Robotic Process Automation (RPA) market to accrue heavy returns via BFSI applications, Australia likely to influence the regional revenue
The inherent demand for automated technology to accurately perform complex tasks to reduce human errors is certain to impel RPA industry trends. Numerous firms have been striving to develop code-free, user friendly, and non-disruptive RPA software to access IT systems through user interface applications. Assigning manual jobs to bots simply implies that the reduction of human intervention in tedious tasks has now become commonplace. Experts have projected that the shift from humans to robots – an automation paradigm – will improve the process efficiency and reduce overall costs, which has been forecast to create profitable roadmap for robotic process automation market.
U.S. RPA Market Share, By Organization Size, 2016
Robotic process automation industry has been experiencing robust changes since the past decade, given that RPA software is extensively used for business process outsourcing and business process management. In addition, RPA tools have the strong capability to increase business process efficiency without having to implement any fundamental process change. The ability of the RPA software to effectuate smarter processes as compared to conventional IT applications is certain to augment robotics process automation industry size, slated to cross USD 5 billion by 2024.
Some of the exceptional benefits that RPA tools boast of include, improved accuracy & throughput, process scalability, risk mitigation, multitasking & flexibility, auditing & security, operational & technical efficiency, capturing detailed information, time and cost efficiency, and reduction in delivery risks. Subject to a plethora of lucrative advantages, these tools find applications in the finance, information technology, and supply chain management sectors, which would undeniably emerge as profitable growth avenues for robotic process automation industry. In addition, integrating RPA with other automation technologies such as artificial intelligence and machine learning will lead to improvements in the speed, quality, accuracy, and efficiency of the business process operations, thereby leading to innovative inventions in the field of automated processes. The subsequent rise in the introduction and deployment of new automated technologies such as intelligent process automation will thus suitably impact RPA market share over the years ahead.
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The robotic process automation market has been witnessing a vast number of strategic M&As in recent years. These proactive initiatives have profitably leveraged the robotic process automation industry growth, as per experts. Citing an instance, Accenture PLC, an IT service provider, has acquired Genfour Limited, an information management service company and a global leader in the RPA & AI delivery sector, with an aim to consolidate its position in the overall robotic process automation market. Through this deal, Accenture aims to develop and apply machine learning across complicated IT processes to automate them and improve the overall operational effectiveness. The need to automate the IT services through machine learning, big data analytics, and artificial intelligence will thus impel the overall RPA market share in the ensuing years.
Today, new developments are observed across robotic process automation industry with Prodapt Solutions Private Limited, a software firm based in India, introducing Telebots™, a leading robotic process automation schema for digital & communications service providers. Telebots™ provides a fast and reasonable way of handling the issues faced by the service providers while automating the business processes.
Robotic process automation market is forecast to experience escalated growth across various regions, with Europe and Australia contributing prominently towards the business expansion. While the shortage of workforce and a huge presence of manufacturing & logistics companies are predicted to impel Europe robotic process automation market, the mounting demand for support staff to process customer requests across the banking, telecommunications, insurance, and government sectors will spur the growth of Australia RPA industry.
Major firms such as Blue Prism, Automation Anywhere, Verint Systems, Pegasystems, and UiPath are likely to make vital contributions towards robotic process automation market in the forthcoming years. With technology slated to occupy the center space of the future, robotic process automation industry will grow at a rate of more than 20% over the coming seven years.
Author Name : Dhananjay Punekar