Meticulous Research®, a leading global market analysis company, has published its latest report titled, ‘Robotic Process Automation Market by Offering (Software, Services), Type (Attended RPA, Unattended RPA), Application (Customer Account Management, Employee Onboarding), Sector (BFSI, IT & Telecom, Healthcare), and Geography - Global Forecast to 2030.’

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According to this new report by Meticulous Research®, the robotic process automation (RPA) market is anticipated to reach $35.9 billion by 2030, with a CAGR of 20.2% from 2023 to 2030. The market’s growth is driven by the increasing need for process automation across industries, the accelerated integration of technologies like cloud computing, artificial intelligence, and machine learning, and the growing demand for RPA solutions in sectors such as BFSI. Despite these growth drivers, the high cost of initial implementation is a significant restraint on the market’s expansion.

Emerging opportunities for growth include the rise in RPA-powered conversational AI and the increased use of RPA within the healthcare industry. However, misunderstandings and lack of knowledge about robotic process automation remain hurdles for companies looking to implement these technologies. Key trends shaping the future of the market include the increasing popularity of cloud-based RPA systems and the rising demand for collaborative RPA solutions across industries.

Market Segmentation Overview

The robotic process automation market is segmented by offering (software, services), type (attended, unattended, hybrid), organization size (large enterprises, SMEs), deployment mode (on-premise, cloud-based), application (administration, customer management, employee onboarding, data validation, invoice processing, data migration, and more), and sector (BFSI, IT & telecom, retail, manufacturing, healthcare, government, and others). The report evaluates the competitive landscape and examines market dynamics at both the regional and national levels.

By Offering

The market is divided into two main offerings: software and services. In 2023, the software segment is expected to lead the market, driven by the growing adoption of RPA solutions for automating business processes. The emphasis on automation-first approaches, combined with the increasing use of AI and machine learning capabilities, has fueled the demand for software solutions in this space. The benefits of RPA, including enhanced productivity, cost savings, and accuracy, also support the segment’s growth.

Nevertheless, the services segment is projected to experience the fastest growth, with the highest CAGR throughout the forecast period. The rising need for RPA consulting, implementation, and training services across industries like manufacturing and healthcare is contributing to the rapid expansion of this segment.

By Type

The type segmentation includes attended RPA, unattended RPA, and hybrid RPA. The attended RPA segment is expected to hold the largest market share in 2023 due to its high demand in the BPO industry and its role in automating data entry and customer information management. Additionally, attended RPA provides companies with solutions that enhance workforce productivity and optimize return on investment. This segment is also projected to achieve the highest CAGR in the coming years.

By Deployment Mode

Based on deployment mode, the RPA market is segmented into on-premise and cloud-based solutions. In 2023, the on-premise deployment model is anticipated to dominate the market, primarily due to the control and customization it offers large enterprises. Large organizations with established IT infrastructure prefer on-premise deployment for better data security and system management.

However, the cloud-based deployment segment is forecast to grow at the fastest rate during the forecast period. Small and medium-sized enterprises (SMEs) are increasingly embracing cloud-based RPA solutions because of their scalability, cost-effectiveness, and the flexibility they offer.

By Organization Size

The RPA market is segmented by organization size, with large enterprises and small & medium-sized enterprises (SMEs) as the key categories. In 2023, large enterprises are expected to dominate the market due to their robust infrastructure, skilled IT workforce, and higher adoption of automation technologies. These organizations have the capacity to efficiently deploy and manage RPA platforms, which gives them a competitive edge in automation.

Meanwhile, SMEs are expected to register the highest growth rate over the forecast period. With an increasing focus on cost reduction and process efficiency, SMEs are turning to RPA solutions that allow them to streamline operations and drive business growth.

By Application

The market is segmented into various applications, including customer account management, employee onboarding, data validation, invoice processing, data migration, and more. In 2023, the customer account management segment is expected to hold the largest share of the market. This is largely due to the rising adoption of RPA solutions in the BFSI sector, which seeks to automate routine processes, improve accuracy, and enhance customer experience. The increasing popularity of virtual banking and digital financial services also drives demand for RPA in this segment.

By Sector

Among the key sectors utilizing RPA, the BFSI sector is expected to lead the market in 2023. The need to combat fraud, streamline financial processes, and enhance customer service is driving the adoption of RPA in the BFSI industry. Moreover, the rising demand for automation to improve operational efficiency and comply with regulatory requirements further boosts the market for RPA in financial services.

However, the healthcare sector is anticipated to grow at the fastest pace throughout the forecast period. The increasing use of RPA in healthcare applications like patient scheduling, medical billing, and appointment management is accelerating the adoption of automation technologies within the healthcare sector.

By Geography

Geographically, the robotic process automation market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to dominate the market due to the high concentration of RPA providers and the widespread use of automation across key industries like retail, BFSI, and IT & telecom. The increasing incorporation of AI-powered automation and cloud-based technologies in business operations is also propelling market growth in the region.

On the other hand, Asia-Pacific is forecast to register the highest CAGR over the forecast period. The rapid growth in countries like China, India, and South Korea, driven by expanding retail and BFSI sectors, is contributing to the rapid expansion of the RPA market in the region.

Key Players:

The key players operating in the robotic process automation market are UiPath, Inc. (U.S.), Automation Anywhere, Inc. (U.S.), Pegasystems Inc. (U.S.), Blue Prism Group plc (U.K.), Celaton Limited (U.K.), OnviSource, Inc. (U.S.), Kofax Inc. (U.S.), FPT Software Company Limited (Vietnam), EdgeVerve Systems Limited (India), NICE Ltd. (Israel), IBM Corporation (U.S.), Verint Systems Inc. (U.S.), AutomationEdge Technologies, Inc. (U.S.), Appian Corporation (U.S.), and EPSoft Technologies (U.S.).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/robotic-process-automation-market-5282

Key Questions Answered in the Report:

• Which are the high-growth market segments in terms of offering, type, organization size, deployment mode, application, and sector?
• What is the historical market size for robotic process automation across the globe?
• What are the market forecasts and estimates for 2023–2030?
• What are the major drivers, restraints, opportunities, challenges, and trends in the global robotic process automation market?
• Who are the major players in the global robotic process automation market, and what are their market shares?
• What is the competitive landscape like?
• What are the recent developments in the global robotic process automation market?
• What are the different strategies adopted by major market players?
• What are the geographic trends and high-growth countries?
• Who are the local emerging players in the global robotic process automation market, and how do they compete with other players?

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