Growing Adoption of Robotic Process Automation
Robotic Process Automation (RPA) Market size is set to exceed USD 5 billion by 2024; as per a new research report by Global Market Insights, Inc.
Global Market Insights, Inc.
Market research reports
The growing adoption of Robotic Process Automation (RPA) technology by organisations to enhance their capabilities, performance and reduce operational costs is expected to drive the RPA market growth over the forecast timeline. In order to gain ease of the processes, organisations are increasingly deploying these solutions with the traditional business processes. Surge in demand to eliminate manual interference in simplified and time-consuming business processes is predicted to increase the technology adoption rate.
The RPA market has a huge potential to transform the way organisations operate and support various business processes. Surging eminence of BPM solutions led to rising need of automating the operations by small & medium businesses to stay ahead of the competition. Factors such as capability of the technology to offer increased control over the processes and perform high-volume routine tasks without human intervention, contributes significantly to the RPA market growth. Rising awareness associated with the benefits of the solutions among various organisations such as high level of accuracy and efficiency provide impetus to the demand for Robotic process automation market solutions.
Lack of technical expertise associated with the deployment and integration might hinder the RPA market growth. Moreover, less potential of such solutions to grow in the knowledge based business operations is expected to curb the industry demand. Continuity in the business processes, RoI and practical implications are among the major concerns related to the technology implementation. Unwillingness of employees to make a transition from traditional business processes to automated business processes coupled with the lack of awareness will also pose a challenge to the adoption.
Increasing demand from organisations to automate the business processes such as handling customer enquiries is leading to the significant growth of automated solutions demand. Adoption of such automated solutions helps organisations to streamline the business operations and focus on their core competencies. Automation of monotonous tasks such as timesheets and proposal submissions eliminates the work load on production team results in increased productivity and fuelling the organisation’s competitiveness.
To bridge the gap between largely backed digital transformation projects, the IT & telecom sector is expected to witness high growth in the RPA market. With a virtual workforce that streamlines the traditional business processes, RPA can accomplish this leading the valuable company resources to focus on more important work. The BFSI industry is expected to witness highest adoption of RPA solutions, which can be attributed to the accuracy, efficiency offered by such systems in terms of costs, providing a quick way to address the regulatory compliance issues by bridging the connection between the BPM and ERP systems.
The European RPA market is anticipated to witness significant growth over the forecast timeline. This can be attributed to the presence of large number of logistics and manufacturing companies in the region. The technology helps in rationalising the pickup & drop operations in order to obtain eminent advancement in the cycle time and enhance the customer experience. Owing to the increasing need for customer support across various industry verticals such as BFSI, IT & telecommunication, government and insurance, the RPA market has significant potential to grow in Australia.
Companies operating in the industry include Xerox Corporation, Blue Prism, Nice Systems Ltd, Automation Anywhere, Ipsoft, Celaton Ltd, Pegasystems, Redwood Software, Uipath and Verint. The industry is currently witnessing heavy investments in technology by various players to gain high RoI. Moreover, they increasingly focus on improving the offerings to meet the rising demand of automation processes.
Browse key industry insights report, “Robotic Process Automation (RPA) Market Size by Tools (Model-Based Application Tools, Process-Based Application Tools), by Operation (Rules-Based, Knowledge-Based), by Service (Training, Professional), by Solution (Automated, Decision & Management Support, Interaction), by Organisation Size (Large Enterprises, SMBs), by Application (BFSI, Healthcare, Retail, IT & Telecom, Manufacturing, Transportation), Industry Analysis Report, Regional Outlook (US, Canada, Germany, UK, France, Italy, Russia, China, India, Japan, Australia, Singapore, Malaysia, Brazil, Mexico, UAE, Saudi Arabia, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017-2024” in detail along with the table of contents:
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Pix2: Increasing demand from organisations to automate the business processes. Image credit: Roboyo
Pix3: Applications of Robotic Process Automation. Image credit: UiPath
Pix4: Main benefits of Robotic Process Automation.
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What is RPA?
Robotic Process Automation (RPA) is the application of technology that allows employees in a company to configure computer software or a “robot” to capture and interpret existing applications for processing a transaction, manipulating data, triggering responses and communicating with other digital systems.
Any company that uses labour on a large scale for general knowledge process work, where people are performing high-volume, highly transactional process functions, will boost their capabilities and save money and time with robotic process automation software.
Just as industrial robots are remaking the manufacturing industry by creating higher production rates and improved quality, RPA “robots” are revolutionising the way we think about and administer business processes, IT support processes, workflow processes, remote infrastructure and back-office work. RPA provides dramatic improvements in accuracy and cycle time and increased productivity in transaction processing while it elevates the nature of work by removing people from dull, repetitive tasks.
The technology of RPA can be applied specifically to a wide range of industries.
Founded in 2013, the Institute for Robotic Process Automation and Artificial Intelligence (IRPA AI) is an independent professional association and knowledge forum for the buyers, sellers, influencers and analysts of robotic process automation, cognitive computing and artificial intelligence. Initially founded as The Institute for Robotic Process Automation, in February 2017, the IRPA announced it has officially expanded the focus of its professional association and knowledge forum to include Artificial Intelligence, and changed its name to IRPA AI. The
organisation’s rebranding reflects the broader range of coverage and resources the Institute is extending to its 7000+ growing membership, widening the scope beyond RPA to include intelligent automation, cognitive computing, machine learning and artificial intelligence.
Courtesy: IRPA AI