Robotic Process Automation (RPA) Market size is set to exceed USD 5 billion by 2024; as per a new research report. The growing adoption of RPA technology by organisations to enhance their capabilities, performance and reduce operational costs is expected to drive the Robotic process automation 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.
Robotic process automation 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.
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 Robotic process automation 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.
Europe Robotic process automation 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, Automation Anywhere, Ipsoft, Celaton, 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 focusing on improving the offerings to meet the rising demand of automation processes.