The robotics process automation (RPA market) is one of the fastest growing markets in the world. There are many vendors available to choose from. Gartner anticipates a market growth of 30% per annum over the next 5 years. The number of RPA customers will also increase.
It is a complex technology to deploy, but it's worth the effort as a means of increasing efficiency and improving speed and accuracy across a wide range of processes. This technology reduces the time and cost of repetitive manual tasks. It also increases productivity.
To ensure success, it's important to have a solid foundation of understanding about the various automation tools available and the specific use cases that will benefit your organization. It is here that the right partner can assist you in navigating the complex maze RPA offers and finding a solution to fit your unique business requirements.
Robotic Process Automation is a type software that uses scripts - commonly known as 'bots' - to automate process in various industries. This includes everything from back-office operations to sales, marketing, and customer service functions.
This software can be used in the finance industry to eliminate human errors and reduce costs. This software allows financial analysts to spend more time on work of high value that requires accuracy.
This is a field that is growing with 80% or finance leaders either implementing this technology or planning to do so. This is a difficult area to adopt but worth it as it increases efficiency, improves speed and accuracy, and ensures compliance with regulatory requirements.
As the RPA sector matures, AI integration is increasing. This is in response to the movement toward 'hyperautomation', whereby organisations look to automate myriad corners of their operations by applying artificial intelligence, machine learning, computer vision and other emerging technologies.
By 2024, the research firm expects organisations to adopt at least 3 of the 20 types of process-agnostic software that enable hyperautomation. The market for this kind of automation will be far larger than that for RPA.
Some RPA solution providers, including UiPath Automation Anywhere, made significant investments into cognitive and artificial intelligence to complement their RPA suites. This has helped them gain a strong reputation for innovation and a broad customer base, according to the report.
UiPath’s technology for machine learning, which uses the ability to imitate human brainwaves as a basis, is a powerful and versatile tool. It can be used in order to detect patterns or trigger automated actions. In addition, it has been able to develop an extensive customer ecosystem, with over 10,000 organizations using it across every vertical.
Its recent purchase of Fortress IQ which provides workflow automation and process discovery, shows it has the right mentality for a rapidly growing market. Its cloud focus and extensive suite of deployment options also give it a distinct advantage in the market, as does its marketing and technical expertise.