Blue prism technology services market is expected to grow at a CAGR of 22% during the forecast period of 2023 to 2030. The market is currently experiencing significant growth as the technology enables the creation of sophisticated robots with ease and aids in the expansion of an ecosystem. The market is quickly expanding due to its success rate of speedier implementation and greater returns on investments. However, there is a significant need for bridge services that can link sophisticated systems with end-users and deploy cutting-edge automation solutions for their robots. Blue Prism technology is preferred by customers looking for hybrid robotic process automation in their own back-office operations. As a result of this growth, the demand for blue prism technology services among new users has increased along with the efforts of market players to continuously offer product differentiation through innovation led by effective R&D initiatives.

Robotic Process Automation Evidencing Significant Demand

Robots are now present in all business sectors. They facilitate operations and reduce errors to an incredibly low level, increasing the likelihood of successful business. Robotics is embracing automation from the ground up in order to keep up with the characteristics of Industry 4.0. Automation in a robot is difficult to achieve, though. The assistance of Blue Prism Group is helpful in this situation. These services enable seamless robot and automation algorithm linking. The demand for robots is increasing, and automating them will guarantee corporate success, therefore the global blue prism technology services market is anticipated to expand significantly during the forecast period.

Value Offering to Medium-Sized Enterprises Boosting the Growth of the Blue Prism Technology Services Market

The services offered by blue prism technology can help medium-sized manufacturing enterprises increase efficiency without compromising the quality of their output. The number of these companies is always growing, and they are aggressively implementing robotics into their operations, therefore the global market for blue prism technology services is anticipated to expand significantly during the forecast period of 2023 to 2030.

Availability of Cheaper and Simple Alternatives is Hindering the Market Growth

The decision of end-user enterprises to purchase automation solutions like Blue Prism technology services is influenced by factors including simplicity of use, license, maintenance fees, and cognitive capability. Growing awareness of the advantages of alternatives, such as "Automation Anywhere," is having a detrimental effect on the market's expansion for these services. Because it is significantly less expensive and simpler to use than Blue Prism technology offerings, Automation Anywhere continues to be one of the most popular RPA tool options for SMEs. Additionally, the cognitive IQ Bot technology integrated into Automation Anywhere enables end-users to access RPA tools combined with more sophisticated cognitive capabilities, which hinders the uptake of Blue Prism technology services and has an adverse effect on the market's expansion.

Banking and Financial Sector to Be the Largest End-User of Blue Prism Technology Services Market

Banking systems need a specific system to handle compliance, which might help it avoid regulatory penalties and lessen the chance of reputational harm. As a result, it is anticipated that the banking industry will establish the majority of contracts during the next ten years. Public financial services are also slowly implementing this technology, in addition to commercial banks. Every financial industry that wants to keep up with current and prospective competition has the need to offer its consumers a seamless, tailored, and digitally powered interface. Therefore, the BFSI segment held about 25% of the revenue share in comparison to other end-user segments in the year 2021. 

North America Remains the Global Leader

North America generates over 40% of the global revenues due to its existing infrastructure that makes the implementation of robotic technology easy and effective. Given that small and medium-sized businesses are constantly at risk of dealing with commercial frauds, By the fourth quarter of 2030, demand for such sophisticated automated technology, which includes features like "fraud detection" and "AML," is anticipated to surpass a valuation of over $ 5 Billion. SMBs (small and midsize businesses), operating in developing countries of Europe and Asia are expected to generate significant revenue share by the end of 2023 from the implementation of this technology. The availability of features such as advanced cybersecurity, quicker cash cycles, compliance monitoring systems, and due diligence testing is the need of the hour for SMEs and MSMEs.

Top Tier Market Players Focus on Growth Strategies and Product Innovation

Market participants in the blue prism technology services industry have primarily adopted growth-oriented strategies that include a high rate of automation technology deployment. Additionally, partnerships, mergers, online marketing, and ongoing technological improvements rank at the top of their focus area. By offering extremely cutting-edge and secure technology, these tactics assist the global players in growing their regional presence and capturing the largest share of the market. Key market players in this market segment include Blue Prism Group Plc., Accenture Plc, Deloitte Touche Tohmatsu Limited, Ernst & Young LLP, Avanade Inc., Agilify Automation, Virtual Operations Ltd., Neoops Inc., Dirwa, Quanton Limited, and others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Blue Prism Technology Services market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Blue Prism Technology Services market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Blue Prism Technology Services market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Blue Prism Technology Services market?
• Which is the largest regional market for Blue Prism Technology Services market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Blue Prism Technology Services market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Blue Prism Technology Services market worldwide?