Global Robotic Process Automation Market Report (2020-2025)

Market Overview

• In the last few years, technology has brought a vast change in the way applications are being designed and developed, which has further intensified the automation process. Robotic Process Automation (RPA) is a big umbrella concept where new technologies automate a series of human actions in an IT or business process.
• Robotic Process Automation (RPA) is an ability to match the legacy technologies with the automated technologies that can simplify the different business cases and minimizes the disruption.
• Organizations across different verticals are continually trying to find out new sectors or verticals through which they can reduce their total operational costs. Robotic Process Automation (RPA) is one of the important areas via which this objective can be achieved.
• Robotic Process Automation (RPA) refers to the replacement of human workforce with the new technology to reduce the operational costs and eliminate human mistakes/error and thus achieve additional benefits.
• According to the latest forecast from the International Federation of Robotics (IFR), there are around 1.4 million new industrial robots installed across the globe by the end of 2019
• With the growing attraction and popularity towards enterprise resource planning (ERP), there is a need for the businesses to move towards the new technologies such as automation of processes to stay competitive. Various technologies can be used in combination with robotic process automation (RPA) to enable more effective automation of business processes.
• For instance, key vendors such as IPsoft, BluePrism, and Virtual Operations are planning to plug-in architecture tools, cognitive and artificial intelligence in their robotic process automation product suite. This helps the enterprises focus on new and advanced technologies for cost savings and better efficiency in their business processes.
• South Korea has a large share of installed industrial robots per 10,000 employees. That is mainly due to the continued installation of high volume robots in the electronics and manufacturing sectors. 90% of Singapore's industrial robots are installed in its electronics industry and it comes second with a density of 488 per 10,000 employees.
• In addition to this, advancement in the automation software technologies is further creating a new variety of cognitive learning technologies with human-like capabilities, such as natural language processing, handwriting recognition, and identifying the unknown images from the structure data.
• Further, the combination with robotic process automation and analytics, these cognitive technologies are capable of developing new advanced solutions that directly assist the people in the performance of non-routine tasks or automate those tasks entirely.
• According to Nice, which is a prominent player in the RPA market, organizations are restructing their compliance and IT focused processes, because of which they lose upto 4% of their annual turnover,. With improved cognitive capabilities of the RPA, companies in the market can leverage the opportunity and increase the adoption of RPA.
• According to Institute for Robotic Process Automation, the Robotic process automation as a software will replace up to 140 million full-time employees globally by 2025. To counter this, several high-quality jobs will be created for those who are able to maintain and improve the RPA software.