Top 5 Fastest Growing Industries in the Next 5 Years: Predictions

3. Robotic Process Automation

 Compound annual growth rate (CAGR): 39.9%

Over the past few years, there has been a notable increase in robotic process automation. As stated by Grand View Research, the size of the global market for robotic process automation was estimated at $2,942.7 million in 2023 and is expected to increase at a CAGR of 39.9% between 2023 and 2030. The primary cause of this anticipated rise is the COVID-19 pandemic. The U.K.-based RPA solution company Blue Prism Limited, for example, performed a survey and published a paper in February 2022 titled “RPA In the APAC Financial Services Sector.” As per the report, 21% of the respondents from financial services businesses in India stated that their organizations used RPA during the COVID-19 pandemic. North America had the strongest demand for robotic process automation, with a market share of around 37.0% in 2022 and a CAGR of approximately 39% from 2023 to 2030. From 2023 to 2030, Asia Pacific is expected to have the greatest CAGR, almost 42%. SAP, Blue Prism Limited, Microsoft, and NTT Advanced Technology Corp. are some of the prominent competitors in the market.