Robotic process automation (RPA) is a productivity tool that automates manual, repetitive, and time-consuming tasks. It saves businesses time and money while ensuring accuracy and consistency in their operations. As technology advances, the trend of automation is only expected to continue in the coming years as organizations increasingly looking to RPA to help them streamline their operations and stay competitive.
State of RPA Adoption
The global RPA market is expected to reach $11 billion in 2023, growing at a compound annual growth rate (CAGR) of 28% from 2018 to 2023 and ~ $46 billion by 2030 (GlobeNewswire). This increased demand for automation technologies comes from various industries, from banking and finance to healthcare, and retail. Each are driving RPA’s growth in addition to the rise in digital transformation initiatives, the growing demand for cost-effective solutions, and the increasing need for accuracy and efficiency in operations.
Trends Shaping the RPA Industry
There are three main trends shaping the RPA in the next three years with particular acceleration throughout 2023.
- Increased Adoption of Cloud-Based Solutions: As organizations move towards cloud-based solutions, the trend of cloud-based RPA solutions is also likely to increase. Cloud-based solutions allow businesses to scale up or down quickly, reducing their costs and making it easier to manage their operations. Additionally, cloud-based solutions provide users with enhanced security and reliability, making them a popular choice for businesses.
- Expansion of RPA in Automotive and Manufacturing Industries: RPA is becoming increasingly popular in the automotive and manufacturing industries due to its ability to automate repetitive and time-consuming tasks. This allows organizations in these industries to streamline their operations, reduce costs, and improve their efficiency. Additionally, as technology advances, its application in these industries is expected to increase further.
- The Emergence of Intelligent Automation: With the emergence of artificial intelligence (AI) and machine learning (ML) technologies, intelligent automation is becoming increasingly popular. Intelligent automation combines the power of AI and ML with RPA to provide users with the ability to automate more complex tasks, such as data analysis and decision-making. This allows organizations to make better decisions quickly and efficiently and is expected to be a significant trend in the coming years.
RPA for a Competitive Edge
RPA is an increasingly popular technology, with the global market expected to reach $11 billion by 2023. The increasing demand for cost-effective solutions and the rise in digital transformation initiatives in various industries drive this growth. Additionally, emerging technologies, such as cloud-based solutions, intelligent automation, and AI/ML, are expected to shape the future of the RPA industry. As these trends continue to evolve, organizations must stay abreast of them to remain competitive in the market.
If you’re looking for a skilled and experienced RPA expert to help design, develop, and implement your automation projects, Verinext is an experienced resource. Verinext has a proven track record of success in delivering high-quality, efficient RPA solutions that can streamline your business processes and increase productivity. Whether you’re looking to automate simple tasks or complex workflows, Verinext has the knowledge and expertise to help you achieve your goals.
We’ll help you to reduce costs, improve accuracy, and increase efficiency, all while freeing up your valuable time and resources. Read more here, then contact us to learn how we can help you take your business to the next level with RPA.