Robotic Process Automation (RPA) Global Market Report 2024

The robotic process automation (RPA) market size has grown exponentially in recent years. It will grow from $6.34 billion in 2023 to $7.94 billion in 2024 at a compound annual growth rate (CAGR) of 25.2%. The growth observed in the historic period can be attributed to several factors, including enhanced cost efficiency, improved process efficiency and accuracy, scalability of operations, compliance adherence, risk mitigation measures, and an overall enhancement in customer experience. These elements collectively contributed to the expansion and advancement of robotic process automation (RPA) during the historic period.

The robotic process automation (RPA) market size is expected to see exponential growth in the next few years. It will grow to $19.21 billion in 2028 at a compound annual growth rate (CAGR) of 24.7%. The anticipated growth in the forecast period can be attributed to several factors, including the increasing adoption of cloud-based RPA solutions, the expanding use of RPA in small and medium enterprises (SMEs), a growing emphasis on intelligent automation, and the rising trend of cross-industry adoption. Major trends expected in the forecast period include ongoing product innovations, strategic partnerships, technological advancements, and the adoption of innovative practices aimed at attracting and engaging a broader customer base.

The rising demand for automating business processes is set to drive the growth of the robotic process automation (RPA) market. Business process automation (BPA) involves leveraging technology to streamline and automate routine tasks within organizational workflows. This demand is fueled by the need for increased efficiency, cost savings, and productivity in today's competitive business environment. Robotic process automation (RPA) meets this demand by offering advanced technological solutions that streamline operations and enhance efficiency. It enables organizations to automate repetitive and rule-based tasks such as data entry, invoice processing, and report generation, which were traditionally manual. According to a European Commission report from December 2023, there has been a significant rise in AI adoption among businesses, with 8% of EU enterprises incorporating artificial intelligence technologies. Among large EU enterprises, the adoption rate is even higher at 28%, with 53% opting for off-the-shelf commercial AI software or systems. Hence, the growing demand for automating business processes is propelling the growth of the robotic process automation (RPA) market.

Leading companies in the robotic process automation (RPA) market are developing advanced solutions such as RPA technology to expedite purchase processes for repeat customers. RPA technology enhances operational efficiency by automating repetitive tasks, reducing errors, and increasing productivity in business processes. For example, Liquid Payments Inc. (LQ), a US-based omnichannel healthcare payments platform, launched a One-Click Payment integration based on robotic process automation (RPA) in December 2022. This integration provides medical and dental practices with enhanced ease, reliability, and efficiency in processing patient payments. The solution, tailored to optimize the payment experience for both patients and practices, can seamlessly integrate into any healthcare practice management system. The recent update includes a refined integration layer, further enhancing the connection between patient payments and the underlying Practice Management System (PMS), resulting in streamlined and efficient processes that ensure faster and more accurate patient payments for healthcare practices.

In March 2022, SS&C Technologies Holdings Inc., a US-based cloud-based provider of financial services technology solutions, acquired Blue Prism Group Plc for $1.6 billion. This acquisition will strengthen SS&C's position as a premier provider of software and services for the financial services and healthcare sectors, showcasing extensive proficiency in intelligent automation and robotic process automation (RPA). Blue Prism Group plc, a UK-based company, specializes in developing robotic process automation software that delivers intelligent automation, empowering digital workforces. The acquisition underscores SS&C's strategic focus on enhancing its capabilities in automation technology to better serve its clients in the financial services and healthcare industries.

Major companies operating in the robotic process automation (RPA) market report are Microsoft Corporation, International Business Machines Corporation, SAP SE, CGI Inc., Xerox Corporation, Genpact Limited, Nice Systems Ltd., Pegasystems Inc., Verint Systems Inc., UiPath Inc., FPT Software, BlackLine Inc., KOFAX Inc., Automation Anywhere Inc., IPsoft Inc., NTT Advanced Technology Corp., EdgeVerve Systems Ltd., Datamatics Global Services Limited, Uniphore., WorkFusion Inc., Redwood Software, Jacada Inc., AutomationEdge Technologies Inc., Kyron Systems, OnviSource Inc., Salesforce (Servicetrace GmbH/Mulesoft Inc.), Blue Prism Group PLC, Be Informed B.V., Jidoka, HelpSystems LLC (HGGC)

North America was the largest region in the robotic process automation (RPA) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the robotic process automation (RPA) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the robotic process automation (RPA) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Robotic process automation (RPA) involves the deployment of software robots to automate repetitive and rule-based tasks within business processes. By emulating human actions on digital interfaces, RPA streamlines operations such as data entry and transaction processing, thereby enhancing efficiency and productivity.

The primary components of robotic process automation (RPA) encompass software and services. RPA software facilitates the design, deployment, and management of automation bots, enabling users to create workflows, integrate with existing systems, and monitor bot performance. These solutions can be deployed in various modes, including cloud-based and on-premise, and cater to organizations of different sizes, such as large enterprises and small and medium enterprises (SMEs). RPA finds applications across diverse sectors, including banking, financial services, and insurance (BFSI), manufacturing, healthcare and pharmaceuticals, information technology (IT) and telecommunications, retail and consumer goods, government and defense, energy and utilities, as well as transportation and logistics.

The robotic process automation (RPA) research report is one of a series of new reports that provides robotic process automation (RPA) market statistics, including the robotic process automation (RPA) industry's global market size, regional shares, competitors with an Robotic process automation (RPA) market share, detailed robotic process automation (RPA) market segments, market trends and opportunities, and any further data you may need to thrive in the robotic process automation (RPA) industry. This robotic process automation (RPA) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The robotic process automation (RPA) market consists of revenues earned by entities by providing services such as automation solutions, RPA as a Service (RPAaaS), customer service tasks, and invoice processing. The market value includes the value of related goods sold by the service provider or included within the service offering. The robotic process automation (RPA) market also includes sales of UiPath platform, redwood robotics process automation (RPA), and SAP Intelligent RPA. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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