Robotic Process Automation Market Size, Share Global Analysis Report, 2024 – 2032

Industry Insights

[211+ Pages Report] According to Facts & Factors, the global robotic process automation market size was valued at USD 3.19 billion in 2023 and is predicted to surpass USD 28.48 billion by the end of 2032. The robotic process automation industry is expected to grow by a CAGR of 24.50% between 2024 and 2032.

Market Overview

Robotic process automation (RPA) refers to the software or tools that help automate the tasks, which were traditionally performed by humans. RPA solutions can copy human interactions and can easily be implemented in digital applications. They can easily perform tasks like data extraction, data entry, and process interactions.

Also, there are some rule-based automation software that work on predefined rules and logic. These are ideal for tasks that work on a consistent or clear set of rules. RPA bots can easily interact with different applications and systems without any need for a change in the underlying system.

Key Insights

• As per the analysis shared by our research analyst, the global robotic process automation market size is estimated to grow annually at a CAGR of around 24.50% over the forecast period (2024-2032).
• In terms of revenue, the global robotic process automation market size was valued at around USD 3.19 billion in 2023 and is projected to reach USD 28.48 billion by 2032.
• Growing emphasis on digital transformation is driving the growth of the global robotic process automation market.
• Based on the applications, the BFSI segment is growing at a high rate and is projected to dominate the global market.
• Based on operations, the rule-based segment is anticipated to grow with the highest CAGR in the global market.
• Based on the organization sizes, the large enterprises segment is projected to swipe the largest market share.
• Based on components, the services segment is expected to dominate the global market.
• Based on region, North America is expected to dominate the global market during the forecast period.

Growth Drivers

• Growing emphasis on digital transformation is likely to drive the growth of the global market.

Organizations are fostering digital transformation in their processes to increase operational efficiency and stay competitive in the global marketplace. RPA solutions automate repetitive tasks and also work on integrating the existing infrastructure with digital transformation strategies. RPA solutions eliminate human errors by working on predefined workflows, thereby fostering efficiency and consistency in the global robotic process automation market. For instance, Pegasystems Inc. came up with the latest version of Robot Studio in 2022. It is a low-code development environment for robot process automation. The product is likely to help automate user manual processes.    

Restraints

• High initial investment is likely to the growth of the global market.

High upfront costs in implementing RPA solutions, such as consulting fees, infrastructure, or licenses, are expected to be a big barrier to the growth of the robotic process automation industry during the forecast period. Moreover, the complexity of implementing RPA solutions poses a huge requirement for integration, process analysis, and careful planning practices, which is further likely to slow down the growth of the industry.

Opportunities

• Growing IT and business processes sector is also likely to foster growth opportunities in the global market.

Fast-growing IT and BPO sectors are contributing towards the adoption of RPA solutions in the market. These sectors use RPA solutions to reduce costs, improve efficiency, and optimize service delivery. RPA solution fastens customer services, automating responses to customer queries or service requests.

Moreover, the increasing shift in people's preference toward cloud-based RPA solutions is also likely to revolutionize the market in the coming years. Cloud-based RPA solutions offer ease of deployment, scalability, and lower upfront costs.

Additionally, rising investments in RPA start-ups and technological innovations are another major factor driving the growth of the industry in the coming years. Businesses are nowadays more inclined towards increasing agility to respond to business challenges and operational changes. RPA solutions foster rapid deployment of flexible process management or automation solutions in the global robotic process automation market.

For instance, Rockwell Automation and Microsoft together planned to expand their partnership and boost their industrial automation design with generative AI in 2023. The firms are likely to improve customer-building industrial automation systems.

Challenges

• Limited cognitive capabilities are a big challenge in the global market.

Handling RPA solutions requires cognitive capabilities, which is a big challenge in the robotic process automation industry. Moreover, automatic processes raise many concerns over the security of sensitive and confidential data in the organization, which is further expected to be a big barrier in the industry.

Segmentation Analysis

The global robotic process automation market can be segmented into applications, operations, organization sizes, components, and regions.

On the basis of applications, the market can be segmented into logistics, manufacturing, communication, IT & telecom, retail & consumer goods, pharma & healthcare, BFSI, and others. The BFSI segment will account for the largest share of the robotic process automation industry during the forecast period. The BFSI sector includes many repetitive tasks like transaction processing, data entry, and compliance reporting in customer service operations that can easily be automated.

Moreover, the BFSI sector is under strict regulatory requirements and, therefore, needs to ensure adherence to regulatory reporting and documentation processes while automating the tasks. Additionally, financial institutions can easily lower the overall cost by automating routine tasks, thereby allowing teams to focus on high-value activities. BFSI organizations can easily integrate RPA solutions with their legacy system, thereby helping to preserve the existing infrastructure.

On the basis of operations, the market can be segmented into knowledge-based and rule-based operations. The rule-based operation segment is likely to dominate the global robotic process automation market during the forecast period. Rule-based RPA works on predefined logic and processes, thereby making it ideal for automating repetitive tasks that are high in volume. Rule-based automation is quite faster to implement than complex automation solutions. Rule-based RPA works on predefined rules, and therefore, they are more reliable and accurate.

Additionally, these are more affordable solutions that can be deployed in an organization than more advanced solutions that need some AI and ML capabilities. Moreover, businesses are increasingly emphasizing enhancing operational efficiency and lowering costs, which is also expected to positively impact the growth of the segment.

On the basis of organization sizes, the market can be segmented into large enterprises and small and medium enterprises. Large enterprise is the fastest-growing segment in the robotic process automation industry during the projected period. Large enterprises work with complex operations and, therefore, have several repetitive tasks. These organizations pose a high demand for RPA solutions in the process. These enterprises also have enough budget and resources to invest in advanced RPA technologies, which is again a crucial factor for the high growth rate of the segment.

These enterprises have complex automation needs and, therefore, need a sophisticated automation solution that can handle the complex workflow. Large enterprises actively work on digital transformation to lower costs, improve efficiency, and stay competitive in the marketplace. Large enterprises are spread across different locations and, therefore, have widespread operations.

Therefore, to streamline and standardize the process, there is a need for sophisticated process automation solutions in these organizations. RPA solutions help organizations focus on their core services and innovation activities. These solutions help large organizations to stay productive and efficient, thereby reaching their strategic goals faster.

On the basis of components, the market can be segmented into services and software. The services segment is expected to lead the global robotic process automation market during the forecast period. The services segment includes a number of offerings like support, implementation, and consulting services, which are important for the deployment and management of RPA solutions.

Also, organizations demand expert services for the deployment and optimization of RPA solutions, which further poses a huge requirement for consulting and implementation services. Moreover, businesses nowadays are demanding customized RPA solutions that align with specific processes of the existing system of the end users. Therefore, services again became a vital component throughout the process.

Report Scope

Regional Analysis

• North America to dominate the global market.

North America will account for the largest share of the global robotic process automation market during the forecast period. The US is a leader in the RPA market because of the high adoption rate of automation technologies in the region. End-user sectors like BFSI, manufacturing, and retail healthcare are the largest contributors to the regional market. The sectors adopt RPA solutions to lower costs and improve operational efficiency.

Additionally, North America is at the forefront of technological advancements, which is another major factor expected to positively impact the growth trajectory of the regional market. There is a growing focus of innovators and vendors on coming up with advanced RPA solutions that are well integrated with ML and AI capabilities.

North American companies are looking forward to automating their regulatory reporting and documentation processes. Also, there are significant investments in technology and innovation in the RPA market, particularly from venture capital firms, private equity, and corporate funds, which in turn will also support the growth of the regional market.

Asia Pacific is another major region in the robotic process automation industry that is likely to see significant developments in the coming years. Countries in APAC are investing heavily in digital transformation to improve the overall efficiency. Organizations in the region are increasingly adopting RPA solutions to automate their repetitive tasks and save costs.

Many growing industries are also adopting RPA solutions to leverage their services and get a better competitive advantage in the marketplace. Retail and commerce businesses are also adopting RPA solutions for order processing, inventory management, and customer services. The manufacturing sector uses RPA solutions to streamline supply chain management, production processes, and inventory control.

Therefore, all these factors are likely to contribute to the growth of the regional market in the coming years. For instance, Liquid Payments came up with RPA-based one-click payment in 2022 to help medical and dental practices with some ease, efficiency, and reliability and foster a better payment experience for users.

Competitive Analysis

The key players in the global robotic process automation market are:

• FPT Software
• KOFAX Inc.
• AntWork Inc.
• NICE
• NTT Advanced Technology Corp
• OnviSource Inc.
• Pegasystems
• UiPath
• Blue Prism
• Automation Anywhere

For instance, Kofax Inc. unveiled the new Kofax Inc. in the marketplace in 2023. It is expected to be a hub of applications, tools, and connectors for advanced automation software. The products are likely to offer access to in-depth learning and ready-made assets for better integration applications in the market.

The global robotic process automation market is segmented as follows:

By Applications Segment Analysis

• Logistics
• Manufacturing
• Communication
• IT & Telecom
• Retail And Consumer Goods
• Pharma & Healthcare
• BFSI
• Others

By Operations Segment Analysis

• Knowledge-Based
• Rule-Based Operations

By Organization Sizes Segment Analysis

• Large Enterprises
• Small & Medium Enterprises

By Components Segment Analysis

• Services
• Software

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America