Robotic Process Automation (RPA) is an emerging structure of business process automation technology based on the notion of software robots or Artificial Intelligence workers. It is the application of technology enabling employees in a company to configure computer software or a robot to capture and interpret existing applications for processing a transaction, triggering responses, manipulating data, and communicating with other digital systems. Earlier, AI and RPA both were largely considered to be different technologies, but with advancements in the offerings, it has seen these technologies are accolading each other in terms of handling processes.
With the advancement in these emerging technologies, the RPA market is predicted to generate USD 8,781.2 million by 2026, with a growing CAGR of 29.5 percent. The market is largely driven by the requirement of businesses to eradicate human errors owing to manual interference in processes with a reduction in time consumption. Cognitive computing that swathes a wide range of areas such as adaptive learning, speech recognition, and pattern identification is incorporated in RPA solutions to transform and automate decisive business processes of organizations across multiple industry verticals. The potential of achieving robust return-on-investment (ROI) from the deployment of RPA completely rely on the organizational requirements and business processes that are to be automated.
The market for RPA, in the near future, is anticipated to witness a growing base of RPA vendors as they target to accomplish revenue share from this expanding market. So, this is expected through the opening of solutions which will furnish to the rising requirement to automate business process management processes. Additionally, the RPA adoption is expected to exaggerate as the prices of RPA deployment are continually witnessing a declining trend. Moreover, the adoption of this technology offers organizations the capability to achieve better outcomes from their process with advantages of reduction in costs, enhanced precision, and improved compliance.