In 2021, Automation is the cornerstones of both digital and corporate transformation. RPA adoption and investment are quickly expanding in a variety of sectors, and it is being used to simplify different tasks in both rule-based and complex processes. According to a recent estimate, RPA spending is expected to surpass $25 billion over the next five years.
The worldwide robotic process automation market was worth USD 1.57 billion in 2020 and is expected to reach USD 1.89 billion in 2021. The industry is anticipated to expand at a 32.8 percent compound annual growth rate (CAGR) from 2021 to 2028.
With Robotic Process Automation racing across companies at a breakneck pace, it can be difficult to keep track of where RPA is having the most creative effect. We’ll look at some prominent RPA innovation ideas, motivation, and approaches.
Also Check: Strategy For RPA Implementation
How RPA Technology Is Helping In Innovation?
In the past two years, RPA has become one of the fastest-growing areas of software, rising by more than 60%, although “the whole business software market increased by just 13%.” according to Gartner reports on RPA software. And an estimate predicts that by 2025 more than 90% of companies will have an automation architect, up from under 20% now.
So why this continuous rise, are there any significant reasons? The COVID-19 disruption was the first, most unanticipated future effect which causes a huge acceleration of the deployment of RPA. According to a recent Gartner poll, over a quarter (24%) of finance managers “invest more on robotic process automation” to fight remote workers and fail to depend on employees to carry out basic operations.
One other factor for the future expansion of RPA technology is the development of automation in digital process optimization.
“The scope of automation will grow over the next few years from ‘discreet chores and transactions based upon static and inflexible rules’ to automated expertise based on Gartner projections”
This would necessitate a new automation approach that will focus on customer-facing apps to optimize digital processes from IT infrastructure.” In order for IT teams to adjust their strategy in line with the pace of RPA adoption throughout the company with the choice of Robotic Process Automation technologies to increase.
Companies that embrace digital transformation must ensure that they utilize a comprehensive, scalable approach for the future that incorporates complementing automation techniques. RPA technology today is considered automation on the front end, or at the user-interface (UI) level, whereas back end automation, also known as API automation, utilizes application programming interfaces for greater capacity, explicitly specified transactions. The ability to utilize both UI and API automation in the future will help businesses to connect apps and implement more sophisticated automation.
To expand Robotic Process Automation, major businesses should develop and lead their automation efforts using an Agile approach. When you apply Agile concepts to your Robotic Process Automation initiatives, you get improved governance, a more fluid capacity to grow, efficiency, and dramatically lower costs since risk and rework can be minimized.
In today’s corporate environment, RPA is ideal for automating regular activities. However, when artificial intelligence, machine learning, deductive analytics, and predictive analytics are incorporated and polished into automation, Robotic Process Automation will begin to do increasingly sophisticated and complicated tasks, supplementing human capabilities.
As the demand for automation grows, so does the demand for experienced Robotic Process Automation specialists. RPA’s combination of human and computer skills seeks to open up a plethora of new and interesting job opportunities. According to one study, up to two lakh, RPA employment would be generated in India by 2021.
Don’t believe the claims that Robotic Process Automation will eliminate employment. In fact, 52 percent of experts predict that RPA would produce a large number of new employment by 2025. Companies are in desperate need of qualified Robotic Process Automation specialists due to the growing use of RPA. According to NASSCOM, most global organizations now have a high need for RPA specialists in India.