September 27, 2022 07:14 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Sept. 27, 2022 (GLOBE NEWSWIRE) -- The global robotic process automation market size hit USD 7.11 billion in 2021. The market valuation is expected to increase from USD 10.01 billion in 2022 to USD 43.52 billion by 2029 at a healthy CAGR of 23.4% over 2022-2029. RPA adoption is increasing across organizations of all sizes to generate greater Return on Investment (ROI) and boost productivity. Major market players are launching new Robotic Process Automation (RPA) solutions based on AI, machine learning, and cloud models to help meet the increasing demand, says Fortune Business Insights™, in its report titled “Robotic Process Automation Market Share, 2022-2029."
RPA Industry Saw 8.8% Growth during Pandemic Led by Increased Adoption across Healthcare
The COVID-19 pandemic had a positive impact on the robotic process automation market growth during 2020 owing to increased adoption of RPA solutions across healthcare. According to Fortune Business Insights™, the market experienced 8.8% growth, or USD 5.06 billion in 2020. Vaccine manufacturing emerged as a major propeller for the RPA industry during the pandemic.
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By Component, Services Segment to Record Notable Growth through 2029 In terms of component, the market is bifurcated into software and services. Among these, the services segment is anticipated to capture the largest share through 2029, led by growing adoption of RPA-as-a-service among enterprises. On the other hand, the software segment is expected to grow at a healthy CAGR during 2022-2029 led by the rapid adoption of RPA across the manufacturing sector. By Operation, Rule-Based Segment to Gain Traction during 2022-2020
Based on operation, the market is bifurcated into knowledge-based and rule-based. The rule-based segment is anticipated to capture the maximum market share owing to wide deployment among enterprises. Meanwhile, the knowledge-based segment will record the highest CAGR over 2022-2029 led by the growing adoption of automation.
By Application, Administration and Reporting Segment to Generate Robust Demand
By application, the market is segregated into analysis, data migration & capture extraction, administration and reporting, customer support, and others. Among these, the administration and reporting segment is slated to hold the dominant market share through 2029, owing to rapid and efficient adoption of automation for BFSI applications.
By Industry, BFSI Sector to Experience Rapid RPA Adoption during 2022-2029
According to industry, the market is segmented into retail, manufacturing & logistics industry, BFSI, healthcare, IT and telecom, hospitality, and others. The BFSI segment held maximum market share in 2021 and will continue to dominate the industry in the forthcoming years. Meanwhile, the healthcare segment is projected to rise at the fastest CAGR during 2022-2029.
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RPA Industry to Gain Traction Led by Increased Adoption of AI, Machine Learning, and Cloud
The market growth of robotic process automation will be primarily driven by the increased adoption of advanced technologies such as AI, machine learning, and cloud. More and more businesses are adopting RPA to automate business processes and handle the increasingly complex data. Companies are developing and deploying cloud and AI-based RPA solutions to automatically optimize businesses processes and workflows.
However, infrastructure and customization issues related to RPA could be a restraining factor for the market in the coming years.
North America to Dominate Market Share Backed by Growing Federal Funding
North America dominated the robotic process automation market share in 2021 with a revenue share worth USD 4.02 billion. The regional growth is influenced by growing federal investments to encourage private companies to deploy automated solutions to smoothen their workflow.
Asia Pacific is slated to be the fastest-growing region during 2022-2029 led by the increased adoption of RPA software across the automotive manufacturing sector. Meanwhile, the market in Europe will gain traction led by increasing adoption across the U.K., Germany, and Italy. Competitive Landscape:
Key Players Adopt Various Growth & Expansion Strategies to Boost Market Presence
The global market is consolidated by the presence of major players, including Blue Prism Group Plc., Automation Anywhere Inc., and UiPath. These companies are adopting various strategies such as collaborations, mergers, acquisitions, and new product launches to gain a competitive advantage.
November 2021: UiPath, Inc. introduced the new 2021.10 advanced RPA platform that allows customers to automate its business processes more effectively.
Companies Profiled in the Robotic Process Automation Market Report
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How big is the RPA market?
The global RPA market size hit USD 7.11 billion in 2021. The market valuation is expected to increase from USD 10.01 billion in 2022 to USD 43.52 billion by 2029 at a healthy CAGR of 23.4% over 2022-2029
Who is the market leaders in RPA?
Automation Anywhere, Blue Prism Group, UiPathInc, Microsoft Corporation, Nice Systems Ltd, WorkFusion, Pegasystems, OnviSource, Salesforce, Kryon Systems
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