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Robotic Process Automation Market to Hit USD 50.50 Billion by 2030; Growing Adoption of AI and Cloud-based RPA to Augment Robotic Process Automation Adoption

February 06, 2023 | Information & Technology

The global robotic process automation market size was valued at USD 10.01 billion in 2022. The market value is slated to rise from USD 13.86 billion in 2023 to USD 50.50 billion by 2030, registering a healthy CAGR of 20.3% over 2023-2030. Fortune Business Insights™ presents this information in its latest report titled “Robotic Process Automation (RPA) Market Size, Share & COVID-19 Impact Analysis, By Component (Software and Services), By Operation (Rule-Based and Knowledge-Based), By Application (Administration and Reporting, Customer Support, Data Migration & Capture Extraction, Analysis, and Others), By Industry (Retail, Manufacturing & Logistics Industry, BFSI, Healthcare, IT and Telecom, Hospitality, and Others), and Regional Forecasts, 2023-2030”.


The adoption of Robotic Process Automation across enterprises of all sizes is increasing as organizations aim to boost productivity and generate high Return on Investments (ROI). To meet the growing demand, leading market players are introducing novel RPA solutions powered by AI, machine learning, and cloud that help businesses automate processes.


Robust Adoption Across Healthcare Benefited Market Outlook amid COVID-19


The robotic process automation market growth experienced a positive trend during the COVID-19 pandemic, led by a notable uptick in the adoption of RPA software and solutions across the healthcare sector. The global market witnessed a robust 8.8% growth during 2020 as compared to the previous year. In terms of revenue, this translates to a growth of nearly USD 5.06 billion. Wide application in vaccine manufacturing also benefited the market outlook amid the pandemic.


Microsoft Ups RPA Game with Softomotive Acquisition


In May 2020, Microsoft Corporation, the American multinational giant, completed the acquisition of Softomotive to expand RPA functionalities in the Microsoft Power Automate platform. The software giant aims to democratize RPA and enable end-users to create bots for automating manual business processes. The combination of Power Automate and WinAutomation will offer end-users additional options for RPA desktop authoring and enable RPA connectivity to several new apps and services, including SAP.


Rising Adoption of AI, Machine Learning, and Cloud to Propel Market Growth


The industry trends are anticipated to be influenced by the rising adoption of advanced technologies such as cloud, machine learning, and AI. RPA solutions are enabling organizations to handle increasingly complex data and to automate business processes. More and more enterprises are developing AI and cloud-based RPA software and solutions to optimize workflows automatically.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/robotic-process-automation-rpa-market-102042


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.


Notable Industry Development:



  • November 2021: UiPath, Inc. introduced the new 2021.10 advanced RPA platform that allows customers to automate their business processes more effectively.


List of Key Players Profiled in the Report



  • Automation Anywhere (U.S.)

  • Blue Prism Group PLC (U.K.)

  • UiPathInc. (U.S.)

  • Microsoft Corporation (U.S.)

  • Nice Systems Ltd. (Israel)

  • WorkFusion, Inc. (U.S.)

  • Pegasystems, Inc. (U.S.)

  • OnviSource, Inc. (U.S.)

  • Salesforce (Servicetrace GmbH/Mulesoft, Inc.) (Germany)

  • Kryon Systems (U.S.)


Further Report Findings



  • North America dominated the robotic process automation market share in 2022 with a revenue share worth USD 5.78 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 2023-203 led by the increased adoption of RPA software across the automotive manufacturing sector.

  • The market in Europe will gain traction led by increasing adoption across the U.K., Germany, and Italy.


Table of Segmentation






























































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 20.3% from 2023 to 2030



Unit



Value (USD billion)



Segmentation



By Component, By Operation, By Application, By Industry, and By Region



By Component




  • Software

  • Services



By Operation




  • Rule-Based

  • Knowledge-Based



By Application




  • Administration and Reporting

  • Customer Support

  • Data Migration & Capture Extraction

  • Analysis

  • Others (Compliance, Strategy)



By Industry




  • Retail

  • Manufacturing and Logistics Industry

  • BFSI

  • Healthcare

  • IT and Telecom

  • Hospitality

  • Others (Education, Travel & Transportation, Government)



By Region




  • North America (By Component, By Operation, By Application, By Industry, and By Country)

    • U.S. (By Application)

    • Canada (By Application)

    • Mexico (By Application)



  • South America (By Component, By Operation, By Application, By Industry, and By Country)

    • Brazil (By Application)

    • Argentina (By Application)

    • Rest of South America



  • Europe (By Component, By Operation, By Application, By Industry, and By Country)

    • U.K. (By Application)

    • Germany (By Application)

    • France (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Russia (By Application)

    • Benelux (By Application)

    • Nordics (By Application)

    • Rest of Europe



  • Middle East & Africa (By Component, By Operation, By Application, By Industry, and By Country)

    • Turkey (By Application)

    • Israel (By Application)

    • GCC (By Application)

    • South Africa (By Application)

    • North Africa (By Application)

    • Rest of the Middle East & Africa



  • Asia Pacific (By Component, By Operation, By Application, By Industry, and By Country)




    • China (By Application)

    • Japan (By Application)

    • India (By Application)

    • South Korea (By Application)

    • ASEAN (By Application)

    • Oceania (By Application)

    • Rest of Asia Pacific



Robotic Process Automation (RPA) Market
  • PDF
  • 2022
  • 2019-2021
  • 169

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