Robotic software automation is the fastest-growing category of enterprise software. It involves software robots imitating human interactions with digital systems, in order to automate process execution. According to Gartner, from 2020 to 2021, the global Robotic Process Automation (RPA) sector witnessed a growth of 19.5%. About 7.6% more than growth in the previous year (2019 to 2020).
The pandemic was a major contributing factor to a slow-down as companies demanded cost reduction by leveraging the abilities of RPA to improve process quality, speed, and productivity. This became possible because companies shifted their focus on automating repetitive processes such as handling data entry, customer queries, customer ID verification, etc.
Some advanced tasks that Digital Workers are capable of carrying out includes
- Logging into software applications
- Connecting to systems and APIs
- Duplication, validation and transportation of data
- Reading of and writing in or to databases
- Extracting of data from the web
- Executing advanced calculations
- Reading and responding to automated emails
- Answering questions in chatbots
Subsequently, companies offering RPA solutions have increased their outreach to build more partnerships and form alliances within their markets. The partnerships enable them to:
- Provide solutions for advanced technologies
- Pitch their products via partnerships
- Offer additional customer services and support for their solutions
- Innovate solutions with advanced technologies
- Significantly reduce expenditure
Properly utilized Digital Workers makes RPA highly affordable. The affordability arises from the fact that no IT innovation or investment is required to adopt RPA into your business model and RPA can be implemented incrementally, one process (or “Use Case”) at a time. Software robots can be leveraged more and more to make greater use of existing IT tools.
Robotic Automation Software Revenue
According to the latest forecast on technology, Robotic automation is rising steeply as one of the most patronized technologies in 2020. The projected revenues earned by RPA software vendors is estimated to increase to $1.89billion at the end of 2021. The increase is linked to rising demand for automation of business processes and Artificial Intelligence enhancement in businesses keen to adapt to changing global circumstances, often called “the new normal”.
RPA acts to relieve humans of the job of handling repetitive tasks by processing workflows quickly and efficiently. It is noteworthy that the solutions do not eliminate the need for business management by humans. Rather, it accelerates a quick transformation of central management processes to leverage agility and growth in business services. Given the uptake of RPA by Enterprises large and small, means that RPA isn’t an option but a necessity that companies should adopt in the near future, in order to create a new horizon for their businesses to thrive and succeed.
The global robotic process automation sector has come a long way, and it is here to stay. Take advantage by benefitting from this technology, with RPA specialists, Venturiq. You can increase human worker productivity and reduce error rates by leveraging Digital Workers, with Venturiq’s combination of (i) qualified and certified RPA specialists and (ii) proprietary technology designed to give back control of automation to Enterprises (VenAutomate) serving to make hyper-automation an achievable goal for Enterprises, globally.