RPA or Robotic Process Automation is an application technology where software with capabilities of artificial intelligence and machine learning are used for handling high volume, repeatable tasks. RPA allows employees to configure and program computer software or a robot to interpret exiting application in the organization for manipulating data, processing transactions and communicating with digital systems. The RPA is similar to traditional IT automation but the major difference between these technologies is, RPA is capable of learning itself and adapt to changing circumstances which a traditional IT automation system lacks.
Robotic Process Automation market will witness tremendous opportunities in the future, as once the RPA software has been trained, companies will be able to reap the benefits of this software since it has proven to be very effective in back-office tasks and middle-office tasks in various industries. The industries where RPA can be a boon are BFSI, Supply Chain, accounting, CRM and HRM among others. High efficiency at low cost is one of the major driving factors for the market of RPA. The factors that have provided impetus to the RPA market growth are ease in business processes offered by robotic process automation, and convergence of robotic process automation with traditional business process industries. Whereas factors that may challenge the market growth of RPA include – complex pricing model while implementation and dealing with clients, risk of data security that obstructs the implementation of robotic process automation in the financial domain, and the reduced potential of robotic process automation for knowledge-based business processes.
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Major Key Players
Automation Anywhere (France),
Blue Prism (U.K.),
OpenConnect Systems Incorporated (U.S.),
Verint Systems (U.S.),
Infosys Limited (India),
Atos Corporation (France)
Robotic Process Automation Market is expected to grow at approximately USD 2,700 Million by 2023, at 29% of CAGR between 2017 and 2023.
Market – Synopsis
The key difference between other automation methods and RPA is the approach used for completing the tasks carried by employees. RPA utilizes applications through a standard interface along with the deployment of software without modification to the applications or systems being automated.
The BFSI domain held the largest share of the robotic process automation market among all the industries in 2016.In the BFSI space, multiple systems are linked to each other by interfaces to enable the flow of transaction-related data. Robotic process automation controls and monitors these interfaces to ensure seamless execution of transactions and fill data gaps. Robotic process automation improves the accuracy and efficiency of different processes in the BFSI industry. These solutions also help in regulatory reporting and balance sheet reconciliation by collating data from multiple systems and conducting a host of validation checks to prepare information for a detailed analysis.
The banking, financial services, and insurance domain have been leveraging robotics process automation to improve competence and speed up business processes. Due to the high degree of flexibility and scalability of the solution, and greater requirement for data processing and workflow management, it has witnessed widespread deployment. Increased operational efficiency and lower costs, with reduction in full-time employee, are the other benefits associated with robotic process automation.
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- Investors and consultants
- System Integrators
- Government Organizations
- Research/Consultancy firms
- Technology solution providers
- IT Solution Providers
- Supply Chain & Logistics Organizations
- Original Equipment Manufacturers
- Healthcare & Pharmaceutical Industry
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