Robotic process automation is a software technology that is developed to match human actions, interact with digital machines, software, systems to build, control, deploy and manage the data. The automation is done because software robots can do the same work repeatedly in very less time as compared to humans and with more consistency and accuracy. The robotic process automation (RPA) market is set to grow in billion dollars despite of economic slow down due to covid-19 pandemic. The countries like China, is the hub of robotic process automation and is working highly towards growing its market. RPA are being adopted as they offer profitability, flexible, employee satisfaction, and productivity. Robotic software uses bots which work as they are coded, can learn, mimic, do the same process again and again if programmed to do. Also, bots do copy-paste, solves complex equations through calculations, scrape web data, move files, etc., thus, the manual work which is generic and repeat can be given to bots making humans do more mindful work.
Robotic process automation is getting prevalence in various industries to automate high volume tasks. Some sectors where RPA is getting high recognition are telecommunication, IT systems, finance sector, healthcare, retail, manufacturing, etc., Finance sector was one of the first sector where RPA was adopted. Robotic automation is adopted in such industries as it reduces cost of labor and increasing requirement of completing redundant tasks is expected to drive the market for RPA. Additionally, RPA helps in transaction process, triggering response, manipulate data, etc.
Covid-19 Impact on the Market
Though covid-19 was a bad news for the overall global economy but this recession encouraged businesses to show interest in RPA industry. RPA found many application areas during the pandemic. The sources predict that RPA market will witness growth in many sectors post pandemic. Reduction of labors to contain the virus became an important factor, thus, requirement in healthcare, education and public sector, to optimize supply chain processes, responding to the demands of customers in online shopping, etc., gave a boost to its sales and adoption. The market is anticipated to reach further heights post-pandemic.
RPA technology integrated with AI
The RPA technology if integrated with artificial intelligence and machine learning can take its own decisions based on the data. AI can act as the brain of a bot and when the bot stores the information from multiple sources, based on that data, it will decide the steps to perform. RPA with artificial intelligence can accelerate the productivity to newer heights, save employees from doing those tedious tasks, offer accurate results without human errors, manages data more effectively as compared to manually done by humans. Moreover, when combined with AI and machine learning, it works with the help of optical character recognitions and capture more content. Thus, these two technologies can come together and bring revolution in the market. Companies are working on it to be a reality and its growing popularity may extend the market growth many-folds.
Importance of RPA Technology in Finance
Banking and finance work is repetitive, RPA increases the productivity of banks and financial institutions by engaging with customers in real-time. Lot of work in banking can be performed by RPA, one of them is automatic report generation, RPA technology can read through the documents and extract the needful information. The reports are usually generated in case of fraudulent transactions in case of any suspicious activity. Other than that, RPA can help in customer onboarding by avoiding manual errors saving the time for employees. Nowadays, online KYC process is implemented which is also suitable for RPA in terms of both time saving and cost.
RPA software is automotive and thus, do not need a break, therefore, it can work with more efficiency within less time. Also, as bots only work one task at a time, there is no chance of information getting leaked, and the data accessed is well controlled and managed.
Prominent players in the market include Automation Anywhere, Blue Prism, NICE ltd., Kofax, Inc., Startek, IPSoft, UiPath, WorkFusion, Inc., Xerox Corporation, RedWood Software, Verint Systems, Inc., etc.
Latest Marketing Updates
- Startek have recently in July 2021 announced their partnership with Automation Anywhere for strengthening its Robotic Process Automation Capabilities. The partnership aims to speedup the process of intelligent RPA, digital workforce and also offer other value-added services. The company aims to build robust CX solutions, accelerate efficiency, etc. The partnership is based on the support for RPA skill development through strategic investments, for industry specific solutions, advisory, CX, for technical guidance, testing and development.
- AgreeYa Solutions, in October 2020 introduced New Robotic Automation Solution for organizations to optimize resources and reduce operation costs, automate repetitive tasks, and transform the business with new technology. The automation solution helps the company to automate redundant tasks, by delivering smart, secure and scalable process automation through intelligent bots and digital workers. Additionally, the RPA solution offerings by AgreeYa include advisory services, assessments, pilot and proof of concept, rapid prototyping, RPA delivery, testing, deployment, overall project management, Bot support, maintenance, monitoring, etc.
- UiPath and its partners in May have launched first Automation School in Ireland. It will provide training to the next generation students in software robot technology and automation. The company and the country both are focusing on future as automation will definitely be a path breaker in the post-pandemic world. As companies are rapidly adopting software robots to improve their workforce and create better customer experience. The school will conduct traineeship for 18 months.