Robotic Process Automation in Business and its Market Reach
Insights
What is Robotic Process Automation?
RPA or Robotic Process Automation is an application of technology that aims at automating business processes with the help of structured inputs of smart software by observing human interaction with the machine/system.
RPA tools and software help companies and organizations to configure software or a robot to capture and evaluate applications for processing a transaction smoothly along with communication with other digital systems, manipulating data, triggering responses, etc.
RPA can be used for different business purposes such as generating an automatic response to an email or an application form to processing data of stored lists and conducting repetitive tasks without errors.
RPA for Businesses
Many businesses are in line to adopt the RPA technology software to expedite different business processes in such a way that reduces cost, consumes less time and effort, and enhances efficiency. Its ability to streamline business processes at a fast pace offering efficiency is driving the demand and market for RPA (Robotic Process Automation).
Not just this, along with cognitive assistance, machine learning/Artificial Intelligence, speech recognition, IoT, etc, the RPA can be used to perform complex tasks within a short period of time. RPA engagement models benefit different sectors of the market including retail, healthcare, human resources, financial services, and a lot more. With such a broad range of resources in the market, the adoption rate of RPA is increasing at a breakneck speed.
As per Grand View Research, the global robotic process automation market size was valued at USD 1.40 billion in 2019 and is projected to exhibit a compound annual growth rate (CAGR) of 40.6% from 2020 to 2027.
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Though the robotic process automation is an opportunity-enabling application of technology and digital transformation, the drawback that drags backward even after being technology is that- it is definite to take the place of a number of employees working in the organizations.
Moreover, as per the industry-experts of Forrester Research, estimates that RPA software will threaten the livelihood of 230 million or more knowledge workers or approximately 9 percent of the global workforce.
Why companies are choosing RPA over other tools?
Well, the answer that relates to it is pretty simple.
1. The RPA gets everything for you, it enhances your repetitive tasks and keeps them going without the help of a human hand i.e being what it is- “a bot”.
2. It simplifies and speeds up the dull and time-consuming tasks.
3. It improves efficiency
4. It provides error-free business processes which are often a course of distress when repetitive tasks are at hand
5. It does not need its own software setup or space
6. No operational cost is required
7. Easy to use
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All these benefits are witnessed and measured by the North America region with the best possibilities as it has the largest market share globally. It dominated the market with a 37% share of global revenue in 2019 according to grand view research. Whereas the demand for the automation of business processes, digital transformation, and technology has led the Asia-Pacific region to witness the highest growth in the forecast period with aCAGR of 43.3%.
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