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Newark, May 10, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 2.3 Billion Robotic Process Automation (RPA) market will reach USD 66 Billion by 2032. Higher prevalence of RPA in various end-user industries, such as BFSI, Healthcare, Retail, IT and others encourage the global use of Robotic Process Automation (RPA). Furthermore, rapid technological advancements and use of AI based software may propel the growth of the Robotic Process Automation (RPA) in the market.
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Report Coverage Details
|Market Size in 2022||USD 2.3 Billion|
|Market Size in 2032||USD 66 Billion|
|No. of Pages in Report||235|
|Segments Covered||Type, Application, Deployment, Orgnization|
|Drivers||Rising demand from the end-user industries|
|Restraints||Higher automation costs|
North America to account for the largest market size during the forecast period. Whereas Asia Pacific is expected to be the fastest growing region in the period forecasted.
North America emerged as the largest market for the global Robotic Process Automation (RPA) market, with a 37% share of the market revenue in 2022. Asia-Pacific region is anticipated to exhibit highest growth rate over the period. Nations such as China, India, and Japan have a tremendous demand for RPA across the verticals. Also, multiple key players in these countries lend a helping hand towards the market growth. In May 2022, UiPath entered into partnership agreement with U.S.-based document workflow automation platform. This was done to enhance and empower the growth of the SMEs to digitalize the business and run the same in an effective and efficient manner.
Services dominated the market with the most significant market with 60% share in the year 2022.
Various services such as, consulting and training have helped the market upgrade its automation process, which have ultimately helped in higher scaling, and increased productivity in the market. Thereby leading towards the growth of the RPA Market.
BFSI accounted for the largest share of the market, with a market revenue of USD 1 Billion in 2022.
BFSI segment has dominated the RPA market with 43% of the market share and is expected to be the fastest growing market, globally. RPA’s various services and minimization of the redundant efforts has helped the BFSI sector grow at a faster pace.
On-premises accounted for the largest share of the market, with a with 52% market share.
On-premises segment occupies largest market share whereas the cloud segment is expected to be the fastest growing segment in the RPA market. On-premises helps the companies governing RPA systems and taking care of their requirements that requires handling extensive data and providing meaningful insights out from the same.
Large Enterprises accounted for the largest share of the market, with a market revenue of USD 1.46 Billion in 2022.
Large Enterprises captures the largest market share with 62% market share. Larger the organization, larger the organizational activities and higher data error chances. Therefore, Larger organizations are deploying RPA technology to minimize the human error, redundant activities and reducing the time that is wasted in the conventional activities. which in turn, reduced the operational and overhead costs of the large organizations.
● In October 2022: Automation Anywhere entered into partnership agreement with IBM. The main objective of this partnership was to provide a platform where assimilation of people, process and the work can work in a streamlined manner.
● In October 2022: SS&C Technologies launched SS&C Blue Prism. New product line of various automation products. This product line integrates BPM, RPA, and low-and no-code characteristics, that provides varied automation services to its end-users.
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Drivers: Rising demand from the end-user industries
Increased demand from various end-user industries has led to the growth of the RPA Market. BFSI sector, for example, uses RPA technology to smoothen the process of granting loans, opening of the bank accounts, deposits. Thereby improving the effectives and efficiency of the bank and other financial institutions. Additionally, various financial institutions are also integrating RPA and AI-based technology to set new policies, procedures and other regulations that are essential to the BFSI services.
Restraint: higher automation costs
higher automation and installation costs of RPA is one of the major factors that may hinder the growth of the RPA market. There is large chunk of MSME’s that are not able to incur these costs. This has led only the MNC’s and other large institutions taking unprecedented advantage of the technology. This in turn, may hinder the organization’s growth.
Opportunity: Technological advancements
technological advancements and integration of various AI-based software to deliver quality results to the end-users and expanding the company’s growth at unprecedented levels have opened the white spaces for the companies to tap into the dynamic market may provide lucrative opportunities to the growth of the RPA market.
Challenge: lower levels of employment of manpower
Because of the adoption of Robotic Process Automation (RPA), globally. There is great reduction in the employment, which has substituted the jobs of the labour. This is one of the major challenges towards the linear employment opportunities offered at various levels of the organizational hierarchy.
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Some of the major players operating in the Robotic Process Automation (RPA) market are:
● Automation Anywhere
● Blue Prism
● OnviSorce Inc
● NTT Advanced Technology Corp
● AntWork Inc
● KOFAX Inc
● FPT Software
Key Segments cover in the market:
● Pharma & Healthcare
● Retail & Consumer Goods
● Information Technology (IT) & Telecom
● Communication and Media & Education
● Logistics and Energy & Utilities
● Large Enterprises
● Small & Medium Enterprises
About the report:
The global Robotic Process Automation (RPA) market is analysed based on value (USD trillion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
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