Robotic process automation (RPA) market to expand at a CAGR of 24.37% until 2032 to value USD 42.38 billion

Market Research Future (MRFR) has published a Half cooked research report on the “Global Robotic Process Automation Market”.

The market for robotic process automation (RPA) was estimated to be worth USD 5.77 billion in 2023. According to projections, the Robotic Process Automation (RPA) market industry will increase from USD 7.40 billion in 2024 to USD 42.38 billion by 2032, growing at a compound annual growth rate (CAGR) of 24.37% throughout the forecast period (2023-2032). The primary market drivers accelerating market growth include boosting demand for technologically cutting-edge and inventive electronic items and improved operational expenses for businesses with a rising smart phone adoption rate.

The growing demand for items with advanced technology is what is causing the robotic process automation (RPA) market CAGR to increase. Robotic process automation (RPA) refers to the design of computer software or a robot to record and understand current applications for rule-based transaction processing, alter data, launch responses, and interact with digital systems. Robotic process automation is the use of intelligent software to complete repetitive, high-volume tasks that would generally take humans a long time to complete and are usually boring. The use of intelligent software to complete such jobs is a focus of the robotic process automation market. The main reasons why businesses use RPA are its increased productivity, performance optimisation, integration of new technologies, higher returns, and the migration of business operations across the organisation.

The market for robotic process automation is expected to rise over the projected period as a consequence of the increased acceptance of RPA across a number of sectors. Robotic process automation technology has advanced over time.

One of the key elements driving the increased adoption of RPA technology is the growing demand for the automation of business processes. RPA solutions with complex features that are coupled with cutting-edge technology, like AI, are preferred by businesses. In an effort to provide improved RPA solutions, businesses in the robotic process automation sector have begun working together.

The incorporation of AI technology into RPA systems has led to improved business outcomes, the creation of new positions, as well as an increase in return on investment and a reduction in labour expenses, among other benefits. Robotic process automation (RPA) bots can also carry out operations across many platforms to collect data from online resources. Using RPA in the banking industry, for instance, gives bank customers the ability to do KYC verification and other procedures online, as well as other advantages. These services have reduced the need for human labour and made it easier to provide better customer service.

The future market expansion of the "smart factory" will be driven by the increasing need for industrial robots. Robots, the internet of things, artificial intelligence, and information and smart sensor technologies are some of the instruments a smart factory uses to industrially automate and optimise its resources. Sales of new robots are expected to climb by 0.5% in 2021, according to the International Federation of Robotics, a nonprofit with its headquarters in Germany. Meanwhile, robot installations are expected to rebound quickly and increase by 13%. As a result, the primary element fueling the expansion of the smart factory market's revenue is the increased sales of robots.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Robotic Process Automation Market Research Report

Segmentation

The decision support, automated solution, and management solution segments of the robotic process automation (RPA) market are based on process. In 2022, the automated solution category will hold a sizable market share.

Rule-based and knowledge-based systems are included in the robotic process automation (RPA) market segmentation based on operations. The category with rules generated the greatest revenue. It carries out repetitious activities and streamlines workflow across all sectors.

Manufacturing & logistics, as well as IT & telecommunication, are included in the industry-based segmentation of the robotic process automation (RPA) market. The Robotic Process Automation (RPA) industry was significantly dominated by the IT and telecommunications category.

The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. Due to a growth in the number of businesses and government agencies implementing RPA in the region, the North American Robotic Process Automation (RPA) market sector will lead this market.

Additionally, the application of RPA in North American SMBs is utilised to enhance business operations like data entry, accounting, and finance, which leads to a growth in the market.

Due to manufacturing enterprises in these countries using these solutions to automate small-scale projects and scale up processes, Europe holds the second-largest market share for Robotic Process Automation (RPA). Furthermore, in the European region, the UK Robotic Process Automation (RPA) market grew at the fastest rate while the German Robotic Process Automation (RPA) market held the greatest market share.

From 2024 to 2032, the Robotic Process Automation (RPA) Market in Asia-Pacific is anticipated to see the quickest CAGR. RPA deployment has increased throughout the IT, pharmaceutical, healthcare, telecom, manufacturing, and retail industries.

Key Companies in the Robotic Process Automation (RPA)market 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 (US)


• Redwood Software (U.S.)


• Yaskawa Electric Corporation (Japan)


• Denso Wave Incorporation (U.S.)


• KUKA Robotics (Germany)