The increased adoption of intelligent automation systems having advanced technologies including optical character recognition (OCR) and machine learning will boost the growth of robotic process automation in the market.

The Robotic Process Automation Market is forecasted to reach USD22.14 billion by 2030, growing at a CAGR of 35.9% during the forecast period 2022-2030. The growth of robotic process automation is majorly due to the rapid digitalization of organizations and the adoption of robotic process automation systems integrated with artificial intelligence like machine learning and analytics to efficiently handle complex business processes. The variety of RPA solutions includes decision support, tools and services, automation Software, software robot, rule-based Operation, knowledge-based operation and enterprise software. Sectors such as BSFI have processes that are highly manual and time-consuming. The use of RPA systems in these sectors led to digital transformation and increased productivity by a significant amount. In December 2021, Nividous stated that they successfully implemented Nividous RPA Bots for intelligent automation of the entire bank guarantee closure process to achieve faster customer communication and a 45% reduction in a process handling time in a leading bank in India.

The BFSI segment held the largest share with 32% in the robotic process automation market by end-user industry, in 2021. The high adoption of robotic process automation in BFSI sectors is due to the rapid switch towards digital transformation modes for controlling and monitoring multiple interfaces in financial services. The artificial intelligence-based robotic process automation systems are used in the BSFI sector for a variety of tasks like balance sheet reconciliation and regulatory reporting. In 2022, Nividous in their recent report stated that banking sectors highly employ RPA for efficient automation of AML (Anti-Money Laundering) investigation processes. It typically takes 30-40mins for investigating a single case manually but the use of RPA reduces process turnaround time by 60%.

Asia-Pacific is expected to grow at the fastest CAGR of 39.1%, during the forecast period 2022 to 2030. The increasing adoption of robotic process automation systems for complex business processes in organizations with technological advancement in this region is driving growth. In February 2022, TECHWIRE ASIA in their report stated that Australia holds the top position with 78% followed by India (49%) and Hong Kong (47%) in the list of countries in APAC using RPA solutions and technologies in the organization. The report also highlighted that countries like Malaysia and Singapore have 50% and 34% familiarity with RPA respectively. The familiarity with RPA’s Automation Software & tools and services in the top rank holder countries Australia, Hong Kong and India are 85%, 82% and & 75% respectively.

Robotic Process Automation Market Growth Drivers:

The growth of the market is being fueled by improvements in cutting-edge technologies such as optical character recognition (OCR), machine learning and robotics process automation analytics.

The combination of the advanced technologies optical character recognition (OCR), machine learning and robotics process automation analytics results in an intelligent automation system. These systems save time and increase work efficiency. It is predicted that by 2025 the use of these Robotic Process Automation systems will reduce desk interaction by 40%. In January 2022, TECHWIRE ASIA stated in their blog that in the organization that has implemented RPA systems, 95% of the organization stated to have improved overall business operations with its increased speed and efficiency.

The Major Players in this Market Include

Major players in Industrial WLAN Market include Autmation Anywhere, Blue Prism, Celaton Ltd., IPSoft and Nice Systems Ltd. among others. In August 2022, Analytics Insight in their article stated that Blue Prism V6 is the latest scalable enterprise RPA platform that allows control, high availability, high performance and disaster recovery. The platform helps increase productivity, improves the working experience and delivers true operational agility. Blue prism also topped the list of RPA Robotic Process Automation companies. Blue Prism has 80% business in sectors such as investment firms, banking Groups and E-commerce among others.