Robotic Process Automation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Robotic Process Automation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global robotic process automation market size reached US$ 3.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.8 Billion by 2028, exhibiting a growth rate (CAGR) of 29.76% during 2022-2028.

Robotic process automation (RPA) refers to an advanced software technology that builds, deploys, and manages software robots. It aids in manipulating data, passing data from different applications, triggering responses, or executing transactions. It also assists in streamlining workflows and increasing employee satisfaction, engagement, and productivity by eliminating repetitive tasks from their workdays. Apart from this, it offers greater resilience and higher accuracy, and accelerates transformation, improves compliance and boosts productivity. As it is also scalable, requires minimal investment, and provides a significant return on investment (ROI), the application of RPA is expanding among numerous industry verticals across the globe.

Robotic Process Automation Market Trends:
Due to the coronavirus disease (COVID-19) outbreak and consequent imposition of lockdown restrictions, there is a considerable rise in the shift towards remote working to comply with government regulations, continue business operations and prevent the spread of the pandemic. This represents one of the key factors driving the market. Moreover, RPA helps in inducing quick execution and the arrangement of a large volume of data in less time than mechanical procedures with reduced overhead expenditure for enterprises. Consequently, it is increasingly being utilized in the banking, financial services, and insurance (BFSI), healthcare, information technology (IT), and telecom industries worldwide. Furthermore, leading players are integrating RPA with advanced technologies, such as machine learning (ML), which is advancing the capabilities of software bots beyond rule-based processes. It is also allowing task execution like human decision-making skills. Additionally, these players are utilizing artificial intelligence (AI) to handle cognitive processes that require skills, such as understanding documents, visualizing screens, and comprehending speech and carrying on conversations and chats.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global robotic process automation market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, operation, deployment model, organization size and end user.

Breakup by Component:

Software
Services

Breakup by Operation:

Rule-based
Knowledge-based

Breakup by Deployment Model:

On-premises
Cloud-based

Breakup by Organization Size:

Large Enterprises
Small and Medium Sized Enterprises

Breakup by End User:

BFSI
Healthcare and Pharmaceuticals
Retail and Consumer Goods
IT and Telecommunication
Government and Defense
Transportation and Logistics
Energy and Utilities
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Amelia US LLC, Automation Anywhere Inc., AutomationEdge, Blue Prism Group PLC, Infosys Limited, International Business Machines Corporation, Kofax Inc., NICE Ltd., Pegasystems Inc., UiPath, Verint Systems and WorkFusion Inc.

Key Questions Answered in This Report:
How has the global robotic process automation market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global robotic process automation market?
What are the key regional markets?
What is the breakup of the market based on the component?
What is the breakup of the market based on the operation?
What is the breakup of the market based on the deployment model?
What is the breakup of the market based on the organization size?
What is the breakup of the market based on the end user?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global robotic process automation market and who are the key players?
What is the degree of competition in the industry?