Increased opportunities in BPO and shared services at an early stage, cost benefits provided by RPA, and product innovation by technology providers attracting a diverse range of end-user industries are the key factors driving the Robotic Process Automation (RPA) Market growth. In contrast, frequent changes in operating procedures and business rules, as well as a lack of impactful potential for small and medium-sized businesses (SMBs), impede market expansion.
The ability of robotic process automation to capture and interpret specific processes in existing software applications distinguishes it from traditional IT automation. It can manipulate data, initiate new actions, and communicate with other systems on its own. RPA has benefited both large and small businesses by accelerating all back-office and middle-office tasks in insurance, finance, procurement, supply chain management (SCM), accounting, customer relationship management (CRM), and human resource management.
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The global robotic process automation market is expected to enter a new category of software vendors that are developing advanced analytics and data mining capabilities. The scope of automation is likely to expand to include more complex processes with varying degrees of unstructured data/content, such as freeform emails. In the future, the robotic process automation market will shift toward smart process automation in order to provide optimal ROI to enterprises. Eventually, business processes would become smarter in terms of data handling and decision making, allowing businesses to make significant strides in the automation of business-related processes.
Robotics and automation are radically altering the way businesses operate. More than half of the world’s business process outsourcing (BPO) service providers are simply replicating client processes at a lower cost. When selecting BPO service providers, end-clients are also considering process automation. These BPO services have seen significant improvements in productivity as well as significant gains in financial statistics. Implementing RPA at an early stage enabled them to anticipate growth opportunities, reduce debt, and avoid unnecessary costs. UiPath and Capgemini collaborated in 2014 on advanced RPA technology for cost reduction.
Robotic process automation provides in-source and off-shore managed services, allowing businesses to exert control over processes at no extra cost. RPA deployment provides a strong return on investment (ROI), which entices businesses. Predicting operational costs, improving overall management, and deploying employees to higher-value roles become easier. As RPA becomes more mainstream, several organisations around the world are finding it easier to transition from traditional incumbent services to modern automated operations. The increasing pressure on businesses to maintain profitability, deal with regulatory issues, and manage rising offshoring costs forces them to invest in profitable RPA-driven deals.
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