How Has the Robotic Process Automation RPA Market Evolved Historically and What is its Current Size?
The robotic process automation rpa market has seen considerable growth due to a variety of factors.
• The market for robotic process automation (RPA) has seen substantial growth in the past few years. The projections indicate that it will expand from a value of $7.94 billion in 2024 to an estimated worth of $9.91 billion in 2025, reflecting a compound annual growth rate (CAGR) of 24.8%.
Factors such as improved cost efficiency, enhanced process accuracy and efficiency, scalability, risk mitigation and legal compliance, and a better customer experience have contributed to the growth observed during the historic period.
What Does Future Hold for The Robotic Process Automation RPA Market By 2029?
The robotic process automation rpa market is expected to maintain its strong growth trajectory in upcoming years.
• The market for robotic process automation (RPA) is projected to experience substantial expansion in the coming years, reaching a value of $24 billion in 2029 with a compound annual growth rate (CAGR) of 24.8%.
The surge during this forecast period can be ascribed to a rise in cloud-based RPA solutions, heightened adoption in small and medium enterprises (SMEs), a growing concentration on intelligent automation and increasing acceptance across diverse industries. Major trends impacting this period of forecast include new product developments, collaborations, technological progress, and the adoption of forward-thinking strategies to captivate and retain a larger customer base.
What Are The Primary Growth Drivers In The Robotic Process Automation RPA Market?
The escalating requirement for business process automation is expected to drive the growth of the robotic process automation (RPA) market. Business process automation (BPA) is defined as the application of technology to simplify and automate manual or routine tasks in organizational operations. The growing need for such automation springs from the desire to achieve enhanced efficiency, save costs, and boost productivity, crucial in today's rapidly transforming and competitive business sector. Robotic process automation (RPA) serves to meet this growing need by providing cutting-edge technological solutions that facilitate operations and optimize efficiency, enabling businesses to automate repetitive, rule-based jobs like data entry, invoice handling, and report creation, which were traditionally executed manually. For example, according to the World Bank Group, a US-based international financial institution, in July 2024, the aggregate project cost of 156 investments is approximately $6.172 billion, which includes borrower co-financing. The World Bank has contributed $5.283 billion of this sum to projects that surpass just the financial management information systems (FMIS). Precisely, the FMIS elements within these activities reflect about $1.226 billion in investments. Thus, the escalating demand for business process automation is fueling the growth of the robotic process automation (RPA) market.
What Is The Segmentation Of The Global Robotic Process Automation RPA Market?
The robotic process automation (RPA) market covered in this report is segmented –
1) By Component: Software, Services
2) By Operation: Rule-Based, Knowledge-Based
3) By Deployment: Cloud, On-Premise
4) By Organization: Large Enterprise, Small And Medium Enterprise
5) By Application: Banking, Financial Services, And Insurance (BFSI), Manufacturing, Healthcare And Pharmaceuticals, Information Technology (IT) And Telecommunications, Retail And Consumer Goods, Government And Defense, Energy And Utilities, Transportation And Logistics
Subsegments:
1) By Software: RPA Development Tools, RPA Deployment Tools, RPA Analytics Tools, RPA Integration Tools
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services
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How Are Emerging Trends Reshaping The Dynamics Of The Robotic Process Automation RPA Market?
Leading players in the Robotic Process Automation (RPA) industry are creating sophisticated solutions such as RPA technology to expedite buying processes for recurring customers. This innovative technology boosts operational effectiveness by automating monotonous tasks, minimizing errors, and enhancing productivity in commercial operations. For example, in December 2022, Liquid Payments Inc. (LQ), an American omnichannel healthcare payments platform, introduced a One-Click Payment scheme driven by Robotic Process Automation (RPA). This offers medical and dental businesses an improved level of comfort, dependability, and efficiency in processing patient payments. Custom-designed for enhancing the payment experience for patients and practices alike, it can be smoothly incorporated into any healthcare practice management system. The most recent improvement includes an enhanced integration layer, substantially improving the link between patient payments and the foundational Practice Management System (PMS). The result is an optimized and effective process that assures quicker and more precise patient payments for healthcare practices.
Who Are the Key Players In The Robotic Process Automation RPA Market?
Major companies operating in the robotic process automation (RPA) market are:
• Microsoft Corporation
• International Business Machines Corporation
• SAP SE
• CGI Inc.
• Xerox Corporation
• Genpact Limited
• Nice Systems Ltd.
• Pegasystems Inc.
• Verint Systems Inc.
• UiPath Inc.
• FPT Software
• BlackLine Inc.
• KOFAX Inc.
• Automation Anywhere Inc.
• IPsoft Inc.
• NTT Advanced Technology Corp.
• EdgeVerve Systems Ltd.
• Datamatics Global Services Limited
• Uniphore.
• WorkFusion Inc.
• Redwood Software
• Jacada Inc.
• AutomationEdge Technologies Inc.
• Kyron Systems
• OnviSource Inc.
• Salesforce (Servicetrace GmbH/Mulesoft Inc.)
• Blue Prism Group PLC
• Be Informed B.V.
• Jidoka
• HelpSystems LLC (HGGC)
What Are The Regional Insights Into The Robotic Process Automation RPA Market?
North America was the largest region in the robotic process automation (RPA) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the robotic process automation (RPA) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
