Robotic Process Automation (RPA) Market - Size, Industry Share, Growth Trends and Forecasts (2023 - 2030)

By Component :

Based on the component, the market is bifurcated into software and services. The software segment accounted for the largest revenue share in the year 2022. The increasing demand for automation in industries such as manufacturing, retail, and healthcare is driving the growth of software segment. RPA software is used to automate a wide range of business processes, including data entry, invoice processing, customer service, and supply chain management. Moreover, RPA software platforms include drag-and-drop interfaces for building automation workflows, bots for executing automated tasks, and analytics tools for monitoring and optimizing business performance. In conclusion, the growing demand for automation in industries to increase the efficiency of business processes is driving the growth of robotic process automation market.

The services segment is expected to register the fastest CAGR growth during the forecast period. Organizations require support in identifying and prioritizing processes for automation such as designing, implementing, and maintaining automation solutions. The services segment provides consulting, implementation, and support services to help organizations achieve their automation goals. For instance, in December 2022, the Service Automation Framework Alliance (SAFA) launched a new product level for the Service Automation Framework (SAF) called the Robotic Process Automation Foundation (RPAF) to provide a uniform approach to RPA implementation, thereby allowing organizations to adopt and scale RPA solutions.

By Operation :

Based on the operation, the market is divided into rule-based and knowledge-based. The rule-based segment accounted for the largest revenue share in the year 2022. Rule-based RPA solutions are cost-effective and easier to deploy as they involve tasks that have well-defined processes and workflows to automate repetitive tasks. Therefore, rule-based RPA solutions are well-suited for automating tasks such as data entry, invoice processing, and HR onboarding. Moreover, rule-based RPA solutions are implemented without major changes to existing IT systems or processes, thereby allowing businesses to quickly adapt to the new systems. For instance, in June 2022, MuleSoft launched the rule based MuleSoft RPA Ecosystem to provide organizations with a comprehensive set of tools and capabilities to automate business processes.

The knowledge-based segment is expected to emerge as the fastest-growing segment during the forecast period. Knowledge-based RPA solutions provide greater accuracy and efficiency thereby helping businesses to make informed decisions. Knowledge-based RPA solutions use artificial intelligence (AI) technologies to analyze and interpret data and make decisions based on that analysis. Consequently, knowledge-based RPA is used to automate complex tasks that involve unstructured data, such as document processing, customer service, and fraud detection. As a result, the ability of knowledge-based RPA to handle complex business processes to provide accuracy is contributing to the growth of robotic process automation market.

By Enterprise Size :

Based on the enterprise size, the market is bifurcated into large enterprises and SMEs. The large enterprise segment accounted for the largest revenue share in the year 2022. Large enterprises have more complex business processes than small and medium-sized enterprises (SMEs), thereby requiring more automation to improve efficiency and reduce costs. RPA solutions help businesses to streamline and automate complex processes to enhance the overall productivity of the business.

Moreover, large enterprises have greater resources, including funding, infrastructure, and staff, dedicated to implementing RPA solutions. For instance, in August 2022, Automation Anywhere launched a new contact center solution aimed at empowering enterprises to deliver faster and better service. In conclusion, the adoption of RPA solutions by large enterprises to increase the productivity and efficiency of the processes is driving the growth of robotic process automation market.

The SMEs segment is anticipated to witness the fastest CAGR growth during the forecast period. SMEs are becoming aware of the benefits of RPA solutions, such as cost savings, improved productivity, and reduced errors. As a result, SMEs are investing in RPA solutions to improve the business processes. Moreover, RPA solutions are becoming easily accessible for SMEs, requiring minimal IT resources and technical expertise. As a result, the affordability and the ease of deployment of RPA solutions is contributing to the growth of robotic process automation market during the forecast period.

By Application :

Based on the application, the market is segregated into administration & reporting, customer support, data migration & capture extraction, analysis, and others. The administration & reporting segment accounted for the largest revenue share of 27.85% in the year 2022. Administration and reporting involve a range of repetitive and time-consuming tasks such as data entry, invoice processing, and report generation. RPA solutions automate such tasks, enabling organizations to improve operational efficiency, thereby leading to better decision-making and improved customer satisfaction.

The analysis segment is expected to register the fastest CAGR growth during the forecast period. The increasing need for complex data analysis is driving the growth of robotic process automation market. The growing volume of data requires advanced analytics capabilities to derive insights and make informed decisions. RPA solutions automate data extraction and analysis, enabling organizations to gain valuable insights and improve the decision-making processes. As a result, RPA solutions are used for data analysis tasks, such as predictive modeling and forecasting to improve the overall outcome of the businesses. For instance, in August 2021, Wipro Limited collaborated with HERE Technologies to offer location-based services and analytics in the areas of asset tracking, logistics, supply chain, smart-metering and analytics. Thus, the increasing demand for data analysis and the need for specialized expertise is driving the growth of robotic process automation market.

By End-User :

Based on the end-user, the market is segmented into retail, manufacturing & logistics, BFSI, healthcare, IT & telecommunication, hospitality, and others. The BFSI segment accounted for the largest revenue share in the year 2022. The BFSI sector has a high volume of repetitive, rule-based processes that are well-suited for automation. As a result, the BFSI industry is adopting RPA solutions to automate the processes such as account opening, data entry, and payment processing, and others.

The healthcare industry is expected to witness the fastest CAGR growth during the forecast period. The increasing demand for cost-effective and efficient healthcare services is driving the growth of robotic process automation (RPA) market. RPA helps to automate repetitive and manual tasks such as patient record keeping, claims processing, and billing, thereby reducing administrative costs and improving the accuracy and speed of the processes. For instance, in March 2022, SS&C Technologies Holdings, Inc. acquired Blue Prism Group Plc to expand its automation services and software capabilities across healthcare and financial services sectors. Moreover, the increasing adoption of electronic health records (EHRs) in healthcare industry is further driving the growth of robotic process automation market.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

North America accounted for the largest revenue share in the year 2022 valued at USD 938.43 million and is projected to grow at a CAGR of 30.3% during the forecast period. In addition, in the region, United States accounted for the maximum revenue share of 42.7% in the year 2022. The high demand for automation in North America due to the need for improved efficiency, increased productivity, and reduced operational costs is driving the growth of robotic process automation market. Moreover, North America has a high adoption rate of advanced technologies such as artificial intelligence (AI) and machine learning (ML) that further accelerate the growth of the robotic process automation market. Additionally, key players such as Automation Anywhere, UiPath Inc., and Microsoft Corporation in the region are constantly driving innovation and developing new RPA solutions, leading to the expansion of the market. For instance, in March 2021, Microsoft Corporation launched robotic process automation for its Windows 10 users to help automate repetitive tasks.

The Asia-Pacific region is anticipated to witness the fastest CAGR of 31.1% during the forecast period. The increasing adoption of automation and digital transformation initiatives by organizations in various industries such as BFSI, healthcare, manufacturing, and retail is driving the growth of robotic process automation market. Moreover, the growing need for cost-effective and efficient business processes is driving the demand for RPA solutions in the region. Therefore, the increasing demand for automation along with several initiatives to digitalize operations in various industries is contributing to the growth of the robotic process automation market.