Robotic Process Automation Market Overview
Robotic process automation (RPA) is a software technology that makes it easy to build, deploy, and manage software robots that emulate humans’ actions interacting with digital systems and software. The global Robotic Process Automation market is projected to rise at a significant rate in the forecast period.
Noteworthy factors such as consolidation of robotic process automation with traditional business processes and ease in business processes owing to the installation of RPA are contributing majorly towards the growth of the global Robotic Process Automation market. In addition to this, companies save time and money by utilizing tools such as artificial intelligence, machine learning cognitive abilities, and architectural tools.
On the downside, factors such as data security risk in the financial sector, lack of awareness about RPA, and less potential for RPA in business processes that are knowledge-based are hindering the growth of the global Robotic Process Automation market. Besides this, integration of robotic process automation with new and emerging technologies, expanding demand for RPA in the logistics industry, and rising use of automation processes in the BPO sector are all factors creating various growth opportunities for the development of the market.
| Report Metric | Details |
| Market size available for years | 2023–2030 |
| Base year considered | 2023 |
| Forecast period | 2024–2030 |
| Forecast unit | Value (USD Million) |
| Segments covered | Process, Operations, Type, End-Use Industry, and Region |
| Regions covered | North America (the U.S. and Canada), Europe (UK, Germany, France, Italy, Spain, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South East Asia, Rest of Asia Pacific), Latin America and the Middle East and Africa (Brazil, Saudi Arabia, UAE, Rest of LAMEA) |
| Companies covered | Uipath SRL, Nice Systems Ltd., Verint System Inc., Pegasystems Inc., IBM, Automation Anywhere, Thoughtonomy Ltd., Blue Prism PLC, Celaton Ltd., Ipsoft, Inc., Redwood Software, Xerox Corporation, and Arago Us, Inc. |
Covid-19 Impact on Robotic Process Automation Market
Like many other industries, COVID-19 badly knocked the electronic and semiconductor industries. This unprecedented event has impacted nearly 230 countries in just a few weeks, resulting in the forced shutdown of manufacturing and transportation activities within and across the countries. This has directly affected the overall sector's growth. It is estimated that COVID-19 to leave more than USD 30 billion impacts on the electronics and semiconductor industry. The sector is majorly affected due to transport restrictions on major electronics and semiconductor raw material providers. However, the emerging need for semiconductors in several industries will offer rapid market recovery over the future period.
Robotic Process Automation Market Segment Overview
Based on End-Use Industry, Banking, Financial Services and Insurance (BFSI) is the largest segment in the global Robotic Process Automation market. In the BFSI domain, multiple systems are linked together by interfaces to allow the flow of transaction-related data. Robotic process automation (RPA) manages and monitors these interfaces, ensuring that transactions run smoothly and data gaps are filled. In the BFSI industry, robotic process automation (RPA) enhances the accuracy and efficiency of many procedures. These solutions also aid regulatory reporting and balance sheet reconciliation by combining data from numerous systems and performing a slew of validation tests to prepare data for a thorough examination.
Robotic Process Automation Market, By Process
· Automated Solution
· Decision Support and Management Solutions
· Interaction Solutions
Robotic Process Automation Market, By Operations
· Rule-Based
· Knowledge-Based
Robotic Process Automation Market, By Type
· Tools
· Services
Robotic Process Automation Market, By End-Use Industry
· Banking, Financial Services and Insurance (BFSI)
· Manufacturing and Logistics
· Healthcare and Pharmaceuticals
· Retail and Consumer Goods
· Telecom and IT
· Travel
· Hospitality
· Transportation
· Others (Government, Energy and Utility, and Academics)
Robotic Process Automation Market Regional Overview
In terms of region, North America held the maximum share in the global Robotic Process Automation market in 2020. This might be attributed to the region's significant adoption of process management and automation technologies by businesses and government bodies. Furthermore, due to increased knowledge regarding enhancing different company activities such as accounting/finance, data entry, record keeping, procurement detail, and other HR-related procedures, RPA adoption among SMEs in North America is augmenting the market growth. Similarly, the market of the Asia Pacific is projected to grow at the fastest rate in the coming years. This is because of rising product usage in the pharmaceutical, healthcare, information technology and telecommunications, retail, and manufacturing industries. Furthermore, increased awareness among various industries and SMEs is likely to support market expansion. In addition, the increased demand for automation in the Business Process Outsourcing (BPO) sector is also associated with the region's market growth.
Robotic Process Automation Market, By Geography
· North America (US & Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
· Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
· LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
Robotic Process Automation Market Competitor overview
Some key developments and strategies adopted by manufacturers in Robotic Process Automation are highlighted below.
· In October 2021, SoftwareReviews, a division of IT research and advisory firm Info-Tech Research Group, has published its 2021 Robotic Process Automation Data Quadrant Awards, naming three vendors as gold medalists. The following vendors are winners according to the feedback provided by their end-users via SoftwareReviews’ comprehensive online survey: 1) UiPath 2) Automate from HelpSystems 3) Automation Anywhere - Vendors are rated on product features, vendor capabilities, and the relationship with their software partner.
· In October 2021, IST Networks announced a collaboration with Automation Anywhere, a global leader in Robotic Process Automation (RPA), to provide RPA services in the Middle East. The partnership will enable IST's clients to automate key business processes and enhance customer engagement across their organizations.
· In October 2021, Private equity firm TPG Capital has acquired Nintex, a software company that has robotic process automation (RPA) capabilities. The seller, Thoma Bravo, will make a new equity investment in Nintex and maintain a “significant” minority interest in the business.
Robotic Process Automation Market, Key Players
· Uipath SRL
· Nice Systems Ltd.
· Verint System Inc.
· Pegasystems Inc.
· IBM
· Automation Anywhere
· Thoughtonomy Ltd.
· Blue Prism PLC
· Celaton Ltd.
· Ipsoft, Inc.
· Redwood Software
· Xerox Corporation
· Arago Us, Inc.
Q1. What are the driving factors for the Robotic Process Automation market?
Factors such as consolidation of robotic process automation with traditional business processes and ease in business processes owing to the installation of RPA are boosting the growth of the Robotic Process Automation market
Q2. What are the restraining factors for the Robotic Process Automation market?
Factors such as data security risk in the financial sector, lack of awareness about RPA, and less potential for RPA in knowledge-based business processes are hindering the growth of the global Robotic Process Automation market.
Q3. Which Segments are covered in the Robotic Process Automation market report?
Process, Operations, Type, End-Use Industry, and Region, these segments are covered in the Robotic Process Automation market report.
Q4. Which segment is projected to hold the largest share in the Robotic Process Automation Market. ?
The Banking, Financial Services and Insurance (BFSI) segment is projected to hold the largest share in the Robotic Process Automation Market.
Q5. Which are the prominent players in the Robotic Process Automation Market?
Uipath SRL, Nice Systems Ltd., Verint System Inc., Pegasystems Inc., IBM, Automation Anywhere, Thoughtonomy Ltd., Blue Prism PLC, Celaton Ltd., Ipsoft, Inc., Redwood Software, Xerox Corporation, and Arago Us, Inc. are some key players in the Robotic Process Automation Market.
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
