According to the latest market research study published by P&S Intelligence, the robotic process automation market will touch USD 27,098 million, advancing at a 32.3% compound annual growth rate, by 2030.
The growth of this industry is because of the greater efficiency, improved customer experience, and ease of operating business procedures provided by RPA solutions.
Furthermore, the increasing incorporation of novel technologies and the increasing need for virtual workforces is helping the industry expansion since RPA provides some major benefits, the most substantial one being lower overhead price.
It removes the expenditures of hiring or supporting workforces, coupled with travel/transportation costs, safety expenses, in-office insurance, the expenses of outsourcing staff and utilizing external experts, and retention costs.
A major trend being witnessed in the industry is the partnerships among service providers and software vendors. The acceptance of RPA in different business procedures is leading to a rising count of planned partnerships among cloud service providers, RPA system integrators, and various other service providers.
In recent years, the automated solution category, based on process, led the robotic process automation market, and it will remain the largest during this decade. This can be because of the rising focus of businesses to automate their basic processes and operations, including data entry, customer query handling, information verification, and scanned document uploading.
The rule-based category, on the basis of operation, was the largest contributor to the industry in the past few years. Moreover, this category will remain the largest in the years to come. This can be mainly because of the rule-based software’s effective performance of repetitive tasks without the requirement for human expertise or intervention.
The software category, based on offering, is likely to advance at a faster compound annual growth rate, of 34.9%, in the years to come. This is mainly because of the rising acceptance of RPA software in different sectors to boost productivity and remove time waste in business processes via rapid automation of rule-based, back-office, and manual administrative procedures.
North America was the highest revenue contributor to the industry in the past few years, and it will continue this trend in the years to come. This can be because of the high deployment of process management and automation solutions in Canada and the U.S.
APAC is likely to advance at the fastest rate, of 36.9%, in the years to come. This is mainly because of the surging internet penetration, rapid economic development, developing IT service sector, and increasing consciousness of automation in this region.
With the surging requirement for virtual workforces and the rising integration of innovative technologies, the robotic process automation industry will continuously grow in the years to come.
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