From $2,078.3 million in 2020, the global robotic process automation market revenue is expected to surge to $45,982.0 million by 2030. According to the predictions of the market research firm, P&S Intelligence, the market will progress at a CAGR of 36.3% from 2020 to 2030 (forecast period). The market is being driven by the burgeoning need for virtual workforces and the rising adoption of robotic process automation, on account of its ability to provide higher efficiency, improved customer experience, and greater ease in handling business operations.

Robotic process automation (RPA) software assists businesses in increasing their efficiency, as it can smoothly run in the background 24*7, which subsequently leads to the mechanization of back-end processes. This consequently allows human employees to focus on important tasks, such as client handling. For example, IBM Corporation entered into a partnership with Automation Anywhere Inc. in 2017 to aid enterprises in digitizing their operations and boosting efficiency across processes by providing them with a set of tools that automate and simplify various data-intensive tasks, within the processes handled by its process management software.

Additionally, the RPA technology helps businesses provide an improved customer experience. This is primarily evident in the finance sector, which is rapidly incorporating digital technologies. This technology manages tasks, such as producing statements, thereby assisting banks in sending computerized timely reminders to customers and handling the transactions their clients make in real-time. Depending on the operation segment, the RPA market is divided into knowledge-based and rule-based categories.

Of these, the rule-based category contributed higher revenue to the market in the past, and this trend is expected to continue in the coming years as well. This is credited to the various advantages associated with rule-based automation, such as the efficient execution of several repeatable tasks that do not need human expertise or intervention. In addition, rule-based RPA handles business applications via existing user interfaces, as per pre-defined inputs.

When vertical is taken into consideration, the RPA market is classified into telecom and information technology (IT), banking, financial services, and insurance (BFSI), manufacturing, retail and consumer goods, and healthcare and pharmaceuticals. Out of these, the retail and consumer goods category is predicted to demonstrate the fastest growth in the market in the coming years. The incorporation of information and data has become easier owing to the adoption of these solutions, thereby giving the companies operating in the retail and consumer goods industry more time to properly focus on offering the best services.

Across the globe, North America contributed the highest revenue to the RPA market in the years gone by, and this trend is expected to continue in the coming years as well. This will be because of the presence of a well-developed information technology (IT) infrastructure, surging investments being made in advanced technologies, and growing adoption of these technologies in the region. Whereas, Asia-Pacific (APAC) is expected to be the fastest-growing region in the market in the upcoming years, owing to the soaring investments being made in the development of IT infrastructure in the region.

Thus, the demand for the RPA technology will shoot up in the years to come, mainly because of its ability to provide improved customer experience and enhance the efficiency of business operations.