Robotic Process Automation Market

Robotic Process Automation Market Outlook (2023 to 2033)

The global demand for robotic process automation stands at a market value of US$ 3.2 billion in 2023 and is expected to reach US$ 26.5 billion in revenue by the end of 2033.

The global robotic process automation market has been forecasted to expand at a phenomenal 23.5% CAGR over the next ten years.

Digitization has become a prominent aspect of our day-to-day lives and this is anticipated to play a crucial role in augmenting the demand for robotic process automation (RPA) in the future. Increasing integration of advanced self-learning technologies such as artificial intelligence (AI), machine vision, machine learning (ML), and deep learning in various industry verticals are also slated to bolster intelligent process automation demand going forward.

Growing popularity of virtual assistants, deployment of advanced chatbots, and rapid adoption of automation technologies by companies to boost productivity and profitability are other key prospects that are anticipated to favour market development over the coming years. Implementation of industry 4.0 standards across the world and increasing adoption of AI in the retail industry are also slated to benefit sales of robotic process automation software.

• In February 2023, India’s leading aluminium producer, Vedanta Aluminium, announced that it had introduced robotic process automation in its commercial processes. The company achieved this by collaborating with Crave Infotech for the deployment of intelligent process automation and became the first metal company to use hyper-automation for its entire commercial procedure.

Increasing investments in automation research and development and the growing availability of products such as RPA OCR (Optical Character Recognition) tools and automated robots are estimated to cement the demand for robotic process automation services in the global landscape. Sales of RPA monitoring tools for cybersecurity, risk management, and compliance management are also projected to soar high by the end of the forecast period.

On the contrary, high initial investments to set up infrastructure and employ skilled staff to oversee the operations are projected to influentially inhibit robotic process automation demand in the long run. The dearth of skilled professionals, issues with adaptability, and increasing complexity of intelligent process automation technologies are slated to be other challenges that robotic process automation service providers will have to overcome through 2033.

A comprehensive assessment of supply chain management, local supply, product standards, safety regulations, and other market trends has been mentioned in this recently updated robotic process automation market research survey by Fact.MR, a market research and competitive intelligence provider.

Report Attributes	Details
Market Size in 2023	US$ 3.2 Billion
Projected Market Value (2033F)	US$ 26.5 Billion
Global Market Growth Rate (2023 to 2033)	23.5% CAGR
Market Share of North America (2022)	>50%
Market Share of Top 5 Companies (2022)	~30%
Key Companies Profiled	UiPath Automation Anywhere Inc. Redwood Software NICE Blue Prism Pegasystems Kofax KOFAX NTT Advanced Technology Corporation Genpact Ltd. WorkFusion EdgeVerve IPsoft Inc.

Which Market Trend Will New Companies Fixate On?

“Digital Transformation through Automation – Talk of the Town for Start-ups”

Rapid digitization in all walks of life around the world has created a highly opportune scenario for incoming robotic process automation providers and automation start-ups. Aspiring robotic process automation companies are projected to focus on raising new capital to advance their business potential and scale their offerings to compete with established market players in the future.

• In August 2022, Aisera, an IT company offering automation solutions and headquartered in California, United States, announced that it had raised US$ 90 million in a Series D financing round to automate customer service requests by use of language analyzing AI and RPA technology. The round was led by Goldman Sachs with participation from existing investors.
• In August 2021, Leapwork, an automation company founded in 2015, announced that it had closed its Series B round at US$ 62 million, which was co-led by Salesforce Ventures and KKR. The company had plans to use the funding to recruit new employees and scale its business operations in the global landscape.
• In February 2021, Infinitus, a new company providing voice robotic process automation software, emerged from stealth with a US$ 21.4 million capital that it raised from a Series A funding round from a pool of investors. The company is aiming to provide its voice RPA software specifically for healthcare companies.

Country-wise Insights

What Makes the United States an Appealing Market for Robotic Process Automation Providers?

“Swift Adoption of Advanced Process Automation Technologies”

The United States is anticipated to be a highly rewarding market for robotic process automation companies over the coming years owing to the high penetration of automation technologies in public and private sectors. Supportive government initiatives to improve workflows and promote productivity are also anticipated to create moneymaking opportunities for robotic process automation companies over the next ten years.

• The United States Air Force recently tested and adopted the robotic process automation technology that allows employees to program a bot that executes low-value and repetitive tasks for them. Federal agencies are now looking at ways to adopt RPA in different aspects of bureaucracy.

Why is Japan Considered a Profitable Market in This Space?

“Focus on Research & Development of Advanced Robotics”

Japan has been known for the use of advanced robotics since the 1970's and this makes it a highly opportune market for robotic process automation in the future. The growing aging population is also affecting Japan’s economic growth as the workforce of the country declines.

To combat the aforementioned issue and supplement economic development, the Japanese government is working on the automation of several aspects of different industry verticals, which is slated to bolster demand for robotic process automation solutions and services in the country throughout the forecast period.

• In 2015, the government of Japan revised its goals to establish the country as a robotics superpower in the world. The initiative was named ‘New Robot Strategy. Japan’s Robot Strategy–Vision, Strategy, Action Plan’ and was aimed at not only developing advanced robotics but also solving all the issues related to labor shortages in the country.

Where Will the Use of RPA Shine in European Countries?

“Robotic Process Automation to Improve Sustainability Ushering Market Growth Potential”

Sustainability has emerged as a prominent influential trend governing global market trends and this trend has significantly sculpted market growth prospects in the European region. Implementation of stringent laws to ensure sustainability and conserve the environment by different European country governments is also expected to foster demand for robotic process automation solutions and services.

Germany and the United Kingdom are estimated to emerge as opportune markets in this region across the forecast period. The presence of robust automotive manufacturing activity in this region is also projected to bolster demand for robotic welding automation and create attractive growth scope for process automation vendors going forward.

Category-wise Insights

Where is Robotic Process Automation Being Used Extensively?

“BFSI Applications to Spearhead RPA Demand”

Based on application, the robotic process automation market is segmented into pharma & healthcare, manufacturing, retail, telecom & IT, BFSI, and others.

Demand for robotic process automation is currently paramount in BFSI applications and is projected to maintain a similar stance across the forecast period. The surging use of automation in financial institutions and evolving demand for fintech-as-a-service are projected to create lucrative business scope for robotic process automation providers in the BFSI sector over the coming years. Automation of regulatory reporting, balance sheet reconciliation, and compliance management processes is slated to boost the adoption of robotic process automation software and services through 2033.

• In 2022, demand for robotic process automation in BFSI applications accounted for nearly 27% of the global market share.

Advancements in the manufacturing sector and growing demand for efficient manufacturing processes are anticipated to promote the adoption of intelligent process automation in manufacturing applications going forward. Welding automation is anticipated to gain massive popularity in the future and promote sales of automated welding robots and other automatic welding robotic products.

Competitive Landscape

Prime robotic process automation manufacturers are focusing on expanding their offerings by launching new automation technologies and process automation services.

• In September 2022, Newgen Software, a leading name in the digital transformation industry, announced the launch of its new integrated RPA offering. Through this new robotic process automation offering the company has strengthened its low-code process automation and development capabilities to further aid its customers to achieve end-to-end process automation.
• In April 2022, Gluware, a renowned automation provider, introduced a new tool called Network Robotic Process Automation (RPA) to simplify the orchestration of several automated tasks into a single workflow to help network engineers and operators.

Top-tier robotic process automation suppliers are also adopting strategies such as collaborations, mergers, acquisitions, and partnerships to advance their business potential and gain a competitive advantage over other market players.

• In March 2022, Blue Prism Group plc, a British multinational software company, was acquired by SS&C Technologies Holdings Inc., a leading American company headquartered in Connecticut. Through this acquisition, SS&C strengthened its automation portfolio across financial and healthcare sectors while bolstering its expertise in robotic process automation.

More insights about new developments by leading robotic process automation vendors and how they alter future pricing trends and product standards have been extensively discussed in this newly updated Fact.MR research study.

Robotic Process Automation Industry Research Segmentation

• By Type :

  • Software
  • Services

• By Service :

  • Consulting
  • Implementation
  • Training

• By Organization Size :

  • Large Enterprises
  • SMEs

• By Deployment :

  • Cloud
  • On-Premise

• By Application :

  • BFSI
  • Manufacturing
  • Pharma & Healthcare
  • Retail
  • Telecom & IT
  • Others

• By Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA