Robotic Process Automation (RPA) Global Market Report 2022: With a 22.5% CAGR, the Industry Will Reach $18.69 Billion by 2030
In 2021, the Robotic Process Automation (RPA) market was worth USD 2.27 billion. By 2030, it is expected to grow to USD 18.69 billion, with a CAGR of 22.5% from 2022 to 2030. The demand for practical and hassle-free work has boosted the need for RPA worldwide. This is what is fueling the market for RPA.
The market dynamics of the RPA market
The report also identified the drivers, restraints, and opportunities of the RPA market –
Drivers
- The popularization of Robotic Process Automation (RPA) to create self-learning conversational chatbots is rising.
- More companies are taking advantage of the newest advancements in Artificial Intelligence (AI), Cloud Computing, and Machine Learning (ML).
- These developments and implementations of RPA are working to meet customers’ demands.
- The usage of deep learning and neural networks is also increasing.
Restraints
Lack of Qualified Personnel and Threats due to Cybersecurity
The lack of skilled personnel in the RPA market is a real issue. As more and more organizations are turning to RPA to automate mundane and repetitive tasks, the demand for RPA professionals is on the rise. However, the availability of such personnel is limited. Additionally, RPA has a steep learning curve that requires sound knowledge of tools, processes, and coding languages, which makes it hard to find experienced professionals.
This lack of skilled personnel in the RPA market is also due to the fact that the market is still relatively new and constantly evolving. Moreover, the cost of RPA training and certification programs is often a hindrance for many organizations. As a result, there is an urgent need to bridge the gap between the demand and supply of skilled personnel in the RPA market.
Opportunities
Focusing more on AI systems that are Human-Aware and creating more Intelligent Robots
Artificial Intelligence (AI) systems have become increasingly complex, allowing machines to make decisions previously thought impossible. The focus has shifted to creating AI systems that are “human-aware.” They are aware of and able to interact with the humans around them.
AI systems are becoming increasingly adept at recognizing and responding to human emotions and can learn from human behavior. Furthermore, AI systems can also create intelligent robots that can autonomously learn and interact with their environment. These robots are helpful in various fields, such as healthcare, manufacturing, and education. Companies can fully realize the potential of AI by focusing more on AI systems that are Human-Aware and creating more intelligent robots. This could result in a world where machines can interact with humans safely and effectively.
Market Segmentation
The global RPA market consists of different areas based on component, process, application, deployment, size, end-use industry, and region. The market components include software and services, while the processes include automated solutions, decision support, and management solutions. Market applications include administration and reporting, customer support, data migration and capture extraction, analysis, and others. Deployment options consist of cloud and on-premise. The market consists of large enterprises and small & medium enterprises based on organizational size.
The end-user industries of the market are –
- BFSI
- Healthcare and pharmaceuticals
- Manufacturing
- Telecom and IT, retail, and consumer goods
- Travel and hospitality
- Transportation and logistics, energy & utilities,
- Communication and Media & Education.
Lastly, the market consists of North America, Europe, Asia-Pacific, and RoW. By 2030, North America is all set to control a significant portion.
Key Market Players
Notable corporations that are making a mark in the RPA market research industry due to their emerging and practical approaches –
- UiPath, Inc
- Automation Anywhere
- Blue Prism Limited
- Nice Ltd.
- Pega System
- Kofax Inc.
- NTT-AT
- EdgeVerve System
- HelpSystems
- WorkFusion, Inc.
You can access the report here.
