The Robotic Process Automation (RPA) Market size was valued at USD 2.27 billion in 2021 and is predicted to reach USD 18.69 billion by 2030, with a CAGR of 22.5% during the forecast period from 2022 to 2030, according to a new report by ResearchAndMarkets.com.
The global demand for Robotic Process Automation (RPA) has increased as a result of factors such as the increase in demand for efficient and hassle-free work, which is driving the growth of the Robotic Process Automation (RPA) market. The increased deployment of RPA tools in the BFSI and telecom sectors also contributes to the growth of the RPA market.
However, high RPA tool prices, as well as a skilled workforce shortage, are impeding market growth. On the contrary, increasing focus on human-aware AI systems and the development of smarter robots is expected to create ample opportunities for key players operating in the Robotic Process Automation (RPA) market in the coming decade.
Drivers are rising adoption and development of RPA-enabled self-learning conversational chatbots; increasing adoption of advanced technologies such as AI, cloud, and machine learning; developments and innovations in RPA to fulfil consumer demands; growing adoption of deep learning and neural networks. a restraint on the other hand is the absence of highly skilled manpower and cybersecurity threats. An opportunity finally is the increasing focus on human-aware AI systems and development of smarter robots.