Robotic Process Automation Market Forecasts to 2028 – Global Analysis By Form (Hybrid Robotic Process Automation, Attended Automation, Unattended Automation), Organization Size (Small & Medium Scale Enterprises, Large Scale Enterprise), Solution (Interact

Robotic Process Automation Market Forecasts to 2028 – Global Analysis By Form (Hybrid Robotic Process Automation, Attended Automation, Unattended Automation), Organization Size (Small & Medium Scale Enterprises, Large Scale Enterprise), Solution (Interaction Solutions, Decision Support Solutions, Automated Software Solutions) and others

According to Stratistics MRC, the Global Robotic Process Automation Market is accounted for $2.64 billion in 2022 and is expected to reach $20.12 billion by 2028 growing at a CAGR of 40.2% during the forecast period. Robotic process automation (RPA) is a type of automation software that makes it easy to create, use, and manage software robots that behave similarly to how people interact with computers and software. RPA solutions come in a variety of forms, including corporate software, tools and services, automation software, software robots, rule-based operation, and knowledge-based operation.

According to The National Association of Software and Services Companies (NASSCOM), RPA implementation can help companies with a “cost reduction of 35-65 per cent for onshore process operations and 10-30 per cent in offshore delivery and an investment recovery period as short as 6-9 months.

Market Dynamics:

Driver:

Increased Demand for Automation of Routine Business Operations

Organizations must be extremely nimble and innovative in their work while also retaining the honesty and effectiveness of their services in order to stay relevant in today's world of increased competition. In this effort, robotic process automation is a highly sought-after software solution by businesses from a variety of industry verticals, including transportation and logistics, healthcare, and others, who want to boost productivity and cut down on time spent on repetitive operations. Reduced operational risk, better data processing, accurate data outputs, lower costs, and improved customer experience are some further advantages of RPA. These elements are fueling the expansion of the robotic process automation industry on a global scale.

Restraint:

High Risk

The introduction of robotic process automation technologies in the financial sector is hampered by the data security risk associated with the financial sector and reduced potential for robotic process automation. One of the main restraints for robotic process automation is automation of knowledge-based business activities.

Opportunity:

Advancement in the latest technology

The RPA incorporates cutting-edge technologies including optical character recognition (OCR), machine learning, and robotics process automation analytics. As a result, a sophisticated automation system with tools, services, and decision support solutions was created. It is anticipated that this will reduce desk interactions by 40%.

Threat:

Lack of awareness among enterprises

Two key obstacles to the expansion of the robotic process automation market are organisations' lack of understanding of the full potential of the technology and their unwillingness to spend in its integration. The majority of businesses are not conscious of the full possibilities of automated robotics or how digital transformation might lower a company's overall cost.

Covid-19 Impact

The global epidemic had an impact on corporate operations both within and outside. While business was declining in the retail, manufacturing, and IT & Telecom sectors, healthcare organisations were being overloaded by the growing amount of Covid-19 cases. This unusual occurrence had an effect on back-end and front-end office activities, leading to things like prolonged response times, worker exhaustion, a backlog of paperwork, and delays in the supply chain, among others. In order to reduce costs, speed up customer service, and simplify testing and reporting, an automated solution had to be implemented. The epidemic has also accelerated the need for a digital workplace across industries, creating new chances for RPA manufacturers to capture market share. Automation is expected to define employment after the epidemic as organizations undertake fundamental changes including people working from home. RPA's positive outcome of being implemented during a pandemic-induced depression is projected to increase its demand after the pandemic and spur market growth.

The large scale enterprise segment is expected to be the largest during the forecast period

The large scale enterprise segment is estimated to have a lucrative growth, due to the high rate of RPA adoption in large-scale businesses is a result of the growing need to automate complicated business operations in order to maximise productivity. To enhance the RPA now in use, the top businesses are implementing new tactics including extended licence terms and extra software items. Over the projection period, the market is predicted to develop due to rising demand for business process automation and an increase in the number of large companies using virtual workforces. RPA solutions aid major businesses in automating processes by enhancing performance and efficiency, lowering operating costs, reducing human error, and enhancing regulatory compliance.

The retail segment is expected to have the highest CAGR during the forecast period

The retail segment is anticipated to witness the fastest CAGR growth during the forecast period, due the quick transition to digital modes for effective management and tracking of corporate activities including accounting and finance, customer service management, and customer behaviour analysis is the reason for the significant adoption of RPA in the retail sector. RPA technologies make information integration simpler, allowing retail businesses to concentrate more on delivering better customer services.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period. The widespread use of RPA in this region is being encouraged by the growing use of technologically sophisticated RPA solutions to manage intricate business operations. Growing public knowledge of automation technology is also anticipated to fuel industry expansion. Additionally, the BPO industry's growing need for business process automation solutions, is boosting regional market expansion. However, the region's SMEs are concerned about information security and price, which is anticipated to be a barrier for market competitors. Regional expansion is also anticipated to be constrained by a lack of RPA competence and a lack of understanding of RPA deployment in the areas. However, it is anticipated that in the following years, the industry would experience significant development due to the rising popularity of outsourced and RPA technology.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to region's improved IT infrastructure, stronger economy, and propensity for technology adoption. The demand for RPA has also been spurred by the growing use of self-regulatory technologies and AI, as well as rising investments in the area. This increase can be ascribed to the regions large and small businesses' quick adoption of technology machines as a result of increased government push to use RPA across various industries.

Key players in the market

Some of the key players profiled in the Robotic Process Automation Market include NTT Advanced Technology Corp., EdgeVerve Systems Ltd., KOFAX, Inc., Verint Systems Inc., IPsoft, Inc., OnviSource, Inc., Automation Anywhere Inc., FPT Software Ltd., Redwood Software, Verint Systems Inc., NICE Ltd Inc., Xerox Corporation, ABB Ltd., KUKA Robotics, Samsung Electronics Co. Ltd., UiPath, Pegasystems and Blue Prism.

Key Developments:

In Feb 2020, Automation Anywhere launched one of the first integrated artificial intelligence (AI)-driven process discovery solution that discovers business processes and creates bots to automate them. Automation Anywhere Discovery Bot uses AI and machine learning to automatically capture and analyze user actions to uncover common, repetitive process steps, as employee’s navigation between business applications.

In Jan 2020, Blue Prism and Nexis Solutions formed a partnership. The partnership will see Blue Prism’s connected-RPA platform integrated with Nexis Diligence to help organizations improve the efficiency and effectiveness of their entity due diligence process with intelligent automation capabilities. Working together, while Blue Prism RPA and Nexis Diligence accelerate screening, due diligence analysis and reporting.

In August 2019, Blue Prism has done a partnership with Wipro, to set up an Automation Lab in Australia. Furthermore, Blue Prism has also acquired the Thoughtonomy Company in, June 2019. The acquisition has helped the company in improving the RPA platform, with the help of Software as a service (SaaS) features.

Forms Covered:
• Hybrid Robotic Process Automation
• Attended Automation
• Unattended Automation
• Other Forms

Organization Sizes Covered:
• Small & Medium Scale Enterprises
• Large Scale Enterprise

Solutions Covered:
• Interaction Solutions
• Decision Support Solutions
• Automated Software Solutions
• Other Solutions

Deployment Covered:
• Cloud
• On Premises

Applications Covered:
• Data Migration & Capture
• Administration & Reporting
• Customer Support
• Compliance
• Data Analysis
• Other Applications

End Users Covered:
• Manufacturing
• Aerospace & Defense
• Automobile
• Food & Beverage
• Retail
• Education
• Governments
• Energy & Utilities
• Transportation & Logistics
• Banking, Financial Services and Insurance (BFSI)
• Telecommunication & IT
• Healthcare
• Energy & Utilities
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements