RPA tools, also referred to as robotic process automation tools, are being increasingly adopted in various sectors of businesses including banking and financial services, IT, telecom, logistics, manufacturing and healthcare. This increased adoption is mainly attributed to its benefits such as increased operational efficiency, easy management, low cost, and low labour requirement. As more and more businesses around the world are implementing RPA tools or RPA software, the global business automation market is expected to witness a stronger growth over the next five years.
What are the RPA Tools?
Robotic process automation (RPA) refers to a type of tools or software that conduct certain working activities normally carried out by human. It is a process of automating business operations with the help of robots to reduce human intervention during particular business tasks. With the support of other technologies, such as cloud computing, artificial intelligence and machine learning, RPA tools can complete repetitive and rule-based tasks in a much larger scale and faster speed without any mistakes. In other words, RPA tools are more like kind of virtual and intelligent workforce that can help or even replace human employees to complete those repetitive and time-consuming tasks more efficiently and accurately.
Global RPA Tools and Services Market Overview
According the recent market research from Technavio, the global business automation services market size is projected to grow with a significant CAGR of nearly 20% by the year of 2022. There has been a significant rise in demand for the automation in the business process as it helps in streamlining the workflow of business processes by automating repetitive tasks such as ticketing systems, asset management, compliances, and auditing. Such increasing demand for adopting RPA tools is directly driving the market growth for business automation-as-a-service market over the near future.
In terms of market segmentation by end-user, the global RPA tools market can be broadly segmented into BFSI, healthcare, telecom and IT, retail, e-commerce, and manufacturing. The telecom and IT sectors are currently accounting for the largest share in the global RPA tools market, representing more than 30% of the total market share.
Some of the world’s leading RPA tools companies RPA service providers include Accenture, Cognizant, Deloitte, IBM, Automation Anywhere, Blue Prism, EdgeVerve Systems (Part of Infosys), EnableSoft, Kofax, Kryon Systems, NICE, Redwood, Softomotive, THOUGHTONOMY, UiPath, and WorkFusion.
Why Adopting RPA Tools Is Critical for Modern Business?
Almost every industry requires skilled labour for conducting, monitoring or supervising various administrative operations with data flow, inputs, and outputs. Today, industries are increasingly implementing robotic process automation tools or software due to the lack of cost-intensive skilled labour. Rising non-availability of low-cost skilled manpower to be deployed for critical business processes is facilitating the adoption of RPA tools around the world.
By adopting RPA tools, businesses can shift from slow manual business processes to more reliable and faster processes across the organization. Such a business automation process also enables organizations to maintain all their transaction records and ensure the security and privacy of the data.
Digitization of business operations is gaining traction due to the focus on value propositions, internal processes, and client relationship. RPA tools provides several advantages such as data collection, processing, data presentation, and ultimately decision-making. Business automation process in the industries is consequent to the integration of IoT and advanced data analytics that facilitate the improvement of the business operations. Therefore, the adoption of RPA tools is getting more and more important for the digitization of business processes.
Check Technavio’s Global Business Automation-as-a-service Market Report
Check Technavio’s Global Automation-as-a-service Market Report 2019-2023 for more information about the global RPA tools market. This market research report provides the latest market size and market development for major market segments in terms of product types and regional market landscape. The report contains detailed market trends, market drivers, market challenges and key opportunities. In-depth market analysis such as Porter’s five force model, and comprehensive competitive landscape including detailed profiles of top companies are also included in the report.