RPA( Robotic Process Automation) is one of the most disruptive technology in the market. RPA is a technology which is used by industries to automate the processes and as well as perform manual and mundane operations tasks. A process which is handled by RPA technology takes very less time, effort and cost for the same task if it is performed by humans. It helps to automate the repetitive tasks and perform the work with/without any monitoring so humans can spend their time in innovation and research
RPA was started back in early 2000 when insurance companies and banks were using RPA for screen scraping technology and those screensare used by them for other applications but that time it needed complex IT infrastructures. In 2012 RPA technology was officially recognized by the businesses as this will help them to reduce the cost of manpower to perform daily operations task as well as digitally transforming their processes. Since 2020 it has grown rapidly not just into the big corporations but also in SMBs as they also recognized the benefit for automation. Also,after COVID 19 they realized the need for automation to reduce the cost and transforming digitally. Since more and more organizations are going for the RPA tools, license costs has also significantly reduced. It is also used widely by health care industry during COVID 19.
Currently there are many tools available in market for RPA. Some of them are UiPath, automation anywhere, Blue Prism, Pega, Appian etc. The features and automation provided by these tools help the organizations to not only automate their regular tasks but also provide them with an intelligent automation by combining it with artificial intelligence and machine learning. Some of the intelligent automations used by organizations are OCR (Optical Character Recognition), process mining, voice recognition etc.
The global RPA market size was valued at 1.89 billion dollars in 2021 and is projected to expand at a rate of CAGR (Compound Annual Growth Rate) of 38.2% from 2022 to 2030. In term of RPA vendors there are around 80 RPA vendors in the market out of which UiPath has the biggest market share of 27.1%, automation anywhere have market share of 19.4%, Blue Prism has a market share of 10.03% and rest of all the vendors have a market share of 43.2%.
Day to day adoption of RPA is increasing . Due to modern infrastructure this technology advancement will go on as they will help human to make informed decisions in a very less amount of time. With more research going on in RPA space they will be able to handle more and more complex jobs which itself helps in increasing productivity of humans.
What do you think will RPA market size keep on increasing like this with adoption of RPA/IPA by more and more organizations?
