As investing in automation has been one of the hottest discussions among companies, robotic process automation (RPA), a technology designed to automate routine tasks, is projected to further expand to $26.5 billion in less than a decade.
From an already significant market value of $3.2 billion last year, the strong demand for RPA across the world is seen to continue, propelled by digitization and the market players’ preference to partner RPA with other advanced technologies, such as artificial intelligence, machine vision, machine learning, and deep learning for the different needs of the business sector.
This is according to a recent report by Fact.MR, a market researcher that offers insights across the US, Europe, and Asia.
RPA will also get a boost from the rising popularity of virtual assistants, advanced chatbots, and automation technologies as business leaders continue to look for ways to increase their operations’ productivity while earning more.
Since businesses can depend on software robots for repetitive tasks, allowing humans to set their focus on more complex tasks, RPA usage has been noted in critical industries, like banking, manufacturing, hospitality, and even healthcare.
“Increasing investment in automation research and development, and the growing availability of products and automated robots are estimated to cement the demand for robotic process automation services in the global landscape,” the report said.
While there are factors that could trigger further growth, Fact.MR also noted some situations that could hinder RPA’s expansion.
“On the contrary, high initial investments to set up infrastructure and employ skilled staff to oversee the operations are projected to influentially inhibit robotic process automation demand in the long run,” it said.
Other problems RPA providers must overcome include “the dearth of skilled professionals, issues with adaptability, and increasing complexity of intelligent process automation technologies,” the report said.
As RPA automates processes, businesses can expect to eliminate or reduce errors from manual input and optimize the workflow, helping them achieve positive results.
Want to explore the use cases of RPA? Monstarlab Philippines’ RAX team can help streamline your business with software robots. Talk to the experts now.
Photo by: rawpixel