Cost and time savings, along with the need for greater accuracy, continue to drive the growth of Robotic Process Automation (RPA) in a variety of industries, led by the financial, healthcare and telecom sectors, market researchers report.
While the market is still small, some analysts have suggested that the global market for RPA could reach $8.75 billion by 2024, with small and medium sized businesses expected to incorporate RPA into their processes "at an alarming rate."
With some estimates putting the cost of RPA-accomplished work at 65-80% of the cost of having the same work done by employees, the technology is expected to attract a growing number of businesses whose high volume of routine, repetitive and rules-based processes are easily automated.
Easy Integration of RPA Expected to Drive Adoption
Because RPA is easily integrated into existing systems without coding and without an enormous investment, it is easily adopted and the efficiencies are realized almost immediately as employees are freed up to focus on more strategic tasks.
With the addition of things like natural language processing, chat bot technology, speech recognition and computer vision technology, RPA will eventually be integrated with some cognitive technologies, paving the way for a wider application into processes that are not purely data entry and extraction.
But the immediate market for RPA is where it can be used to take over high-volume, highly logical processes that do not require human judgment or finesse.
RPA is also useful for tasks that require a high degree of accuracy, such as the entry of financial transactions.
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