Robotic Process Automation Market (By Type: Software, Service; By Deployment: Cloud, On-Premise; By Industry: BFSI, Pharma & Healthcare, Manufacturing, Logistics, and Energy & Utilities, Others)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

According to Nova one advisor, the global Robotic Process Automation market was valued at USD 2.18 billion in 2021 and it is expected to hit around USD 30.95 billion by 2030 with a CAGR of 38.9% during the forecast period 2022 to 2030.

Key Takeaways:

• By Type, the North America Robotic Process Automation market was valued at USD 790.2 million in 2021 and expected to witness growth at a CAGR of 37.9% from 2022 to 2030.
• The service segment dominated the market in 2021 and is estimated to continue dominance with the increasing demand to achieve continuous high-volume tasks by outsourcing RPA.
• The cloud deployment segment is expected to grow at a high CAGR during the forecast period. The segment is estimated to grow at a steady pace in the coming years, driven by increasing RPA adoption through the cloud.
• Asia Pacific region is anticipated to rise at a healthy CAGR over the forecast period. The growth is attributed to the rising demand for automation in the Business Process Outsourcing (BPO) sector in the region.
• Due to the coronavirus outbreak, top players participating in the market are concentrated on introducing solutions and services with the latest technologies. In June 2021, NTT Advanced Technology Corporation launched WinActor Talk Option, a chat service for business process automation and an extension of WinActor RPA. With this service, users are not required to be in front of the terminal and can respond from wherever they are. The service will further promote direct customer experience (entails employees interacting with customers face-to-face or by means of electronic communication) and operational efficiency for the COVID-19 era. 

 The increasing need for reduced operational costs is a significant driving factor for the market. Furthermore, the installation of the market with ease of business processes and transformation of robotic process automation with traditional business processes have boosted the market growth.

Continuous improvement and automation remain top of the strategic plan for an organization. Adopting some form of automation within enterprises is either on the roadmap or in a pilot stage. As a result, the implementation of RPA for ensuring cost reduction to build improved compliance, productivity, and maximize returns are becoming the top priorities for businesses. Moreover, focusing on improved outcomes through measurable indicators such as improved quality of work and time saving are positively impacting the dynamics of RPA within industries.

Additionally, RPA technology has proven to reduce the cost of a full-time offshore employee by half. RPA is creating a shift after labor arbitrage to reduce labor costs by 25 to 40 percent in business processes and IT environments. Moreover, the software robot replaces two to five full-time employees and the amount of work done by them, thereby increasing the efficiency of business processes.

The COVID-19 outbreak has sped up the demand for a workforce with digital skills across enterprises and opened up new directions for RPA companies to capture the market. Automation is anticipated to define the work after the pandemic as the organizations are witnessing organizational changes with work from home employees. The positive result of applying RPA during a recession influenced by the pandemic is anticipated to grow its demand post-pandemic and propel market growth.

Report Scope of the Robotic Process Automation Market

Report Coverage	Details
Market Size	USD 30.95 Billion by 2030
Growth Rate	CAGR of 38.9% from 2022 to 2030
Largest Market	North America
Fastest Growing Market	Asia Pacific
Base Year	2021
Forecast Period	2022 to 2030
Segments Covered	Type, service, deployment, organization, application and Region,
Companies Mentioned	Automation Anywhere; Blue Prism; EdgeVerve Systems Ltd.; FPT Software; KOFAX, Inc.; NICE; NTT Advanced Technology Corp.; OnviSource, Inc.; Pegasytems; UiPath

 Type Insights

The service segment dominated the global market with a 62.1% share in 2021 and is expected to continue its dominance over the coming years. The service segment comprises consulting, implementing, and training services. The high competition among enterprises has urged the service providers to improve their consulting, training, and advisory services. The continuous upgrades in automation services that enable high scalability and minimize cost have driven the demand for RPA as a service. The implementation of RPA as a service assist organization to identify the automation opportunities to be optimized and then building business cases by concentrating on the proper vendor selection for a step toward pilot project deployment.

The software segment is estimated to expand at a steady CAGR in the forecast period as RPS software enables agile and cost-effective business operations through rapid automation of rule-based, manual, and back-office administrative processes. It improves accuracy and reduces the cost of implementation by creating a virtual workforce. The market leaders offer software/platform licenses per the enterprise business need and rules required to automate the specified processes. In June 2021, Kofax Inc. a U.S. based company acquired PSIGEN Software, Inc., a leading provider of content management, document capture, and workflow automation software and solutions, providing a wide range of solutions and software in the marketplace and augmenting the intelligent automation platform of the company. PSIGEN’s content management software, PSIsafe, and document capture software, PSIcapture, are quite simple to deploy and offer robust capabilities.

Deployment Insights

The on-premise segment is expected to be the highest revenue share of 80.1% in 2021 and will expand further at a steady CAGR from 2022 to 2030. On-premise deployment in organizations ensures that RPA access policies follow in-house protocol. Moreover, it helps the organizations to govern and customize the RPA systems as per the requirement. Additionally, the large-scale enterprises were doubtful about revealing their information and internal data, leading to the high adoption of on-premise deployment of RPA systems.

The cloud segment growth is attributable to the rising adoption of RPA outsourcing services in which the solution is installed on the cloud for enterprises. The RPA service provider buys and converts licenses for the client to deploy RPA bots into a process. Thus, the bots are immediately ready to operate as the client starts using RPA cloud services. RPA deployed through the cloud offers automatic upgrades, low infrastructure cost, ease of deployment, and less maintenance cost. Moreover, the adaptation to cloud-based IT infrastructure is also driving end-user to cloud-based RPA deployment that can also solve cybersecurity concerns in a robust manner.

Organization Insights

The large enterprise segment estimated for the largest revenue share of more than 67.0% in 2021. Many large enterprises deploy RPA to reduce the time invested in conventional activities and invest the saved time in strategic decision-making. Moreover, RPA enables large enterprises to depend on automation for reducing human errors, reducing overhead expenses, improving work efficiency, and adherence to regulatory compliance. As the pandemic hinders revenue targets of enterprises, the RPA vendors extended licensing period at no additional cost for their existing clients as these solutions are attributed as a crucial part to execute automated tasks with a reduced workforce.

The SME segment is expected to register the highest CAGR during the forecast period. These enterprises are aggressively opting for RPA due to flexibility, cost-effectiveness, lower technology risks, resource utilization scalability, and improved organizational productivity. The increasing awareness about the advantages of using automation within SMEs can help boost the market growth. SMEs have limitations regarding human resources and budget and need to retain their operational expenses. The RPA enables SMEs to overcome the reduced human error and shortage of employees for redundant tasks by supporting automation functions, which is expected to boost the robotic process automation market.

Application Insights

The BFSI sector held the largest revenue share in 2021, accounting for 29.0% of the overall market. The application of RPA in BFSI sectors enables banks and other financial institutions to automate business processes, such as account opening, deposits, and lending loans, primarily to optimize costs. Moreover, it enhances speed, efficiency and offers broad insights on integration with AI, which are essential for the BFSI sector to work out new policies and services. Due to rapid globalization, the growing financial activity has increased transactions and data volumes structured around legacy systems that are hard to integrate.

The Pharma & Healthcare segment is anticipated to record the fastest growth over the forecast period owing to the rising demand for RPA to automate the hospital management systems. Moreover, RPA in the communication and media & education sector is mainly used to connect, cooperate, and interact across numerous channels via cloud-based applications, web applications, or mobile apps. Further, RPA and AI are being used by media and communications businesses to save costs and enhance the customer experience. RPA in the IT & telecom sector is mainly used to tackle the ever-changing regulatory compliance and support a product through its entire lifecycle.

In August 2020, OnviSource, Inc. launched Liaa TeleServ Intelligent Virtual Agent, which provides Telephone Answering Service (TAS) and fully automated teleservice applications and user-friendly interactions. It automates the entire process of a live agent with teleservices, including conducting relevant interactions with callers, automated custom greetings, and accurate recording of interaction in both text and audio using its speech-to-text transcription and end-to-end multimedia message handling.

Regional Insights

North America accounted for 37.30% revenue share in 2021 and is expected to grow steadily over the forecast period. This is estimated by the high penetration rate of automation solutions and process management among government agencies and enterprises in the region. Furthermore, the application of RPA among North America’s SMEs due to rising knowledge about improving various business functions, such as data entry, accounting/finance, procurement detail, record keeping, and several other HR-related functions, is augmenting the market growth. Moreover, according to a survey conducted by Signavio (Germany)in 2020, a business process management vendor, around 1,000 employees from the U.S. resisted changing their job roles and relucted to switch from manual to automation which is expected of the country’s market growth.

Asia Pacific has been the largest growing region in the robotic process automation market due to the rising solutions and services adoption across the healthcare, pharma, IT and Telecom, manufacturing, and retail industries. Further, rising automation demand in the Business Process Outsourcing (BPO) sector and rising knowledge of automation among various industries and SMEs are factors impacting the region's favorable market growth.

In June 2021, FPT Software announced its partnership with Sitecore, a U.S.-based digital experience software provider, to promote Sitecore digital marketing solutions to a broader range of businesses with intelligent automation, digital/IT transformation, and low code in Japan. The partnership will open opportunities for several enterprises in Japan. Moreover, FPT Software will be able to connect with Sitecore’s business ecosystem with leading enterprises in advertising & public relations and IT consulting & services. This high potential region has several influential vendors trying to expand their presence and market share as Asia is known as the hub for IT, outsourcing services, and manufacturing sectors which have immense demand for automation to minimize repetitive work, which supports the regional market growth.

Some of the prominent players in the Robotic Process Automation Market include:

• Automation Anywhere
• Blue Prism
• EdgeVerve Systems Ltd.
• FPT Software
• KOFAX, Inc.
• NICE
• NTT Advanced Technology Corp.
• OnviSource, Inc.
• Pegasystems
• UiPath

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Robotic Process Automation market

• Type 

• Software
• Service

• Consulting
• Implementing
• Training
• Deployment 
• Cloud
• On-premise
• Organization 
• Large Enterprises
• Small & Medium Enterprises
• Application 
• BFSI
• Pharma & Healthcare
• Retail & Consumer Goods
• Information Technology (IT) & Telecom
• Communication and Media & Education
• Manufacturing
• Logistics and Energy & Utilities
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Robotic Process Automation industry analysis from 2022 to 2030 to identify the prevailing Robotic Process Automation industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Robotic Process Automation industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Robotic Process Automation industry trends, key players, market segments, application areas, and market growth strategies.