Virtual Workforce Aiding the Robotic Process Automation Market Growth
The need for ease of doing business, surging adoption of virtual workforce, and reducing cost of automation services and software are the major factors responsible for the growth of the robotic process automation market. In 2017, the market generated a revenue of $1,195.9 million, and it is projected to witness a CAGR of 36.2% during the forecast period (2018–2023).
On the basis of process, the robotic process automation market is classified into decision support and management, automated solution, and interaction solution. Out of these, in 2017, the automated solution classification registered a dominating revenue share of 47.0% in the market and is predicted to continue leading it during the forecast period. Automated solution eliminates routine tasks, empowering employees to focus more on creativity and decision making.
RPA enables the integration of automation abilities that can simulate human interaction with emails, portals, websites, and excel worksheets to automate mundane and repetitive tasks. The deployment of RPA facilitates organizations in shifting their focus from mundane tasks to those requiring sound reasoning, emotional intelligence, and judgement. In addition, this allows businesses to concentrate more on strategies rather than operations, thereby resulting in ease of conducting business. In recent years, increasing digitization has been impelling enterprises to formulate best practices that offer timely services and are cost-effective.
Hence, the increasing adoption of virtual workforce and greater ease of doing business provided by RPA are augmenting the market growth.
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