Robotic Process Automation Market Is Forecasted To Account For US$ 26.5 Billion By 2033

Rockville, US, 2023-Jul-28 — /EPR Network/ —

The global demand for robotic process automation stands at a market value of US$ 3.2 billion in 2023 and is expected to reach US$ 26.5 billion in revenue by the end of 2033.

Increasing investments in automation research and development, as well as the increasing availability of technologies such as RPA OCR (Optical Character Recognition) tools and automated robots, are expected to cement demand for robotic process automation services across the globe. By the conclusion of the forecast period, sales of RPA monitoring tools for cybersecurity, risk management, and compliance management are expected to skyrocket.

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Market Drivers:

The Robotic Process Automation (RPA) market is driven by several factors, including:

• RPA technology can automate repetitive and time-consuming tasks, resulting in significant cost savings for organizations. By automating tasks, companies can reduce the need for manual labor and increase efficiency, leading to cost savings. These factors are expected to drive the growth of the market.
• Moreover, RPA can perform tasks faster and more accurately than humans, leading to increased efficiency and productivity. This can help companies complete tasks faster, reduce errors, and increase throughput.
• RPA can improve the customer experience by enabling faster and more accurate responses to customer inquiries and requests. This can help companies improve customer satisfaction and retention.
• RPA can help simplify complex business processes by automating repetitive and manual tasks. This can help companies streamline operations, reduce errors, and improve compliance.
• RPA can be easily scaled to meet the needs of organizations of all sizes, from small businesses to large enterprises. This makes it an attractive solution for companies looking to automate their business processes.
• RPA can be easily integrated with other technologies, such as artificial intelligence (AI) and machine learning (ML), to further improve efficiency and productivity.

Key Market Trends:

• The RPA market has witnessed significant growth in recent years due to the increasing adoption of automation technologies across various industries. Companies are leveraging RPA to automate repetitive and mundane tasks, resulting in increased efficiency, accuracy, and productivity.
• With advancements in artificial intelligence and machine learning, intelligent automation has become a new trend in the RPA market. Intelligent automation combines RPA with AI and ML to enable machines to learn from data and make intelligent decisions.
• Cloud-based RPA solutions have gained popularity due to their flexibility, scalability, and cost-effectiveness. Cloud-based solutions offer easier access to data and analytics, enabling organizations to make informed decisions.
• Hyper automation is the integration of multiple automation technologies, including RPA, AI, ML, and other cognitive tools. Hyper automation enables end-to-end automation of business processes, resulting in improved efficiency, agility, and customer satisfaction.
• The healthcare sector is rapidly adopting automation technologies, including RPA, to improve operational efficiency, reduce costs, and enhance patient care. RPA is being used in areas such as claims processing, medical coding, and patient data management.
• Companies are using RPA to enhance customer experience by automating customer support processes, such as chatbots and virtual assistants. RPA helps companies to provide quick and efficient support to their customers, resulting in improved customer satisfaction.

Market Restraints:

There are several restraints to the Robotic Process Automation (RPA) market. Here are some of the most significant ones:

• RPA systems are currently limited to performing repetitive and rule-based tasks, which means that they have limited cognitive ability. This can be a constraint for organizations that need to automate more complex processes that require decision-making and problem-solving capabilities.
• RPA systems are designed to work with structured data and may have difficulty processing unstructured data such as images, audio, and video. This can be a limitation for organizations that need to automate processes that involve unstructured data.
• RPA systems can be challenging to scale up. As the volume of data and processes increases, organizations may need to invest in additional hardware and software to support the system.

Competitive Landscape:

To establish a sustainable market share, key companies in the market are focusing on expanding new automation technologies and automation services.

• For instance, In September 2022, Newgen Software announced the launch of its new integrated RPA offering. Moreover, the company has boosted its automation process to further support its automation and development capabilities.

Key Companies Profiled in Robotic Process Automation Industry Report

• UiPath
• Automation Anywhere Inc.
• Redwood Software
• NICE
• Blue Prism
• Pegasystems
• Kofax
• KOFAX
• NTT Advanced Technology Corporation
• Genpact Ltd.
• WorkFusion
• EdgeVerve
• IPsoft Inc.

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Robotic Process Automation Industry Research Segmentation

• By Type :
  • Software
  • Services
• By Service :
  • Consulting
  • Implementation
  • Training
• By Organization Size :
  • Large Enterprises
  • SMEs
• By Deployment :
  • Cloud
  • On-Premise
• By Application :
  • BFSI
  • Manufacturing
  • Pharma & Healthcare
  • Retail
  • Telecom & IT
  • Others
• By Region :
  • North America
  • Latin America
  • Europe
  • APAC
  • MEA

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