Robotic Process Automation Market to Grow by USD 16.63 billion from 2022 to 2027, progressing at a CAGR of 35.83%: Technavio

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Feb 01, 2024, 23:35 ET

NEW YORK, Feb. 1, 2024 /PRNewswire/ -- The global robotic process automation market size is estimated to increase by USD 16.63 billion between 2022 to 2027. The market's growth momentum will progressing at a CAGR of 35.83%. Technavio estimates that there will be a 33.97% YOY growth in 2023. Discover some insights on historic period (2017 to 2021) and Forecast 2023-2027 before buying the full report -Request a sample report

Technavio has announced its latest market research report titled Global Robotic Process Automation Market

The global robotic process automation market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer robotic process automation in the market are Accenture Plc, Advanced Systems Concepts Inc., Amelia US LLC, Atos SE, Automation Anywhere Inc., Cognizant Technology Solutions Corp., Deloitte Touche Tohmatsu Ltd., Genpact Ltd., Infosys Ltd., International Business Machines Corp., Kofax Inc., Microsoft Corp., NICE Ltd., Nintex Global Ltd., Nippon Telegraph and Telephone Corp., OnviSource Inc., Pegasystems Inc., SS and C Technologies Holdings Inc., UiPath Inc., and WorkFusion Inc. and others.

Accenture Plc - The company offers robotic process automation products for financial institutions such as solutions AI. The company sells and delivers the full range of its services and capabilities to clients across North America, Europe, APAC, Latin America, and MEA.
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Technavio has segmented the market based on Type (Services and Software), End-user (BFSI, IT/ITES, Telecom, Logistics, and Others), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).

The services segment, encompassing consulting, implementation, and training services, is poised for significant growth. Intense competition among companies prompts service providers to enhance their offerings, driving demand for scalable and cost-effective automation services. The introduction of RPA as a service, exemplified by offerings like NITCO Inc.'s RPA-managed services, is expected to further propel the services segment's growth in the forecast period.

By geography, the global robotic process automation market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global robotic process automation market.

North America will contribute 44% to the growth during the forecast period.

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The growth is driven by enhanced cost savings for businesses. RPA implementation reduces manual labor costs and offers a high return on investment, with lower implementation costs compared to hiring industrial workers. RPA's flexibility in integration with various business applications reduces overhead costs, allowing industries to allocate finances efficiently and expand their capabilities. These factors contribute to the market's growth in the forecast period.

"The emerging trends in business process trasformation are fueling the growth. However, the subscription cost of robotic process automation software may hamper the growth."

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What are the key data covered in this Robotic Process Automation Market report?

CAGR during the forecast period
Detailed information on factors that will drive the growth of the Robotic Process Automation Market between 2023 and 2027
Precise estimation of the Robotic Process Automation Market size and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the Robotic Process Automation industry across North America, Europe, APAC, South America, and Middle East and Africa
A thorough analysis of the competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of Robotic Process Automation Market vendors

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Key Players and Technologies

The Robotic Process Automation (RPA) industry features key players like Automation Anywhere, UiPath, and Blue Prism, offering software solutions for automating business processes. Other players include Microsoft Power Automate and IBM Robotic Process Automation. RPA adoption streamlines operations across industries, driving efficiency and cost savings. Market growth is fueled by the increasing demand for automation solutions and the emergence of new players.

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About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provides actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.

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SOURCE Technavio