The global robotic process automation market was valued at US$ 2.1 billion in 2021 and is expected to reach US$ 17.43 billion by 2028, at a compound annual growth rate of 35.3% during the forecast period (2022-2028).
Westford, USA, October 25, 2022 (The Globe Newswire) – The Robotic Process Automation Market It is experiencing significant growth due to an increased focus on improving efficiencies and reducing costs in manufacturing operations. Besides, the increasing demand from the automotive and medical industries is also contributing to the growth of the Robotic Process Automation market.
With the rapid advances in robotic process automation, technology enables an efficient, repeatable, and error-free way for organizations to carry out specific manufacturing processes. The technology also helps automate a wide range of tasks, including material handling, assembly, product testing, and packaging. Moreover, it allows organizations to achieve significant cost savings by automating multiple processes simultaneously.
Over the past few years, there has been an increasing trend in the adoption of robotic process automation in various industries due to its many benefits such as increased efficiency and accuracy. Many players in the robotic process automation market are investing heavily in RPA software development initiatives to build more efficient platforms that can meet the needs of their customers. Some of these companies include Rockwell Automation (US), ABB Ltd (Switzerland), Germany’s KOHLER AG (DE), Yaskawa Electric Corporation (JP), and General Motors Corporation (US).
The main factors driving the growth of the Robotic Process Automation Market are the increased demand from various industrial segments such as Automotive and Pharmaceuticals, as well as the increased investment in Robotic Process Automation software development initiatives by the leading vendors.
This report evaluates the Robotic Process Automation (RPA) market based on the vendor landscape, product types, end markets, and regions. It also provides insights into the factors driving RPA adoption and growth. The report includes interviews with top executives from major players in the RPA market.
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SkyQuest’s latest report, “Robot Process Automation Market: Current Trends, Future Updates” provides an in-depth analysis of RPA and the role it will play in the business organization over the next several years. Among some of the key findings: RPA is emerging in larger organizations with budgets that can stick to its cost in the long run.
The growth of the robotic process automation market occurs across three main delivery models: RPA on-premises technology, hosted RPA technology and as part of an artificial intelligence platform. In fact, on-premises usage is expected to more than triple over the next two years while hosted RPA will grow around 20%. Nearly half (48%) of all respondents say they plan to deploy or implement at least one type of RPA this year. As the demand for automation increases and adoption rates increase, so does the need for better integration with other business processes such as ERP and marketing automation systems.
Companies should also consider potential regulatory hurdles when deploying RPA technology. The most common concern this year in the global robotic process automation market is ensuring data integrity (49%), followed by ensuring that robots are secure (45%). As companies adopt RPA technology to automate more business tasks, the opportunities for value creation increase. Recent studies found that customer satisfaction with robotic operations increased by 66% when compared to manual process applications. Furthermore, 46% expect an increase in earnings.
The reason for this growth in the robotic process automation market is simple: robots have become cheaper and more powerful over time, which has increased their adoption in manufacturing and other industrial sectors. Moreover, advances in artificial intelligence (AI) make it possible to quickly train robots to perform specific tasks.
Overall, SkyQuest’s analysis indicates that RPA technology has the potential to improve business efficiency and productivity by automating certain routine tasks or moving work from humans to machines. However, these benefits come with accompanying risks and challenges that must be carefully managed if they are to be successfully exploited.
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Regulatory challenges and publishing cost to address key challenges
SkyQuest analysis of the Robotic Process Automation market reveals several key trends. First, organizations are increasingly looking to use RPA technology to improve efficiency and accuracy across various business processes. Second, RPA technology is used to address challenges that traditional automation techniques cannot address, such as processing complex data or necessitating human interaction at certain points in the process. Finally, while there are many benefits to using RPA technology, including lower costs and improved quality of customer service, there are also challenges that must be addressed, including a lack of standardization in the marketplace and a shortage of skilled workers with experience using RPA technology.
Based on these findings, SkyQuest has identified three main areas where there is likely to be further growth for the robotic process automation market: Expansion beyond traditional business process automation; use of artificial intelligence and machine learning techniques; and provide enhanced user engagement experiences. In addition to the Market Update Report on RPA Technology, we have also developed five actionable insights for companies interested in implementing this transformative technology.
Overall, the report on the Global Robotic Process Automation Market finds that there are numerous opportunities for automation across various industries, with a particularly strong focus on customer experience and process design and improvement. However, there are also some challenges that must be addressed before RPA technology can be widely adopted. For example, regulatory issues must be resolved so that automated processes can be safely integrated into corporate business without causing any disruption or safety concerns. Additionally, companies will need to see a significant reduction in the overall cost of implementing RPA in order to make it a viable option for larger businesses.
Artificial Intelligence in the Robotic Process Automation Market: Challenges and Opportunities
Although artificial intelligence (AI) has been gradually integrated into robotic process automation (RPA) over the past decade, the recent acceleration in the development and deployment of artificial intelligence is expected to dramatically change how businesses operate by 2030.
In a study published in October 2022, Swarnima Aeri, a research fellow at SkyQuest, noted that while most companies remain “absolutely hesitant” about deploying AI in their RPA platforms, there is a growing awareness of its potential and the need for digital transformation. Lamb highlighted two main catalysts for this transformation: the acceleration of growth in machine learning and natural language processing capabilities, and growing customer demand for more automated processes. SkyQuest analysts have pointed out that one of the challenges companies face in the robotic process automation market when it comes to integrating AI into their RPA efforts is properly training machines how to perform tasks efficiently without human assistance. They also warned that if not managed well, AI could lead to significant cost savings in terms of time and resources as well as the displacement of workers.
So far, our study on the robotic process automation market has found that RPA technology usually focuses on automating manual processes such as data entry or data entry validation; However, they expect future deployments to include a broader range of tasks including decision making and business process management.
This increase in automation has created new opportunities for businesses, as well as challenges. One challenge is that companies must choose which tasks to automate and which to leave unchanged. Another challenge is that manual processes can be difficult to replicate and can be subject to human error.
We recently released a report on the increasing integration of artificial intelligence into the robotic process automation market. The report focused on five main areas: cognitive computing, machine learning, natural language processing, deep learning, and augmented/virtual reality. In each area, we evaluated how well different service providers are performing and made recommendations on how companies should approach this growing field.
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Top Players in the Global Robotic Process Automation Market
Ness Systems Ltd (Israel)
Automation Anywhere (US)
Blue Prism Group Plc (UK)
Celaton Ltd. (United kingdom)
Pegasystems Inc. (United State)
Redwood Program (USA)
UiPath SRL (UK)
Verint Systems Inc. (United State)
and Xerox Corporation (US)
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