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A major strategy adopted by key players to improve their market share is acquisitions and mergers with innovative startups, and other companies for lucrative opportunities. This also allows established market players access to expand their range of products or services and state-of-the-art technologies. These strategic methods enable organizations to strengthen their market position, build their competitive edge, and grow their profitability.
Moreover, in the ever-changing landscape of business environments, organizations that possess the ability to swiftly modify their services in response to shifting demand patterns and market trends are more likely to expand their market share. This adaptability includes the capacity to provide evolved solutions, cater to various deployment methods such as cloud, on-premise, or hybrid, and adapt to current technology developments.
Companies are also observed to enhance their market share positioning by establishing themselves as industry leaders through educational activities and thought leadership. RPA providers frequently participate in educational endeavors, including whitepapers, webinars, and conferences, to validate their competence and influence over the market. By establishing themselves as key players, organizations can also impact demand patterns, thus giving themselves a competitive advantage, consequently resulting in a growth in market share.
Furthermore, it has been observed that a focus on continuous research and development is crucial for sustaining and expanding market dominance. It has become imperative for businesses to ensure their relevance in the RPA industry by keeping up with market and industry trends as well as latest technological developments, in order to meet demands.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Increasing consumer demand for technologically advanced and sophisticated electronic products. |
| Market Dynamics | Increasing demand for business process automation is one of the main factors influencing the rise in RPA technology adoption. |
Robotic Process Automation Market Highlights:
Global Robotic Process Automation (RPA) Market Overview:
Robotic Process Automation (RPA) Market Size was valued at USD 5.77 Billion in 2023. The Robotic Process Automation (RPA) market industry is projected to grow from USD 7.40 Billion in 2024 to USD 42.38 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 24.37% during the forecast period (2024 - 2032).
Improved operational costs for businesses with a rising smartphone adoption rate and fostering demand for technologically advanced and innovative electronic products are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Robotic Process Automation (RPA) Market Trends
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Growing demand for advanced technological products is driving the market growth
Market CAGR for robotic process automation (RPA) is being driven by the rising demand for advanced technology products. Robotic process automation is the configuration of computer software or a robot to capture and interpret existing applications for rule-based processing of transactions, manipulate data, initiate responses, and communicate with digital systems. Robotic process automation is the application of intelligent software to carry out high-volume and repetitive tasks that typically take humans a great deal of time and are typically monotonous.
The robotic process automation market is concerned with the application of intelligent software to carry out such tasks. Businesses are implementing RPA for its primary benefits, which include increased productivity, performance optimization, the integration of new technologies, the generation of higher returns, and the relocation of business processes across the enterprise. All of these factors have led to a greater adoption of RPA across a variety of industries, resulting in the growth of the market for robotic process automation over the forecast period. With the passage of time, robotic process automation technology has matured.
Additionally, increasing demand for the automation of business processes is one of the most significant factors influencing the increasing adoption of RPA technology. Businesses prefer RPA solutions with sophisticated features that are integrated with cutting-edge technologies, such as AI. Companies in the robotic process automation market have been collaborating in an effort to offer enhanced RPA solutions. Improved business results, the creation of new positions, also an increase in return on investment, and a decrease in labor costs, among others, as a result of the integration of AI technology into RPA solutions.
Robotic process automation (RPA) bots can also conduct tasks across multiple systems to obtain data from digital platforms. Adopting RPA in the financial sector, for instance, enables bank customers to check account information online and perform KYC verification and other tasks via the internet, among other benefits. These services have resulted in a decrease in manual labor and facilitated the delivery of an enhanced customer experience.
For instance, Google partnered with Automation Anywhere in March 2021 to make the Automation Anywhere platform available on the Google Cloud, allowing both companies to develop AI and RPA-powered solutions. This collaboration has increased the availability of superior RPA solutions on the market, thereby facilitating a broader uptake of RPA solutions. This is resulting in driving the Robotic Process Automation (RPA) market revenue.
Robotic Process Automation (RPA) Market Segment Insights:
Robotic Process Automation (RPA) Process Insights
The Robotic Process Automation (RPA) Market segmentation, based on process includes decision support, automated solution, and management solution. Automated solution category holds a significant share of market in 2022. Automation solutions are business solutions that aim to replace sluggish, outmoded manual processes with streamlined, automated workflows, resulting in increased productivity and precision.
Robotic Process Automation (RPA) Operations Insights
The Robotic Process Automation (RPA) Market segmentation, based on operations, includes rule-based, and knowledge-based. The rule-based category generated the most income. It executes repetitive tasks and automates the workflow across industries. Several industry leaders are deploying RPA platforms based on rules to automate business operations. As of 2021, UiPath had completed the automation procedure for millions of repetitive tasks at 65 percent of Fortune 500 companies. Automation Anywhere, Inc. introduced SaaS-based RPA products for its cloud-based and web-based workforce platforms in May of 2020. This platform offers flexibility to both office workers and remote workers.
Figure1: Robotic Process Automation (RPA) Market, by Operation, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Robotic Process Automation (RPA) Industry Insights
The Robotic Process Automation (RPA) Market segmentation, based on industry, includes manufacturing & logistics, and IT & telecommunication. IT & telecommunication segment held significant share in the Robotic Process Automation (RPA) market. Information technology is the exchange of data using computers, whereas telecommunications is a method of communication between two parties using technology. Growing need of It and telecommunication in business world is the key factor promoting the growth of Robotic Process Automation (RPA) market.
Robotic Process Automation (RPA) Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Robotic Process Automation (RPA) market area will dominate this market, owing to an increase in government agencies and businesses in the region are adopting RPA in greater numbers. In addition, the implementation of RPA in North American SMBs is used to improve business functions, such as procurement detail, data entry, and accounting/finance, resulting in market expansion.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: Robotic Process Automation (RPA) Market SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Robotic Process Automation (RPA) market accounts for the second-largest market share due to manufacturing companies in these nations are employing these solutions to automate small-scale projects and scale up operations. Further, the German Robotic Process Automation (RPA) market held the largest market share, and the UK Robotic Process Automation (RPA) market was the fastest growing market in the European region
The Asia-Pacific Robotic Process Automation (RPA) Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to a rise in RPA adoption across the IT, pharma, healthcare, Telecom, manufacturing, and retail industries. Additionally, RPA vendors are concentrating on initiatives to attract SMEs worldwide. Moreover, China’s Robotic Process Automation (RPA) market held the largest market share, and the Indian Robotic Process Automation (RPA) market was the fastest growing market in the Asia-Pacific region.
Robotic Process Automation (RPA) Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Robotic Process Automation (RPA) market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Robotic Process Automation (RPA)industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Robotic Process Automation (RPA) industry to benefit clients and increase the market sector. In recent years, the Robotic Process Automation (RPA) industry has offered some of the most significant advantages to AI industry. Major players in the Robotic Process Automation (RPA) market, including Nachi Robotic System Inc. (U.S.), Nice Systems Ltd. (Israel), Pegasystems (US), Redwood Software (U.S.), Yaskawa Electric Corporation(Japan), Denso Wave Incorporation (U.S.), KUKA Robotics (Germany), and others, are attempting to increase market demand by investing in research and development operations.
Broadcom Inc. is an American company that designs, develops, manufactures, and distributes a vast array of semiconductor and infrastructure software products worldwide. Broadcom serves the data centre, networking, software, broadband, wireless, storage, and industrial markets with its product offerings. Previously representing the former Avago, the ticker symbol AVGO now represents the newly merged entity.
The BRCM ticker symbol for Broadcom Corporation has been retired. Initially, the consolidated entity was known as Broadcom Ltd. before adopting its current moniker. In 2022, VMware, a provider of virtualization and cloud computing software, will be acquired by Broadcom for $61 billion in a combination of cash and stock, with $8 billion of VMware's debt assumed by Broadcom.[68][69][70] It was an offer for Broadcom to acquire a third significant software company, following CA Technologies and Symantec.
Samsung Group, or simply Samsung, is a multinational manufacturing conglomerate based in Samsung Town, Seoul, South Korea. It is the largest chaebol in South Korea and consists of numerous affiliated businesses, the majority of which are united under the Samsung brand. Throughout the following three decades, the group diversified into food processing, textiles, insurance, securities, and retail. In 2023, Samsung announced its intention to reduce memory device production. This action is a result of the company's projected quarterly operational profit decline of 96%, from 14 trillion won in 2022 to 600 billion won in 2023. This decline is the result of lacklustre demand in recent years and a slowing global economy. Despite this decision, the company's stock rose more than 4 percent.
Key Companies in the Robotic Process Automation (RPA) market include
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Broadcom Limited (U.S.)
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Samsung Electronics Co. Ltd. (South Korea)
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Huawei Technologies Co. Ltd.(China)
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LG Corporation (South Korea)
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Foxconn Technology Group(Taiwan)
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Fanuc Corporation (Japan)
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ABB Ltd. (U.S.) Seiko Epson Corporation(Japan)
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Nachi Robotic System Inc. (U.S.)
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Nice Systems Ltd. (Israel)
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Pegasystems (US)
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Redwood Software (U.S.)
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Yaskawa Electric Corporation(Japan)
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Denso Wave Incorporation (U.S.)
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KUKA Robotics (Germany)
Recent Industry News:
May 2023- Global supplier of the customer experience management solution Startek (NYSE: SRT) has established a strategic partnership with Automation AnywhereTM, a pioneer in cloud robotic process automation (RPA). By working together, Startek and Automation Anywhere will effectively meet the rising demand from their partners by implementing AI-powered RPA capabilities across their customer experience value chain.
With this partnership, Startek will be able to quickly implement Intelligent RPA, a digital workforce, & other forms of value-added services into all of its worldwide customer business operations. Startek will be able to find automation possibilities and create solid CX solutions by democratizing the Automation Anywhere platform & utilizing cloud-managed delivery, which will increase productivity and customer cycle time value. One of the main goals of this relationship is to assist RPA skill development with the help of strategic investments in advisory, CX, enablement, and industry-specific solutions. Additionally, it will offer technical advice, testing, software bot creation, free RPA training, and support.
In order to effectively implement digital transformation across a variety of operating modules, Startek has been investing continuously. By automating procedures, Startek hopes to further solidify its reputation for intelligent delivery. This will allow businesses to run more efficiently and spend lesser time on mundane duties and more time on supporting mission-critical initiatives.
The organization is considering using automation that is powered by data and technology as a tried-and-true strategy to improve go-to-market tactics, increase client win rates, and future-proof existing customer engagements. With the aid of an enterprise-grade platform that combines advanced RPA, Artificial Intelligence and embedded analytical technologies, this alliance will further aid Startek clients in future-proofing their RPA journeys.
The global business process management solution is offered by Startek. Some of the best brands in the world use the company's digital transformation, omni-channel customer experience, and technology services. Startek is dedicated to influencing the business outcomes of its clients by concentrating on improving customer experience and enabling digital and AI across all contact points and channels.
February 2023- The largest manufacturer of aluminium in India, Vedanta Aluminium, has implemented Robotic Process Automation in their Commercial function, making it the first company in India's metal & mining sector to hyperautomate the whole Commercial process. Vedanta Aluminium's commercial function is a key function with substantial potential to create value for the firm thanks to its many, large-scale plant operations, huge customer presence, and extensive supplier network.
The implementation of RPA in the commercial function of the company will increase Vedanta Aluminium's Commercial Maturity Index by enabling the standardization of processes through ideal inventory management & proper demand aggregation, boosting employee productivity, and injecting significant agility into working methods. The firm intends in making the workflows of the Commercial function more quickly, consistently, and smoothly by deploying software robots to substitute human labor in doing routine, repetitive operations and make them touch-less, paperless, and accurate. This would also provide the firm with rich data through the real-time tracking of numerous factors, assisting in quicker decision-making on important business criteria.
The largest aluminium producer in India is Vedanta Aluminium, a division of Vedanta Limited, which produced 2.27 million tons of aluminium in FY22, more than half of the country's total production. It is a pioneer in aluminium products with added value that are essential in key sectors. The Dow Jones Sustainability Index 2022 world rankings particularly for the aluminium industry place Vedanta Aluminium second, which is a result of its commitment to sustainable development. With its top-notch alumina refinery, power plants, and aluminium smelters in India, the firm accomplishes its aim of fostering new uses for aluminium as the future metal for a greener future. The company strives to make their business operations future-proof as one of the leading manufacturers of aluminium in the world. As a result, they have started to digitally alter their facilities and business operations, utilizing the promise of Industry 4.0 & Web 3.0 for manufacturing excellence.
Robotic Process Automation (RPA) Market Segmentation:
Robotic Process Automation (RPA) Process Outlook
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Decision support
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Automated solution
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Management solution
Robotic Process Automation (RPA) Operations Outlook
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Rule-based
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knowledge-based
Robotic Process Automation (RPA) Industry Outlook
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Manufacturing & logistics
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IT & Telecommunication
Robotic Process Automation (RPA) Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
Robotic Process Automation (RPA) Industry Developments
March 2022: SS&C Technologies Holdings, Inc. purchased Blue Prism Group Plc for approximately $1.6 billion, with this acquisition, the business expanded its automation services and software capabilities across the healthcare and financial services industries. This acquisition helped the company develop expertise across its robotic process automation and intelligent automation product lines.
March 2021: Microsoft Corporation has implemented robotic process automation for Windows 10 users. The company offered RPA Power Platform products that facilitate the automation of repetitive, monotonous duties performed by humans.
November 2020: Pegasystems, Inc. has introduced the Pega Auto-balancing RPA digital transformation solution. The solution is powered by cutting-edge artificial intelligence technology that optimizes the administration of work without human intervention.
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