Meticulous Research®, a leading name in global market research, has released a detailed report titled, ‘Robotic Process Automation Market by Offering (Software, Services), Type (Attended RPA, Unattended RPA), Application (Customer Account Management, Employee Onboarding), Sector (BFSI, IT & Telecom, Healthcare), and Geography - Global Forecast to 2030.’
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According to the latest findings from Meticulous Research®, the robotic process automation (RPA) market is expected to reach $35.9 billion by 2030, reflecting a CAGR of 20.2% from 2023 to 2030. This growth is fueled by the rising need for automation in business processes and the growing integration of innovative technologies such as cloud computing, artificial intelligence (AI), and machine learning. The increasing demand for robotic process automation solutions within the BFSI sector significantly contributes to this market expansion. However, the high costs associated with implementation continue to present a challenge for growth.
The report highlights opportunities for growth, such as the increasing adoption of RPA-enabled chatbots and the application of robotic process automation in the healthcare industry. Nonetheless, misconceptions and a general lack of awareness surrounding robotic process automation pose challenges that industry players must address. Current trends indicate a growing preference for cloud-based RPA solutions and an increase in demand for collaborative RPA across various sectors.
Comprehensive Market Segmentation
The robotic process automation market is segmented by offering (software and services), type (attended RPA, unattended RPA, hybrid RPA), organization size (large enterprises and small & medium-sized enterprises), deployment mode (on-premise and cloud-based), application (including administration, customer management, employee onboarding, data validation, invoice processing, data migration, and more), and sector (spanning BFSI, IT & telecom, retail, healthcare, manufacturing, logistics, government, and other sectors). The analysis also evaluates competitors and market dynamics at both the regional and country levels.
Insights into Offering Segmentation
When evaluating offering, the market is divided into software and services. The software segment is projected to dominate in 2023, primarily driven by the increasing demand for RPA solutions aimed at automating business processes. This demand is supported by the focus on solution-centric automation and the growing use of advanced technologies like AI and machine learning. The benefits of RPA software, which include enhanced productivity, cost-effectiveness, and improved accuracy, further support this segment's growth.
Conversely, the services segment is expected to witness the highest CAGR throughout the forecast period, driven by the growing requirement for RPA services in sectors such as healthcare, automotive, and manufacturing, where consulting, training, and implementation services are in high demand.
Type Segmentation Overview
The market is categorized by type, including attended RPA, unattended RPA, and hybrid RPA. In 2023, the attended RPA segment is anticipated to capture the largest market share due to its effectiveness in the BPO sector. The rising need to enhance productivity and achieve maximum returns on investment is driving the demand for attended RPA, with this segment expected to register the highest CAGR during the forecast period.
Deployment Mode Segmentation Insights
In terms of deployment mode, the market is divided into on-premise and cloud-based deployments. The on-premise deployment segment is anticipated to lead the market in 2023, attributed to its provision of greater control over RPA infrastructure and enhanced data security, especially among large enterprises.
Conversely, the cloud-based deployment segment is projected to experience significant growth, reflecting the highest CAGR in the coming years. This growth is largely driven by the increasing adoption of cloud solutions among small and medium-sized enterprises (SMEs), which are attracted by the flexibility, scalability, and cost-efficiency provided by cloud-based RPA systems.
Organization Size Segmentation Overview
The organization size segment differentiates between large enterprises and small & medium-sized enterprises (SMEs). In 2023, large enterprises are expected to dominate the market, benefiting from their established IT infrastructure and the ability to effectively implement automation technologies. These organizations leverage skilled personnel to manage RPA platforms, enhancing their operational efficiencies.
On the other hand, the SME segment is expected to exhibit a faster growth rate during the forecast period. SMEs are increasingly recognizing the potential of RPA to streamline processes, reduce errors, and cut operational costs, presenting a significant opportunity for growth in the RPA market.
Application Segmentation Insights
The RPA market is segmented based on applications, including customer account management, employee onboarding, data validation, invoice processing, and data migration. In 2023, the customer account management segment is projected to lead the market, primarily driven by the adoption of RPA solutions within the BFSI sector. The demand for improved customer service and efficient management of client-related processes fuels the growth of this segment.
Sector Segmentation Analysis
Among the various sectors, the BFSI sector is expected to account for the largest share of the RPA market in 2023. The increasing deployment of RPA solutions for managing fraud detection, optimizing financial processes, and enhancing customer experiences supports this growth trajectory. The ability of RPA to streamline complex operations makes it an invaluable asset for organizations in the BFSI sector seeking to enhance service delivery.
Conversely, the healthcare sector is poised to experience the fastest growth rate during the forecast period. The implementation of RPA for managing appointment scheduling, medical billing, and other administrative tasks is on the rise as healthcare providers aim to improve efficiency and patient care outcomes.
Geographic Segmentation Insights
The robotic process automation market is regionally segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to capture a significant market share, primarily due to the presence of leading RPA solution providers and the increasing adoption of automation technologies across sectors such as BFSI, retail, and IT & telecom. The ongoing integration of AI-driven automation tools and the growing use of cloud-based RPA solutions also contribute to market growth in this region.
However, Asia-Pacific is projected to experience the highest CAGR during the forecast period. The rapid economic development in countries such as China, India, and Japan, along with the rising demand for automated solutions in the BFSI and retail sectors, is propelling the expansion of the RPA market within this region.
Key Players:
The key players operating in the robotic process automation market are UiPath, Inc. (U.S.), Automation Anywhere, Inc. (U.S.), Pegasystems Inc. (U.S.), Blue Prism Group plc (U.K.), Celaton Limited (U.K.), OnviSource, Inc. (U.S.), Kofax Inc. (U.S.), FPT Software Company Limited (Vietnam), EdgeVerve Systems Limited (India), NICE Ltd. (Israel), IBM Corporation (U.S.), Verint Systems Inc. (U.S.), AutomationEdge Technologies, Inc. (U.S.), Appian Corporation (U.S.), and EPSoft Technologies (U.S.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/robotic-process-automation-market-5282
Key Questions Answered in the Report:
· Which are the high-growth market segments in terms of offering, type, organization size, deployment mode, application, and sector?
· What is the historical market size for robotic process automation across the globe?
· What are the market forecasts and estimates for 2023–2030?
· What are the major drivers, restraints, opportunities, challenges, and trends in the global robotic process automation market?
· Who are the major players in the global robotic process automation market, and what are their market shares?
· What is the competitive landscape like?
· What are the recent developments in the global robotic process automation market?
· What are the different strategies adopted by major market players?
· What are the geographic trends and high-growth countries?
· Who are the local emerging players in the global robotic process automation market, and how do they compete with other players?
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