NEW YORK, Nov. 2, 2023 /PRNewswire/ — According to Technavio, the global robotic process automation market size is estimated to grow by USD 16,628.29 million from 2022 to 2027. The market is estimated to grow at a CAGR of 35.83% during the forecast period. Moreover, the growth momentum will accelerate. Based on geography, the global robotic process automation market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global robotic process automation market. North America is estimated to account for 44% of the growth of the global market during the forecast period. Industries in the region focus on improving cognitive automation throughout their business operations with the help of RPA. The adoption of RPA is expected to increase, as industries are focusing on transforming their business operations. The optimization, transformation, and transition in industries are expected to increase the adoption of RPA during the forecast period. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. For more Insights on market size, Request a sample report
Global robotic process automation market – Five forces
The global robotic process automation market is fragmented, and the five forces analysis covers–
- Bargaining power of buyers
- The threat of new entrants
- Threat of rivalry
- Bargaining power of suppliers
- Threat of substitutes
- For an interpretation of Porter’s five forces model – buy the report!
Global robotic process automation market – Customer landscape
The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global robotic process automation market – Segmentation assessment
Segment overview
Technavio has segmented the market based on type (services and software) and end-user (BFSI, IT/ITES, telecom, logistics, and others).
- The services segment will account for a significant share of the market’s growth during the forecast period. This segment includes consulting, implementing, and training services. Service providers are improving their consulting, training, and advising offerings due to intense rivalry in the market. Continuous improvements in automation services that offer high scalability while minimizing costs have increased the demand for RPA.
Global robotic process automation market – Market dynamics
Key factor driving market growth
- Improved cost savings for businesses are driving the growth of the market.
- Industries are focusing on optimizing operational costs, which include the reduction of manual labor.
- The implementation of RPA ensures a high return on investments, and its cost is lower than the procurement of industrial workers with different skill sets.
- RPA can be easily integrated with different business applications, which allows industries to reduce the overhead cost related to manpower.
- With the help of RPA, industries can expand their working capabilities with more flexibility.
- They can manage business processes at a lower cost by reducing expenses in procuring on-shore and off-shore manpower.
- Such factors will fuel the market growth during the forecast period.
Leading trends influencing the market
- Emerging trends in business process transformation are supporting market growth.
- Various business operations are interlinked with other processes. For instance, robotic process automation plays a major role in service delivery automation.
- Industries such as banking and financial services focus on timely deliverables and precision.
- With the integration of robotic process automation, they can process a large amount of data, which enables fast data exchange with a high level of precision.
- Such factors will further propel the market growth during the forecast period.
Major challenges hindering the market growth
- The subscription cost of robotic process automation software is challenging the market growth.
- The implementation of RPA software includes the price quoted by a third-party vendor.
- Therefore, the subscription of RPA involves scheduled software updates and maintenance, and the pricing is based on the business model implementation.
- Several regulatory terms and conditions need to be settled between the end-user and software provider before entering a contract.
- This can increase the subscription cost or the cost incurred in design and development.
- In case of conflict, the subscription negotiation has to be renewed, or the business model should be changed, both of which are time-intensive processes that can lead to downtime.
- This affects the business process and productivity, which may limit the market growth during the forecast period.
What are the key data covered in this robotic process automation market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the robotic process automation market between 2023 and 2027
- Precise estimation of the size of the robotic process automation market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the robotic process automation market across North America, Europe, APAC, South America, and Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of robotic process automation market vendors
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Table of contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-User
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
