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Robotic Process Automation Market to grow significantly and reach 23.9 billion dollars by 2030
The global robotic process automation market which was worth 2.65 billion dollars in 2021 will reach around 23.9 billion dollars by 2030 at a CAGR of 27.7 percent for the forecasted period.
FREMONT, CA:The global robotic process automation market is expected to grow with a compound annual growth rate (CAGR) of 27.7 percent from 2021 to 2030 and reach around 23.9 billion dollars by 2030. It is also estimated that the global robotic process automation market was worth 2.65 billion dollars in 2021. Robotic Process Automation (RPA), also known as software robotics, uses automation technology to replicate back-office operations performed by human workers, such as data extraction, form completion, and file movement, and so on. It combines APIs and user interface (UI) interactions to integrate and perform repetitive tasks between enterprise and productivity apps. RPA technologies automate the execution of various tasks and transactions across disparate software systems by deploying scripts that replicate human operations.
Currently, North America dominates the market, while Asia Pacific is the fastest growing region in the RPA sector. The United States' financial markets are the world's largest and most liquid which can be witnessed as in 2018; finance and insurance represented 7.4 percent of US GDP which was about $1.5 trillion. Leadership in this broad and rapidly expanding area generates significant economic activity as well as direct and indirect employment creation in the United States. Moreover, financial services and products also contribute to the facilitation and financing for exports of US manufactured goods and agricultural products. In 2016, the insurance industry's net premiums written totaled 1.1 trillion dollars. Furthermore, premiums collected by life and health insurers accounted for around 53 percent, while premiums collected by property and liability insurers accounted for 47 percent. Nearly one-third of all reinsurance sold globally is purchased by US-based organizations. International insurance companies are continually looking for new business opportunities and collaborations with American insurers. This dominance of the BFSI business in North America benefits the RPA market.