Robotic Process Automation (RPA) is said to be the process of automating a company’s operational activities using robots to decrease human involvement. And it can also be described as the use of software with Artificial Intelligence and Machine Learning capabilities to handle high-volume; repeatable tasks that previously required human efforts.
In short, we can say that RPA works by replicating the actions of any human interacting with one or more software applications. It performs tasks such as data entry, process standard transactions, or responds to simple customer service queries. For example, it can handle the typical standard frequently asked questions like “where is Y on the website”, “how do I reset my password”, etc.
There are some companies which provide such Robotic Process Automation software tools in the RPA tech. market. These are Blue Prism, Automation Anywhere and Uipath, etc. These RPA tools help in automation of various tasks and don’t require any programming. Unlike traditional I.T. solutions, RPA enables organizations to automate at a fraction of the earlier encountered price and time.
Robotic Process Automation can be found in sectors such as banks , insurance , and tele companies , etc. RPA can also be used in other sectors such as supply chain management , accounting , human resources , financial services , customer care services , and healthcare , etc. These prove to be the largest adopters of RPA. Traditionally, these sectors have many legacy systems and select RPA solutions to guarantee the functionality of inclusion. In addition, the implementation of RPA improves the quality of services for end-users, as it eliminates the potential for human error resulting in inconsistency in the execution of processes.
RPA in Different Sectors
Use of RPA in Logistics has turned out to be quite beneficial. Robotic automation provides extensive intelligence to organizations. It assists users with actionable data and better perspectives. All back-office tasks in the logistics and supply chain industries can be operated with RPA tools. While in the Banking industry , Robotic Process Automation minimizes mistakes during operation of handling manual data regularly.
Reach in the Software Industries
Companies such as Capgemini, Accenture, Deloitte and many more use RPA tools and benefit from high productivity and consistent output. Due to high-technology development and the existence of developed countries, North America accounts for the biggest share in the robotic process automation industry. Europe is one of the leading robotic process automation players in the market.
International Contribution and Market Analysis
Countries like the U.K., Germany and Italy, owing to the wealthy manufacturing, and automotive industry, are the main contributors to market growth. Asia-Pacific is anticipated to emerge during the forecast period as the fastest increasing industry. Development of Asian nations and demand for consumer electronic goods compels producers to embrace in the manufacturing process as a cost-effective technology.
With fast advances in digitization and I.T. in nations such as China, India, and Japan; the Asia Pacific region is anticipated to develop at the largest C.A.G.R. in the market for robotic process automation. Global robotic process automation (RPA) market size is expected to reach U.S.D. 3.97 billion by 2025. It expands a C.A.G.R. of 31.1% over the forecast period. 5 RPA vendors controlled approximately 47% of the market in 2018 including Unipath, Automation Anywhere, Blue Prism, Pegasystems, etc.