Robotic process automation (RPA) is a family of technologies designed to replicate human actions in order to complete a task or series of tasks. Unlike traditional programming constructs, RPA is designed to allow everyday workers to quickly deploy virtual counterparts to learn from and mimic the actions they use to accomplish routine tasks, therefore freeing the worker to handle more complex, and in some cases, more fulfilling work activities.
According to a new report from Tractica, the market for RPA is developing rapidly, and the market intelligence firm forecasts that worldwide revenue in the sector will increase from $151 million in 2016 to more than $5.1 billion by 2025. The key industry sectors that are embracing RPA implementations include financial services & banking, utilities & telecommunications, retail & commercial, and healthcare & insurance. The market opportunity for RPA will be largest in Europe during the forecast period, with Asia Pacific and North America not far behind.
“New use cases for RPA are being implemented at companies around the world,” says principal analyst Keith Kirkpatrick, “focused on both back-end processes, such as accounting, billing management, customer onboarding, and validating data, as well as customer-facing, or front-end processes, such as automated customer service management or contract initiation and management.”
Kirkpatrick adds that front-end business processes are increasingly being fueled by the incorporation of artificial intelligence (AI) technologies, such as machine learning, deep learning, and other technology designed to automatically capture, input, and classify unstructured data, then route to the appropriate enterprise application. These AI-enabled approaches are known collectively as cognitive RPA.
Tractica’s report, “Robotic Process Automation”, provides an in-depth analysis of the robotic process automation market, including traditional approaches as well as newer cognitive RPA approaches that utilize AI capabilities. The report examines key use cases for RPA, market drivers and barriers, business models, technology issues, and the competitive landscape of companies engaged in the sector. Detailed revenue forecasts are provided for 26 individual use cases, including segmentation by industry and world region. An Executive Summary of the report is available for free download on the firm’s website.