The robotic process automation industry has garnered $2,182 million revenue, and it is projected to experience a growth at a rate of 32.3% from 2021 to 2030. The major factors for industry growth include easy handling of business processes, better customer experience, and higher efficiency provided by RPA solutions.
Robotic process automation is an advanced software technology that contributes to building, deploying, and managing software robots that imitate the actions of humans and interact with digital software and systems.
Software category is projected to experience faster growth, rising at a rate of 34.9% in the coming future. It is ascribed to the surging adoption of RPA software across various verticals to boost efficiency and mitigate time wastage.
Software robots can also perform things to understand what is on the screen, navigation systems, right keystrokes, identification and extraction of data, along with various other actions more quickly compared to humans.
Enterprises get advanced with high efficiency, productivity, and resilience. From the financial to healthcare and manufacturing sectors, companies have implemented RPA in various areas such as compliance, legal, finance, operations, customer service, and information technology.
RPA is ideal for virtually any business-rules-driven, high-volume, repeatable process for automation. It also boosts the efficiency of cognitive processes that need advanced AI skills.
RPA provides support to various types of industries to resolve specific operation issues in advanced and powerful ways.
Leaders in various sectors from finance to marketing, customer service to human resources, and beyond need RPA to improve various processes, achieve higher capacity, fewer errors, and faster throughput for major processes.
From senior management or CFO’s perspective, RPA technology investment offers quick ROI and needs minimal upfront expenditure compared to other technologies in enterprises.
The implementation of RPA causes no little or negligible disruption. That is why software robots can easily access and function within legacy systems. RPA is a major digital transformation enabler.
The retail and consumer goods category are projected to experience the fastest growth in the industry in the coming future. It is ascribed to numerous advantages provided to companies operating in the retail and consumer sector. It includes cost savings from unnecessary expenditure on resources and better revenue management.
The automated solution category holds the largest industry share, of 48%, and it is projected to follow the same trend in the coming future. It is ascribed to rising efforts to automate basic processes such as data entry, customer query handling, information verification, and uploading for automatic rejections and approvals.
The major companies operating in the industry are; Pegasystems Inc., Celaton Ltd., Xerox Corporation, IBM Corporation, Blue Prism Limited, NICE Ltd., IPsoft Incorporated, and UiPath.
Therefore, the high efficiency offered by software robots boosts the demand for robotic process automation.
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