SkyQuest Technology Consulting Pvt. ltd
Global Robotic Process Automation Market was valued at USD 2.1 billion in 2021, and it is expected to reach a value of USD 17.43 billion by 2028, at a CAGR of 35.3% over the forecast period (2022-2028).
Westford,USA, Oct. 25, 2022 (GLOBE NEWSWIRE) — The Robotic Process Automation Market is witnessing major growth owing to increasing focus on improving efficiencies and reducing costs in manufacturing processes. Along with this, rising demand from automotive and medical industries is also contributing to the growth of the robotic process automation market.
With the rapid advancement in robotic process automation, the technology enables efficient, repeatable, and error-free way for organizations to carry out certain manufacturing processes. The technology also helps automate a wide range of tasks, including material handling, assembly, product testing, and packaging. Moreover, it allows organizations to realize significant cost savings by automating multiple processes simultaneously.
Over the past few years, there has been a rising trend in adoption of robotic process automation across various industries due to its many benefits such as increased efficiency and accuracy. Several players in the robotic process automation market are investing heavily in RPA software development initiatives to build more effective platforms that can cater to the needs of their respective customers. Some of these companies include Rockwell Automation (US), ABB Ltd (Switzerland), Germany’s KOHLER AG (DE), Japan’s Yaskawa Electric Corporation (JP), and General Motors Co. (US).
The key factors driving the growth of the robotic process automation market are increasing demand from various industrial sectors such as automotive and pharmaceuticals, as well as rising investment in RPA software development initiatives by leading vendors.
This report evaluates the Robotic Process Automation (RPA) market based on vendor landscape, product types, end markets, and regions. It also provides insights into the factors driving RPA adoption and growth. The report features interviews with key executives from leading players in the RPA market.
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A recent SkyQuest’s report, “Robotic Process Automation market: Current Trends, Future Updates,” provides an in-depth analysis of robotic process automation (RPA) and the role it will play in business organization over the next several years. Among some key findings: RPA is starting to show up in larger organizations with budgets that are able to commit to its long-term cost.
The growth of robotic process automation market takes place across three key delivery models: on-premises RPA, hosted RPA and as a component of an AI platform. In fact, on-premises usage is expected to increase more than threefold over the next two years while hosted RPA will grow around 20%. Nearly half (48%) of all respondents say they plan to deploy or implement at least one type of RPA software this year. As demand for automation rises and adoption rates increase, so too does the need for better integration with other business processes such as ERP and marketing automation systems.
Enterprises must also account for potential regulatory hurdles when deploying RPA technology. This year’s most frequent concern in the global robotic process automation market is ensuring data integrity (49%), followed by making sure robots are safe (45%). As businesses adopt RPA technology to automate more work tasks, opportunities for value creation abound. Recent studies have found that customers’ satisfaction with robotics processes increased by 66% when compared with manual process implementations. Furthermore, 46% predict increased profits.
The reason for this growth of the robotic process automation market is simple: Robotics have become cheaper and more powerful over time, which has led to an increase in their adoption in manufacturing and other industrial sectors. Furthermore, advances in artificial intelligence (AI) are making it possible for robots to be trained quickly to carry out specific tasks.
Overall, SkyQuest’s analysis indicates that RPA has the potential to improve business efficiency and productivity by automating certain routine tasks or transferring work from humans to machines. However, these benefits come with attendant risks and challenges that must be carefully managed if they are to be successfully exploited.
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Regulatory Challenges and Deployment Cost to Remain Key Challenges
SkyQuest’s analysis of the robotic process automation market reveals several key trends. First, enterprises are increasingly looking to use RPA to improve efficiency and accuracy across various business processes. Second, RPA is being used to address challenges that traditional automation technologies cannot address, such as handling complex data or necessitating human interaction at certain points in the process. Finally, while there are many benefits to using RPA, including lower costs and improved customer service quality, there are also challenges to be addressed, including a lack of standardization in the market and a shortage of skilled workers with experience using RPA technology.
Based on these findings, SkyQuest has identified three key areas where further growth for the robotic process automation market is likely: expanding beyond traditional business process automation; utilizing artificial intelligence and machine learning technologies; and providing enhanced user engagement experiences. In addition to its market update report on RPA, we have also developed five actionable insights for businesses interested in implementing this transformative technology.
Overall, the report on the global robotic process automation market finds that there are many opportunities for automation within various industries, with a particularly strong focus on customer experience and process design and optimization. However, there are also some challenges that need to be addressed before widespread adoption of RPA can take place. For example, regulatory issues need to be resolved so that robotic processes can be safely integrated into companies’ businesses without causing any disruption or safety concerns. Additionally, businesses will need to see a significant reduction in the overall cost of implementing RPA in order to make it a viable option for larger companies.
AI in Robotic Process Automation Market: Challenges and opportunities
Although artificial intelligence (AI) has been incrementally integrated into robotic process automation (RPA) over the past decade, recent acceleration in AI development and deployment is forecast to dramatically change how companies operate by 2030.
In a study released in October 2022, SkyQuest research associate Swarnima Aeri noted that while most companies are still “quite hesitant” about deploying AI in their RPA platforms, there is a growing awareness of its potential and the need for digital transformation. Lamb highlighted two key drivers of this shift: accelerating growth of machine learning and natural language processing capabilities, and growing demand from customers for more automated processes. SkyQuest’s analysts pointed out that one challenge for businesses in the robotic process automation market when it comes to integrating AI into their RPA efforts is training the machines properly on how to carry out tasks efficiently without human assistance. They also warned that if not managed well, AI can lead to significant cost savings in terms of time and resources but also worker displacement.
To date, our study on the robotic process automation market found that RPA has typically focused on automating manual processes such as data entry or data entry verification; however, they expect future deployments to involve a broader range of tasks including decision making and business process management.
This increase in automation has led to new opportunities for companies, as well as challenges. One challenge is that businesses must choose which tasks to automate and which to leave unchanged. Another challenge is that manual processes can be difficult to replicate and are subject to human error.
our recently released a report on the growing integration of AI into robotic process automation market. The report focused on five key areas: cognitive computing, machine learning, natural language processing, deep learning, and augmented reality/virtual reality. In each area, we have assessed how well different providers were performing and made recommendations for how companies should approach this growing field.
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Top Players in Global Robotic Process Automation Market
Nice Systems Ltd. (Israel)
Automation Anywhere (US)
Blue Prism Group Plc (UK)
Celaton Ltd. (UK)
IPSoft Inc. (U.S.)
Pegasystems Inc. (US)
Redwood Software (US)
UiPath SRL (UK)
Verint Systems Inc. (US)
and Xerox Corporation (US)
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