Robotic process automation market projected to reach $70 billion by 2032
The robotic process automation market is projected to have strong growth over the next decade, jumping from more than $2 billion in 2022 to almost $70 billion by 2032.
Robotic process automation insights
- The demand is increasing for robotic process automation in healthcare, as robotic process automation can mimic human interaction.
- The demand, according to Future Market Insights, will lead to substantial growth over the next decade, projecting to reach almost $70 billion by 2032.
According to a Future Market Insights study, ESOMAR-certified market research and consulting firm, the robotic process automation market is anticipated to record a compound annual growth rate (CAGR) of 39% during the forecast period (2022 to 2032). The global robotic process automation market is forecasted to be valued at $2.57 billion in 2022 and is projected to reach $69.20 billion by 2032.
Robotic process automation is the technology, governed by business logic and structured inputs, that allows software robots to emulate and interpret applications for communicating with other digital systems, manipulating data, and triggering responses. Organizations use robotic process automation robots for doing monotonous and repetitive tasks.
According to the analysis by FMI, the demand is increasing for robotic process automation in healthcare, as robotic process automation can mimic human interaction, allowing them to log in to applications, move files, fill forms, and more. Healthcare providers gather huge amounts of data like personal information of the patient or the treatment cycle of the patient every day.
In addition to this, organizations are using robotic process automation with cognitive technologies like artificial intelligence, and machine learning to automate the task. Robotic process automation helps to reduce costs by automating the processes that are done manually.
During the anticipated period, the demand for robotic process automation solutions in the Asia Pacific is expected to increase at the fastest rate. Major firms in China, India, Taiwan, Japan, Australia, South Korea and other ASEAN nations are concentrating their efforts on the adoption of solutions and services across the healthcare, pharma, IT and Telecom, manufacturing and retail industries. Further, rising automation demand in the business process outsourcing (BPO) sector and rising knowledge of automation among various industries are adding to the region’s favorable market growth.
“Robotic process automation acts as a virtual workforce which benefits the logistics companies to streamline operations like scheduling and tracking shipments, invoice generation, report, and customer service. Logistics companies are adopting robot process automation to automate the back office operations to reduce the operational cost, and increase efficiency and productivity,” said a market analyst at Future Market Insights.
Six key takeaways from robotic process automation report
- The service segment is expected to continue its dominance over the coming years as it comprises consulting, implementing, and training services.
- The software segment is estimated to expand at a steady CAGR in the forecast period as RPS software enables agile and cost-effective business operations through rapid automation of rule-based, manual, and back-office administrative processes.
- The on-premise segment is expected to bring the highest revenue share as its deployment in organizations ensures that RPA access policies follow in-house protocol.
- The application of RPA in BFSI sectors enables banks and other financial institutions to automate business processes, such as account opening, deposits, and lending loans, primarily to optimize costs.
- The Pharma & Healthcare segment is anticipated to record the fastest growth as it is used to connect, cooperate, and interact across numerous channels via cloud-based applications, web applications, or mobile apps.
- North America and Europe are expected to have a significant market share owing to the high penetration rate of automation solutions and process management among government agencies and enterprises in the region.
Increased collaborations between IT companies, consulting organizations
Soon, to safeguard the business and its supply chain, companies are adopting intelligent automation to build a resilient supply chain and provide better access to insights about operations. The major Robotic Process Automation companies include domination by Automation Anywhere, Blue Prism, EdgeVerve Systems Ltd., FPT Software, KOFAX, Inc., NICE, NTT Advanced Technology Corp., OnviSource, Inc., Pegasystems and UiPath.
Furthermore, the top players are concentrating on finishing pending investments and business initiatives to reclaim their market position. Other key developments in the global market include:
- In August 2020, OnviSource, Inc. launched Lisa TeleServ Intelligent Virtual Agent, which provides Telephone Answering Service (TAS) and fully automated teleservice applications and user-friendly interactions. It automates the entire process of a live agent with teleservices, including conducting relevant interactions with callers, automated custom greetings, and accurate recording of interaction in both text and audio using its speech-to-text transcription and end-to-end multimedia message handling.
- In June 2021, FPT Software announced its partnership with Sitecore, a U.S.-based digital experience software provider, to promote Sitecore digital marketing solutions to a broader range of businesses with intelligent automation, digital/IT transformation, and low code in Japan. The partnership will open opportunities for several enterprises in Japan. Moreover, FPT Software will be able to connect with Sitecore’s business ecosystem with leading enterprises in advertising & public relations and IT consulting & services.
- In June 2021, Kofax Inc. U.S.-based company acquired PSIGEN Software, Inc., a leading provider of content management, document capture, and workflow automation software and solutions, providing a wide range of solutions and software in the marketplace and augmenting the intelligent automation platform of the company. PSIGEN’s content management software, PSIsafe, and document capture software, PSIcapture, are quite simple to deploy and offer robust capabilities.