Robotic Process Automation (or RPA) is one of the hottest areas in the enterprise technology sector these days, reaching $1.3 billion this year, says Gartner.
One of the best definitions of RPA – RPA is a technology that allows you to type literally on any application, read any application screens, apply a certain set of rules, and make decisions with AI.
Check out What’s in store for RPA and AI in 2020.
A March 2017 report from Research and Markets reveals that “The robotic process automation market is estimated to reach USD 2,467.0 million by 2022, at a CAGR of 30.14% between 2017 and 2022.
Market Adoption Trends –
The biggest adopters of RPA are insurance companies, banks and utility companies. Such organizations have many legacy systems and have chosen RPA solutions to ensure integration functionality. It is the ability to integrate legacy systems that acts as the key driver for RPA projects.
Market adoption for RPA is highest in –
- Organizations that have multiple connected applications or a lot of manual re-keying of data.
An organizations’ propensity is to implement RPA is dependent on the number of existing applications and the automation tools that are already in use.
- Banking and Insurance Industries – There’s wide adoption of RPA in the operational processes across the world’s major banks. Retail, Manufacturing, and Insurance industries have rapidly followed.
- Finance and Accounting Departments – The adoption is quite noticeable when it comes to finance shared service centers and BPOs that focuses on finance and accounting services.
- The lead geographical regions (The U.K and the U.S.A) – closely followed by Europe, Asia, Japan, and Australia.
So, who’s investing in the RPA Industry?
Companies are investing heavily in RPA to carve out a competitive advantage, according to a survey conducted by Protiviti. By using this technology, organizations can not only accelerate their digital transformation initiatives but also unlock the value associated with past technology investments.
RPA, currently, is one of the fastest-growing software markets. With an estimated $850 million market size, the RPA market is expected to reach $3 billion by year-end 2023.
This Magic Quadrant depicts providers of the RPA Products and not service providers that leverage the RPA capabilities licensed from another vendor.
The RPA Future looks bright
The initiative to implement RPA is more business-driven than IT. RPA can and will take over manual processes that are repetitive, voluminous, time-consuming and error-prone. RPA unquestionably is a very powerful transformational tool that can improve productivity, efficiency and make your organization more competitive and ahead of all in the marketplace. It has the required potential to improve end-customer satisfaction significantly.
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