Robotic Process Automation Market to Grow at CAGR of 38.95% through 2033 – Fueled by Integration of RPA and AI Technologies
Robotic process automation market growth is propelled by the increasing adoption of automation technologies across various industries to enhance efficiency and reduce operational costs.
Newark, Aug. 08, 2024 (GLOBE NEWSWIRE) — The report published by The Brainy Insights shows that the global robotic process automation (rpa) market is expected to grow from USD 3.20 billion in 2023 to USD 85.85 billion by 2033, at a CAGR of 38.95% during the forecast period 2024-2033. This remarkable growth is driven by the increasing adoption of automation across various industries to enhance efficiency and reduce operational costs. Asia Pacific emerged as the most significant global Robotic Process Automation (RPA) market, with a 34.88% market revenue share in 2023, because of higher penetration and increased use of RPA in the government agencies and other end-user industries. Redundant activities, duplication of efforts and increasing prevalence of manual errors are some of the primary areas of concerns driving the growth of the Robotic Process Automation (RPA) market.
Get a Free Sample Research Report: https://www.thebrainyinsights.com/enquiry/sample-request/13437
Leading companies in the industry include Automation Anywhere, Blue Prism, UiPath, Pegasystems, OnviSorce Inc, NTT Advanced Technology Corp among others offer more significant opportunities and continuously focus on new product developments, mergers, acquisitions, technological advancements to obtain higher market share.
Report Scope and Segmentation –
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Forecast CAGR | 38.95% |
| 2033 Value Projection | USD 85.85 Billion |
| Market Size in 2023 | USD 3.20 Billion |
| Historical Data | 2020-2022 |
| No. of Pages | 238 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Type, Application, Organization |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Robotic Process Automation (RPA) Market Growth Drivers | Rising demand from the end-user industries |
Browse Detailed Summary of Research Report with TOC: https://www.thebrainyinsights.com/report/robotic-process-automation-rpa-market-13437
Key Growth Drivers:
• Cost Efficiency and Productivity:
Organizations are leveraging RPA to automate repetitive tasks, leading to significant cost savings and increased productivity.
• Advancements in AI and Machine Learning:
Integration of AI and machine learning with RPA is enhancing the capabilities of automation solutions, enabling more complex tasks to be automated.
• Demand for Digital Transformation:
The ongoing digital transformation across industries is driving the adoption of RPA solutions to streamline business processes.
The Type segment is divided into software, and services. The service segment dominated the market with 60.11% share in the year 2023. Majorly because of consulting and training services that helps the market upgrade its automation process, thereby helping in higher scaling, and increased productivity levels. Application segment is dominated by BFSI with 43.21% of the market share. RPA’s various services and minimization of the redundant efforts has helped the BFSI sector grow at a faster pace. Deployment segment is dominated by On-premises with 51.32% market share. On-premises helps the companies governing RPA systems and taking care of their requirements that requires handling extensive data and providing meaningful insights out from the same. Organization segment is dominated by Large Enterprises with 61.56% market share. Larger organizations are deploying RPA technology to minimize the human error, redundant activities and reducing the time that is wasted in the conventional activities. which in turn, reduced the operational and overhead costs of the large organizations.
Additionally, funding from various government institutions and other private organizations have also contributed towards the growth of RPA Market. This is done by creating various conversational RPA for automating the processes that requires manual labour and engross huge chunk of time and effort. For instance, National Science Foundation (NSF) created RPA that helped the general public about their meetings. This, helped in reducing the effort and time to a huge extent, since NSF turns thousands of meetings on a daily basis, which helped save over and above 25000 hrs time of the administrative personnel.
Ask for Customization: https://www.thebrainyinsights.com/enquiry/request-customization/13437
About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
Media Contact
Avinash D
Organization: The Brainy Insights
Phone: +1-315-215-1633
Email: sales@thebrainyinsights.com
Web: www.thebrainyinsights.com
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaEveningPost.com takes no editorial responsibility for the same.