Robotic Process Automation
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Robotic Process Automation market frequently asked questions
As per Beroe, the RPA market is forecasted to grow at a CAGR of 40 percent and raise its valuation from $630 million to $3.39 billion by 2023.
Currently, North America contributes nearly 50 percent of the global RPA market and it's estimated that it will contribute significantly by 2023.
The contribution to the RPA market w.r.t Europe region is driven by the increase in innovative service quality requirements from end-consumers while for APAC, it's driven by an increase in IT service providers especially in China, India, Japan, etc.
According to Beroe's analysis, the key industry trend is the fact that Y-o-Y spends for the RPA improved over the last 3 ' 5 years and was nearly more than 125 percent.
The prominent players of the RPA market include the following names: Accenture Cognizant Capgemini IBM TCS Automation Anywhere Blue Prism UiPath Redwood Verint
Six major end-use industries are making the most out of RPA and their names are: Manufacturing Media and Advertising Healthcare BFSI Transportation Retail
As per Beroe's report, enterprises based in the US region capture more than 60 percent of the RPA market.
As per the analysis, the annual cost of an RPA robot falls within the range of $5000 to $10,000 and it's approximately one-third of what an FTE (full-time employee) gets.
The primary benefit of RPA is that it replaces manually intensive tasks with machines minimizing the need for resources. Additionally, it allows the employees to shift to higher functioning roles and avoid wasting time in mundane workflow-based tasks.
According to Beroe's insights, the two parameters that will create more demand and opportunities within the RPA market are: Companies are continuously evolving and looking for ways to apply automation (NLP, cognitive computing, etc.) in their operation cycle Rapid improvements in technology
The two constraints that affect the RPA workflow include: The workforce must satisfy technical and operating requirements for proper implementation and minimize risks involved in processes like modifying IT architecture, data compliance, etc. RPA must meet the expectations of both individual employees and the managers whose jobs are affected by its implementation
The RPA market in general is quite fragmented and involves a huge supplier base (global to regional) and thus competitive pricing and stiff competition exist between the suppliers.
Robotic Process Automation market report transcript
Global Market Outlook on Robotic Process Automation (RPA)
The global demand for the global robotic process automation market, in terms of revenue, was $2.46 billion in 2022 and expected to reach 2.94 Billion in 2023, and it is forecasted to grow at a CAGR of 32.8 percent between 2022 and 2028 and estimated to reach $13.7 billion by 2028.
Robotic Process Automation Demand Market Outlook
The forecast is that by 2024, new RPA clients will be generated from business buyers outside of the IT organization using the concept of low-code/no-code automation
Reduction of operational costs, increase in process efficiency, human resource downsizing, etc., are the major drivers for RPA adoption across the world
RPA: Category Overview
RPA Technology Providers
RPA technology providers are companies who provide automated solutions to administer business processes, IT support processes, which are workflow based, remote infrastructure, back-office work, etc.
They usually deploy customized solutions for clients through cloud and on-premise methods, irrespective of their geographic scope
RPA technology providers also offer Cognitive Technologies, which primarily involves processing of semi-structured or non-structured input data
They exceed traditional RPA technologies, which are relevant for processing structured data based on the rules and the process orchestration
Optical character recognition, handwriting recognition, image recognition, natural language processing, etc., are some of the most prevalent cognitive technologies
RPA Service Providers
RPA service providers are companies who provide support and assistance for on-going operations with optimized solutions, i.e., audit compliance, business intelligence, process analytics, etc.
They are classified into three categories: Implementation Partner, Technology Partner, Consulting or Strategic Partner
Implementation Partners provide assistance in system integration, installation, configuration, technical support, maintenance, etc.
Technology aid in product platform transition, process auditing, etc., resulting in product innovation.
Consulting/Strategic Partners help with business intelligence, process analytics, and process guidance.
Global RPA: Drivers and Constraints
Reduced labor costs
RPA replaces manually intensive tasks with machines reducing the need for resources
The annual cost of an RPA robot will range from $5,000 to $10,000, which is approximately one-third of an FTE
Increase in employee productivity with minimal process change
RPA elevates employees into higher functioning roles that make use of their expertise rather than invest a significant time in mundane workflow-based tasks
Rise of innovative RPA applications
With companies constantly looking for more ways to apply automation (i.e., cognitive computing, NLP, ML, etc.) in their operations and the continuous technological advancements, this demand would create opportunities for greater number of tasks to be performed entirely by the automated workforce.
Increased adoption of RPA in SME, BFSI and Healthcare Industry: Small and medium enterprises have realised the importance of process automation to stay competitive among the other players
Lack of technical ambiguity
Though RPA takes a minimal implementation time, the workforce must satisfy technical and operating requirements for sound implementation, as it involves risk factors across multiple impact points
E.g., Defining process rules, modifying IT architecture, data compliance and management, etc.
Managing stakeholder expectations
RPA implementation also includes managing expectations of both individual employees whose jobs are impacted by RPA and their managers
The shift to RPA addresses pandemic risks of disruption but can potentially introduce new risks when implemented insecurely. RPA requires policies on control, validation, and monitoring to be securely used to mitigate internal risks
Porter's Five Forces Analysis on Robotic Process Automation
The RPA market is highly fragmented. Hence, the supplier power is low
RPA has a high supplier base, ranging from global to regional vendors, who can cater to specific business needs
Due to this, competitive pricing and stiff competition exist across all tiers of players
Barriers to New Entrants
The RPA market has low barriers to entry, due to low capital investment and abundance of technical workforce
The market is driven by demand for value-added solutions that can deliver value-added services, such as consulting, training, support, etc.
Intensity of Rivalry
Intense competitive rivalry exists, as the vendors are competing to establish product, service differentiation, and competitive advantage in the marketplace by providing a variety of services
Threat of Substitutes
Threat of substitution is low, as RPA itself is an alternative for human workforce
A competitive supplier landscape will be an advantage to the buyer, since they can choose the best-fit service provider from a diversified supplier base
Hence, the bargaining power of a buyer is high, as they are provided with choice of selecting a supplier with best-in-class rates and service portfolio (i.e., market leaders to start-ups)
Why You Should Buy This Report
The market report on the robotic process automation trends contains a detailed analysis of various growth drivers, restraints, challenges, and opportunities that the market players will face during the projected timeline. In addition, the research study offers extensive research into the regional developments of the market, affecting its growth during the forecast period.
Our research analysts have used several methodologies to source insights from industry professionals. The competitive landscape delivers further detailed information into strategies such as collaborations, product launches, mergers and acquisitions adopted by industry players to maintain their edge.
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