, growing trends towards industry 4.0, rising use of RPA for regulatory reporting in the BFSI industry, expansion of the retail sector, growing need for cost-effective and efficient business processes. Major trends in the forecast period include growing technological advancements, development of robotic process automation (RPA)-enabled self-learning conversational chatbots, integration of new technologies with robotic process automation (RPA) software, integration of advanced technologies such as cloud, AI and machine learning, rising adoption of intelligent bots and digital assistants.
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Scope Of Robotic Process Automation Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Robotic Process Automation Market Overview
Market Drivers –
The increased demand for automation in various industries is expected to boost the growth of the robotic process automation market going forward. Automation refers to the process of utilizing technology or machinery to perform tasks or processes with minimal human intervention. The advancements in artificial intelligence, robotics, and sensor technology are making automation more affordable, accessible, and versatile. Robotic process automation excels at automating repetitive, rule-based tasks such as data entry, extraction, form filling, and other digital processes, enhancing task efficiency by enabling software robots to perform these activities faster and more accurately than humans. For instance, in September 2022, according to a report published by the International Federation of Robotics, a Germany-based non-profit organization, global companies installed a total of 517,385 new industrial robots in 2021, an increase from 394,000 in 2020. Further, Asia accounted for 74% of these installations, with China leading the region by experiencing a remarkable 51% growth and selling 268,195 units in 2021. Therefore, the increased demand for automation in various industries is driving the growth of the robotic process automation market.
Market Trends –
Major companies operating in the robotic process automation market are developing advanced innovations, such as automation success platform, to better serve customers with advanced features. These platforms are designed to facilitate the automation of various processes and tasks within organizations. For instance, in October 2022, Automation Anywhere Inc., a US-based software company, launched the automation success platform. The distinctive feature of the automation success platform lies in its mission to accelerate business transformation by democratizing automation, making it accessible to all. It delivers intelligent automation to every employee, empowering both IT and automation leaders to effectively scale success. It serves as the automation co-pilot for employees, enabling seamless interaction with bots within their preferred applications, thereby facilitating easier and faster task completion. The platform introduces new document automation, simplifying data extraction from documents and seamless transfer into any application.
The robotic process automation market covered in this report is segmented –
1) By Component: Software, Service
2) By Process: Automated Solution, Decision Support and Management Solutions, Interaction Solutions
3) By Operation: Rule Based, Knowledge Based
4) By Deployment : Cloud, On-Premises
5) By Industry: Banking, Financial Services And Insurance, Healthcare And Pharmaceuticals, Manufacturing And Logistics, Telecom And Information Technology, Retail And Consumer Goods, Travel, Hospitality And Transportation, Other Industries
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Regional Insights –
North America was the largest region in the robotic process automation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the robotic process automation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Microsoft Corporation, International Business Machines Corporation, Salesforce Inc., Xerox Corporation, Nice Systems Ltd., FPT Software, Pegasystems Inc., UiPath Inc., Verint Systems Inc., EdgeVerve Systems Ltd., BlackLine, Automation Anywhere, IPSOft Inc., NTT Advanced Technology Corp., Nintex Ltd., Kofax Inc., SS&C Blue Prism, AntWorks, Redwood Software, Kryon Systems, Another Monday, AutomationEdge, WorkFusion Inc., OnviSource Inc., Celaton Ltd., JIDOKA.be, Automation Hero
Table of Contents
- Executive Summary
- Robotic Process Automation Market Report Structure
- Robotic Process Automation Market Trends And Strategies
- Robotic Process Automation Market – Macro Economic Scenario
- Robotic Process Automation Market Size And Growth
…..
- Robotic Process Automation Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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