Robotic process automation (RPA) software helps enterprises enhance work efficiency because it can run in the background round the clock, which enables the mechanization of back-end processes. The increasing adoption of this software, therefore, allows human employees to engage themselves in more-important tasks, such as client handling. Thus, the rapid digitization of businesses to enhance productivity and product and service quality will facilitate the deployment of the RPA software in the coming years. Additionally, businesses are also opting for training, professional, and implementation services for RPA solutions due to the high digitization rate.
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Additionally, the burgeoning demand for virtual workforces is expected to drive the robotic process automation market at a robust CAGR of 36.3% during the forecast years (2020–2030). According to P&S Intelligence, the market was valued at $2,078.3 million in 2020, and it will generate $45,982.0 million revenue by 2030. In recent years, hefty investments have been made in emerging RPA companies and startups in order to cater to the needs of the expanding customer base. This became a prominent market trend.
In the upcoming years, small- and medium-sized enterprises (SMEs) will create an extensive requirement for robotic automation solutions, owing to the surging focus of these companies to enhance productivity and transform manual business processes. SMEs and large enterprises operating in the banking, financial services, and insurance (BFSI), hospitality, healthcare and pharmaceuticals, manufacturing, travel and tourism, telecom and information technology (IT), transport and logistics, and retail and consumer goods industries use such solutions to improve productivity and reduce operational costs.
Presently, the robotic process automation market is highly fragmented, due to the presence of umpteen players, such as Automation Anywhere Inc., Blue Prism Ltd., Celaton Ltd., IBM Corporation, IPsoft Incorporated, NICE Ltd., Pegasystems Inc., Redwood International Business Group B.V., UiPath Inc., and Xerox Corporation. Nowadays, the market players are focusing on product launches and partnerships to consolidate their position. For instance, in March 2020, Blue Prism Ltd. collaborated with Red Hat Inc., a U.S.-based multinational software company, to create state-of-the-art intelligent automation solutions.
In recent years, the North American region has emerged as the largest user of RPA solutions due to the high penetration of process management and automation solutions in the U.S. and Canada. In addition, the presence of numerous offshore customer service providing companies and major vendors is also accelerating the adoption of RPA solutions in the region. Moreover, the rapid adoption of the latest technologies, high IT investment, and the existence of developed IT infrastructure also offer a conducive environment for adopting such solutions.
Whereas, the Asia-Pacific (APAC) robotics process automation market is expected to showcase the fastest growth during the forecast period, on account of the surging IT infrastructure investments and increasing adoption of automation solutions in the region. Besides, the booming IT service industry, mushrooming disposable income of people, and growing internet penetration will also contribute to the market growth in the APAC countries. The demand for RPA solutions in the region can also be ascribed to the rapid economic growth in the developing nations of APAC.
Therefore, the mounting focus of business organizations on improved productivity and quality and rising demand for virtual workforce will accelerate the adoption of the RPA software in the forthcoming years.
