Robotic Process Automation Market: - An Overview
Robotic Process Automation is the technology, governed by business logic and structured inputs that allows to configure software robot to emulate and interpret applications for communicating with other digital systems, for manipulating data, and triggering responses. Organizations use robotic process automation robots for doing the monotonous and repetitive tasks.
Organization can use robotic process automation with cognitive technologies like artificial intelligence, machine learning to automate the task. Robotic process automation helps to reduce the cost by automating the processes that are done manually. Robotic process automation delivers profitability and improve accuracy across the organization via automation.
Impact of COVID-19 Pandemic
Due to COVID-19 pandemic many manufacturing plants have shut down their operations that results in fewer products being manufactured and shipped out. Companies are impacting due to this pandemic and are operating below capacity because of the pandemic.
To safeguard the business and their supply chain, companies can adopt intelligent automation to build a resilient supply chain and provide better access to insights about the operations. Using intelligent automation companies can execute mundane processes like onboarding new suppliers or rerouting shipments, and working with third party logistics suppliers as they update their system of records.
The market for RPA is estimated to be US$ 1.0 Billion market in 2019. However, due to COVID-19 outbreak the business operations and continuity has been affected a lot. Hence, as a response to COVID-19 many organizations are deploying RPA bots to automate the business operation tasks, which would fuel the market growth by 400 BPS in 2020 that that of 2019 market growth.
Integration of Robotic Process Automation with Cognitive Technologies is Spurring the Market Growth
Robotic Process Automation when integrated with machine learning, an intelligent robotic process automation is designed. This intelligent robotic process automation is able to analyze, interpret the structured or unstructured data.
The intelligent robotic process automation is analyzing the data before performing any task, continuously learn from the data and makes smart decisions based on past learnings. The intelligent robotic process automation is mostly used when a huge amount of data needs to analyzed, processed, compare and structure. Image and speech technologies are also used in robotic process automation.
Demand is increasing for Robotic Process Automation in Healthcare
The demand is increasing for robotic process automation in healthcare, as the robotic process automation have the ability of mimicking human interaction, allowing them to log in to application, move files, fill forms, and more. The healthcare providers gather huge amount of data like personal information of the patient or treatment cycle of the patient every day.
By using robotic process automation software healthcare organizations can extract and manipulate the data to generate analytics that gives valuable insights to make accurate diagnosis and give treatment to the patient accordingly.
Adoption of Robotic Process Automation in Logistics Industry
Robotic Process Automation act as a virtual workforce which benefits the logistics companies to streamline operations like scheduling and tracking shipments, invoice generation, report and customer service. Logistics companies are adopting robot process automation to automate the back office operations to reduce the operational cost, increase efficiency and productivity.
Robotic process automation software robots can handle high volume, repeatable task without any human intervention that helps logistics companies in terms of speed and accuracy.
Robotic Process Automation Market: - Key Players
Key players in the Robotic Process Automation Market are focusing on product innovation and strategic partnerships with the technology vendors to collaborate for offering digital transformation solution for sustained business growth.
- Pegasystems Inc.
- Redwood Software
- UiPath SRL
- Prism group PLC
- Celaton Ltd.
- IPSoft Inc.
- Nice System Ltd
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain of the global Robotic Process Automation Market.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with Robotic Process Automation Market attractiveness as per segments. The report on Robotic Process Automation Market also maps the qualitative impact of various factors on Robotic Process Automation Market segments and geographies.
Robotic Process Automation Market: - Segmentation
By Component Robotic Process Automation Market is segmented into-
By Enterprise Size Robotic Process Automation Market is segmented into-
- Large Enterprises
By Industry, Robotic Process Automation Market is segmented into-
- Healthcare & Pharmaceutical
- IT & Telecommunication