Robotic Process Automation Market Trends

Growth Drivers

• Expanding Use of Intelligent Bots – The intelligent bots are incorporated into businesses to improve the customer experience, such as chatbots. Moreover, the service provided 24/7 requires an automation process in order to handle customers. Therefore, it is anticipated to increase the growth of the global robotic process automation market. More than 50 percent of the organization around the world use artificial intelligence chatbots in their IT department in the year 2022.
• Rising Adoption of Digital Assistants – Digitalization can give industries an upper hand by improving their business operations. Utilizing innovative solutions give consumers a focused edge in their business, and a proper digitalization plan can help improve the quality of work. The channels of digitalization help in providing feedback at regular intervals of time, which could further guide the clients with the strategic decision-making process.  The digital technologies are advancing than any innovation present till now in the world. Moreover, the transformation that is provided by digital technologies for the growth of the growth of digital economy includes robotic process automation. Therefore, RPA has been assisting the people through digital means, and it is anticipated to increase the market’s growth. There were more than 4 billion digital voice assistants that are being used in the devices across the globe in the year 2021.
• Growing Awareness of Cloud Computing– The majority of the work in an organization is transferred to cloud platforms in order to make the process easier. Moreover, the cloud platform can be operated by a person who is operating away from their office. Hence, it is one of the major factors that is estimated to expand the market’s growth. According to the most recent data, end -user spending on public cloud services is anticipated to increase to more than USD 550 Billion by the end of 2023, worldwide. Moreover, more than 90 percent of the work will be in the cloud within the next five year.
•  Increasing Providers and Users of PaaS, SaaS, and Other Services– The robotic process automation helps SaaS companies improve the customer experience through removing repetitive tasks and creating more innovative teams. Hence, it is predicted to boost the growth of the market over the forecast period. There were more than 24,000 number of SaaS organizations present in the year 2021 across the world.
• Rising Utilization of RPA in Diverse Applications – The RPA has been utilized in different sectors in order to reduce cost and provide the best quality service. Hence, it is predicted to increase the growth of the global robotic process automation market. The RPA application in the healthcare sector can reduce more than 50 percent of the cost that includes billing process, appointment scheduling, inventory and supply chain management, optimized regulatory compliance, insurance claim management, and others according to the recent estimates.

Challenges

• Some Organizations are Still Reluctant to Switch to Automated Processes

There is a significant financial need to transform the traditional process into an automated process. Moreover, all the labors are not able to adopt the new technologies, so they are hesitant to use the new technologies in their processes. In addition, the automated processes keep on changing with the advancement, and the adaptability is not easy. Therefore, it is expected to restrain the growth of the global market in the upcoming years.

• Difficult to Automate the Non-Standard Processes
• Add Complexity to the Processes