Having surpassed the valuation of around US$2 Bn in 2021, global robotic process automation market is all set for a stupendous double-digit growth rate through the projection year, 2027. The No-Code revolution is playing out a significant influencer.
Deepening Penetration of Next-generation Technologies in Business Process Boosts Robotic Process Automation Market Growth
Rampant advancements in technology have changed the way businesses operate, reducing human support in routine tasks and using new age tech to carry on repetitive processes. Robotic process automation is now being viewed as an evolution rather than novelty that is being used to carry out such tasks. Now considered as a multi-prong automation and digitisation strategy, robotic process automation (RPA) is a crucial facet of the digital transformation journey of any business. Moreover, advanced technologies such as cloud, machine learning, and Artificial Intelligence (AI) are being leveraged to handle complex inflow of data and information and carry out business process automation. This factor remains crucial in boosting capabilities of robotic process automation. Major players are combining AI, and machine learning to obtain cognitive interface. With availability of such advanced tech, the demand for RPA is bound to increase across industries, in turn pivoting the growth of the robotic process automation market.
Growing Adoption of Conversational Chatbots to Catalyse Progress of Robotic Process Automation Market
Adoption of intelligent bots has prevailed through the entire data ecosystem and the variety of tasks performed by these bots is expanding at a rapid pace. With advent of digital assistants such as Alexa and Siri, businesses are considering chatbots as one of the next steps towards digitisation. Leveraging technologies such as AI and natural language processing (NLP), the RPA bots are supporting businesses in enhancing customer experience, providing a safe and efficient customer journey to the end users. Private companies and government organisations are also largely investing in conversational robotic process automation chatbots to automate their processes. For instance, National Science Foundation (NSF) Organisation has developed an RPA chatbot that automates several messages and reminds or informs end users regarding upcoming meetings. In this backdrop, advent of conversational chatbots is likely to augur well for robotic process automation market.
No-Code Revolution, and COE Establishment to Steer Robotic Process Automation Market Growth
Although robotic process automation has prevailed since past few years, the technology is likely to mature in the coming period. In wake of this situation, new developments are being carried out in this space to ensure its evolution several years down the line. The no-code revolution is one such advancement which is expected to transform the robotic process automation market. While dependence on core developers transitions away, the anyone can code evolution is in the offing. In this background, low or no-code are being developed helping SaaS platforms create powerful robotic process automation solutions at reduced costs and at a faster rate. With user friendly readily built features and a drag and drop interface no-code platform uses a visual approach towards development. No-Code robotic process automation can help businesses automate end-to-end processes, workflow, and complex tasks at scale. This trend is poised to significantly transform the sector, in turn contributing toward the growth of robotic process automation market.
Furthermore, adoption of robotic process automation Centre of Excellence (COE) is another on-going trend. RPA COE, comprising of RPA consultants, process managers, IT experts, and functional experts from several departments aim to simplify and streamline the process using the technology. The internal COE team is focused on establishing best practices, efficiency improvement, bot development cycle, ROI optimisation, and robotic process automation integration along with support and training. Establishment of RPA COE can carry out all RPA projects, thus supporting management, and governance. This factor is expected to influence the robotic process automation market.
Knowledge-based RPA to Gain Traction in Robotic Process Automation Market Despite Dominance of Rule-based Operations
Rule-based operations have gained high ground since the past few years. Rule-based robotic process automation is widely used owing to its ability to carry out repetitive and mundane tasks across various industries in a cost effective manner. However, the demand for knowledge based robotic process automation is poised to spearhead on the back of rapid penetration of cognitive technologies such as machine learning and artificial intelligence. In the forthcoming years, knowledge based RPA is expected gain high steam, thus significantly contributing towards robotic process automation market growth.
North America Poised to Lead the Robotic Process Automation Market
Proliferation of technology in developed nations in North America has always witnessed an upswing since the past. Owing to better IT infrastructure, better economic strength, and inclination towards technology adoption, the robotic process automation market in the region is likely to witness robust growth. Moreover, rising adoption of AI and self-regulated technologies coupled with rising investments in the region have been driving the demand for RPA. For instance, US government introduced RPA programs that developed about 1000 automation solutions, thus freeing approximately 1.5 million hours of capacity. Companies involved in deployment of RPA solutions can expect momentous growth in the region in the coming years.
Robotic Process Automation Market: Competitive Landscape
A few of the major players in robotic process automation market include Automation Anywhere, UiPath Inc., WorkFusion Inc., Kryon Systems, Blue Prism Group, Microsoft Corporation, and Salesforce.
The Global Robotic Process Automation Market Is Segmented As Below:
Key Elements Included In The Study: Global Robotic Process Automation Market
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