RPA Market Is Set To Grow At A CAGR 28.30% To Reach Valuation Of USD 32.7 Billion By 2030 – Report by Market Research Future (MRFR)

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New York, US, Sept. 21, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Robotic Process Automation Market, By Process, Operations, Type, Industry – Forecast 2030”, the market is anticipated to acquire a valuation of approximately USD 32.7 Billion by the end of 2030. 

Robotic Process Automation Market Analysis 

The reports further predict the market to flourish at a robust CAGR of over 28.30% during the assessment timeframe (2022 to 2030), as per the Market Research Future report.

RPA Report Scope:

Report Attribute/Metric Details
  Market Size by 2030 USD 32.7 Billion
  CAGR 28.30% (2022-2030)
  Key Market Opportunities RPA manufacturers are slowly introducing a new generation of products to market and they encourage greater productivity among workers.
  Key Market Drivers Improved operation cost for businesses, growing usage of smartphones.
Spurring demand for technologically sophisticated and advanced electronics products.

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Drivers 

Rising Use of Advanced Technologies to Bolster Market Growth 

The rising adoption of advanced technologies like ML, Cloud, and AI will boost market growth over the forecast period. These solutions are becoming more and more in demand within enterprises to handle complicated data, information, and business process automation. To automate their business processes, major competitors in the industry are fusing cutting-edge technologies including cloud, machine learning, AI, and cognitive technologies. These AI and cloud-based technologies track employee activity, automatically identify the best procedures, and offer enterprises self-regulatory routes. AI and cloud-based RPA software and solutions are being developed by businesses.

RPA Market Opportunities 

Alluring Features to offer Robust Opportunities 

Due to RPA’s scalability, minimal investment needs, & high return on investment, its use is expanding across a wide range of industry sectors. This will offer robust opportunities for the market over the forecast period. 

Restraints and Challenges 

Data Insecurity Risk to act as Market Challenge 

The data insecurity risk and lack of awareness about robotic process automation may act as market challenges over the forecast period. 

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RPA Market Segmentation 

The robotic process automation market is classified based on organization size, component, and robot type. 

By robot type, the robotic process automation market is segmented into Cartesian, SCARA, Articulated, Delta, 6-Axis Robots, Redundant, Dual-Arm, Parallel and Others. 

By component, the robotic process automation market is segmented into Motors, Generators, Motor Controls, Automation Equipment, and Power Transmission Equipment.

By organization size, the robotic process automation market is segmented into large enterprises and SMEs. 

COVID-19 Analysis 

The global epidemic had an impact on corporate operations both within and outside. While business was declining in the retail, manufacturing, and IT & Telecom sectors, healthcare organizations had been overburdened via the rising number of Covid-19 cases. This unusual occurrence had an effect on back-end and front-end office operations, leading to things like prolonged response times, worker exhaustion, a backlog of paperwork, and delays in the supply chain, among others. In order to reduce expenses, speed up customer service, and simplify testing and reporting, an automated solution has to be implemented. The epidemic has also accelerated the need for a digital workforce across industries, creating new chances for RPA suppliers to capture market share. Automation is likely to define employment after the epidemic as businesses undergo structural changes with people working from home. RPA’s positive outcome of being implemented during a pandemic-induced recession is projected to increase its demand after the pandemic and spur market growth.

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RPA Market Regional Analysis 

North America to Head RPA Market 

North America’s revenue share was 37.26% in 2021, and it is anticipated that it will continue to increase during the projection period. This is projected based on the region’s high rate of adoption of automation solutions and process management by businesses and government organizations. Additionally, the market expansion is being boosted by the adoption of RPA among North American SMEs as a result of growing awareness about enhancing various company operations, including data input, accounting/finance, procurement detail, record keeping, and several other HR-related functions. In addition, roughly 1,000 employees from the United States opposed changing their job duties and were reluctant to convert from manual to automation, despite the fact that this was predicted given the expansion of the country’s market, according to a poll done by Signavio (Germany) in 2020. With a 39% share of the global market in 2020, North America was the market leader. One of the most significant markets is the United States, which is one of the leading inventors and innovators in the adoption of robotics. Robotics are being used more frequently in the region, increasing US businesses’ competitiveness and opening up job opportunities and OEMs for process automation. According to the Association for Advancing Automation, since 2010, over 180,000 robots have been installed at various American businesses, leading to the development of over 1.2 million additional manufacturing jobs. Because more major as well as small and medium-sized businesses in the region are adopting self-regulated technologies and process management solutions, North America is anticipated to maintain its leadership and hold the largest position in the market over the forecast period. Additionally, the US government encourages organizations to implement automated solutions to streamline work procedures.

APAC to Have Admirable Growth in RPA Market 

Because more solutions and services are being adopted by the healthcare, pharmaceutical, information technology and telecommunications, manufacturing, and retail sectors, Asia Pacific has been the area with the fastest growth in the robotic process automation market. Additionally, factors influencing the region’s positive market expansion include expanding automation demand in the Business Process Outsourcing (BPO) sector and rising automation understanding among various industries and SMEs. Due to expanding product use across the pharmaceutical, healthcare, information technology and telecommunications, retail, and manufacturing industries, the Asia Pacific region is anticipated to have the quickest growth over the projection period. The desire for automation to be used for a variety of tasks in businesses is rising, and machine learning and artificial intelligence breakthroughs are also contributing to this growth in robotic process automation. Additionally, it is anticipated that rising awareness across various industries and SMEs will fuel market expansion. Regional expansion has also been aided by the expanding demand for automation in the Business Process Outsourcing (BPO) sector.

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Key Players 

Eminent market players profiled in the global robotic process automation market report include-

  • Broadcom Limited (U.S.)
  • Samsung Electronics Co. Ltd. (South Korea)
  • Huawei Technologies Co. Ltd. (China)
  • LG Corporation (South Korea)
  • Foxconn Technology Group (Taiwan)
  • Fanuc Corporation (Japan)
  • ABB Ltd. (U.S.)
  • Seiko Epson Corporation (Japan)
  • Nachi Robotic System Inc. (U.S.)
  • Nice Systems Ltd. (Israel)
  • Pegasystems (U.S.)
  • Redwood Software (U.S.)
  • Yaskawa Electric Corporation (Japan)
  • Denso Wave Incorporation (U.S.)
  • KUKA Robotics (Germany)

Related Reports:

RPA for Smartphone Manufacturing Market Research Report: Information by Robot Type, by Component, by Organization Size and by Region – Forecast till 2027

Enterprise RPA Market Research Report: By Type, Process, Operations, Industry – Forecast Till 2027

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