The Robotic Process Automation (RPA) Industry market will continue its rapid growth through 2021. More enterprises are becoming aware of the power of process automation overall and the number of legacy processes & challenges where RPA is an ‘effective’ answer.
What is the RPA market for 2021?
- Forrester has predicted the RPA software market to total a $2.9 billion in 2021.
- RPA industry projected to reach $18 billion in 2027, growing at 31.07% CAGR from 2020 to 2027, says Brandessence Market Research.
Interest on RPA has been growing high for some time, while actual adoption is catching up steadily. The spending on RPA software alone is forecasted to become a billion-dollar category in 2021.
So what is driving the growth?
The growth of the market is led by factors like continuous increase in demand for business process automation (BPA), increasing adoption of artificial intelligence (AI), software robots and adoption of RPA technologies across various business sectors. In addition, the operations provided by RPA such as ease in business processes, increased efficiency, cost-effectiveness and highly profitable operations are also supplementing the growth of the market.
Also, data insecurity risk and less potential for RPA in knowledge-based business processes may hamper the market growth. In spite of that, integration of new technologies with robotic process automation can provide various opportunities for the further growth of the market.
The RPA market has undergone a reality check in 2020 through unprecedented times. Enterprises pursuing digital transformation journeys have become more aware of the differences among processes, the wide range of automation technologies available, and the importance of using the right tool for the business requirement/needs.
However, it is only as efficient as the person configuring the automation flow. The anticipation of all possible combinations of scenarios the computer program (called as ‘bot’) could encounter is the key to configuring a successful automation flow using RPA.
On the more positive side, the RPA solutions providers continue to scale up by providing advanced solutions by integrating RPA solutions with cognitive technologies like AI extremely well. This integration offers the organizations to operate with unstructured data, decision making tasks and complex processes, a huge advantage businesses looking forward to leverage reaping the long term benefits.
References:
- Forrester
- Brandessence Market Research;