Robotic Process Automation Industry Overview
The global robotic process automation market size is anticipated to reach USD 30.85 billion by 2030, registering a CAGR of 38.2% in the forecast period according to a new study by Grand View Research Inc. The increasing need for reduced operational costs is a significant driving factor for the market. Furthermore, the installation of the market with ease of business processes and transformation of robotic process automation with traditional business processes have boosted the market growth.
Robotic Process Automation Market Segmentation
Grand View Research has segmented the global robotic process automation market based on type, deployment, organization, application, and region:
Based on the Type Insights, the market is segmented into Software and Service.
- The service segment dominated the global market with a 61.89% share in 2021 and is expected to continue its dominance over the coming years. The service segment comprises consulting, implementing, and training services
- The software segment is estimated to expand at a steady CAGR in the forecast period as RPS software enables agile and cost-effective business operations through rapid automation of rule-based, manual, and back-office administrative processes.
Based on the Deployment Insights, the market is segmented into Cloud and On-premise.
- The on-premise segment is expected to be the highest revenue share of 79.54% in 2021 and will expand further at a steady CAGR from 2022 to 2030.
- The cloud segment growth is attributable to the rising adoption of RPA outsourcing services in which the solution is installed on the cloud for enterprises.
Based on the Organization Insights, the market is segmented into Large Enterprises and Small Medium Enterprises.
- The large enterprise segment estimated for the largest revenue share of more than 66.47% in 2021. Many large enterprises deploy RPA to reduce the time invested in conventional activities and invest the saved time in strategic decision-making.
- The SME segment is expected to register the highest CAGR during the forecast period. These enterprises are aggressively opting for RPA due to flexibility, cost-effectiveness, lower technology risks, resource utilization scalability, and improved organizational productivity.
Based on the Application Insights, the market is segmented into BFSI, Pharma Healthcare, Retail Consumer Goods, Information Technology (IT) Telecom, Communication and Media Education, Manufacturing, Logistics and Energy Utilities and Others.
- The BFSI sector held the largest revenue share in 2021, accounting for 28.89% of the overall market. The application of RPA in BFSI sectors enables banks and other financial institutions to automate business processes, such as account opening, deposits, and lending loans, primarily to optimize costs. Moreover, it enhances speed, efficiency and offers broad insights on integration with Artificial Intelligence (AI), which are essential for the BFSI sector to work out new policies and services.
- The Pharma Healthcare segment is anticipated to record the fastest growth over the forecast period owing to the rising demand for RPA to automate the hospital management systems. Moreover, RPA in the communication and media education sector is mainly used to connect, cooperate, and interact across numerous channels via cloud-based applications, web applications, or mobile apps.
Robotic Process Automation Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East Africa (MEA)
Key Companies Profile Market Share Insights
The COVID-19 pandemic enforced companies to adopt RPA for automating business processes relied on the technology and laid off some employees who were indirectly part of the automation process.
Some prominent players in the global robotic process automation market include:
- Automation Anywhere
- Blue Prism
- EdgeVerve Systems Ltd.
- FPT Software
- KOFAX, Inc.
- NTT Advanced Technology Corp.
- OnviSource, Inc.
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