Software robots are becoming a significant part of it, making Robotic Process Automation (RPA) one of the fastest-growing global market. Companies worldwide see RPA more as an inherent part of their ventures than a cost generator, adopting this technology faster than ever.
To some extent, we can say that the RPA robot resembles a virtual worker. It simulates human activity in a computer environment, performing defined, routine actions – unlimited times or according to a given need or schedule. The bot conducts these tasks faster, with greater efficiency, and within a narrow margin of errors (depending mainly on the preparation method or interference in the bot code).
In the opinion of experts and available research, RPA is becoming an inseparable part of business and even a necessity.
One of the main reasons for the increase in demand for RPA solutions is the cost of employee retention. In each company’s best interest, especially its efficiency and profitability, employees’ productivity is as high as possible, mainly in large companies from the most dynamically developing industries.
The market’s state
As we have already mentioned, one of the main factors driving the RPA market’s growth is that companies using the Robotic Process Automation capabilities can quickly and cost-effectively improve their operations’ quality, speed, and productivity.
Companies that have decided to implement this technology in recent years have recorded a significant increase in cost-effectiveness due to reduced labor costs. Looking at the parting global RPA market, we can analyze the dynamics of the technology adoption from various points of view. For example, we can check different segments. Each can be defined by a given element, variable, or operation depending on the current need.
RPA type segment
Businesses can also analyze the RPA market in terms of services and software. The service segment generated a record 61% of overall RPA revenues in 2020. Analysts expect further growth until 2028. More so, enterprises are increasing their expenses on advisory, consulting, and training services related to automation while targeting scalability.
On the other hand, the software segment grew steadily (a steady CAGR) due to the high business requirements resulting from remote work and remote infrastructure access, network security, automated internal data control tasks, and much more.
And what about industries and RPA?
The events of recent years and months, caused by the pandemic, the general condition of economies, as well as events created by geopolitics forced companies to look for new, technology-based strategies.
Retail (with e-commerce), manufacturing, telecommunications, and selected sectors of the IT industry experienced a downturn – sometimes very significant. Paradoxically, some companies from the same markets but in different sectors noted a considerable increase in demand. Like medical and healthcare entities, others were facing increased pressure and periodically reduced supply – especially in the private sector. It happened even though the availability of their services was for some time in deficit.
Such problems affected back-, front-, and middle-office operations and consequently contributed to increased issues with (among others):
- customer delayed responses
- employees burnouts
- supply chain disruptions
- virtual training
- data privacy issues
All listed problems required a stronger focus on the highest possible efficiency and a well-balanced relationship between productivity, costs, and maintaining business liquidity. Moreover, the current digital transformation had to guarantee a reduction in the number of errors, a positive impact on ROI, and at the same time support employers in maintaining their crews. It also influenced the adoption of RPA solutions in various industries.