RPA Deployment: Demanding or Impacting?
Is RPA the Alteration the Business World Needs?
Recently, Ixigo, a travel and hotel booking e-commerce website implemented robotic process automation to eliminate repeatable tasks and witnessed an impact on the bottom line by 8-10 percent. The RPA tool helped in the reduction of HR costs while spiking their conversion rates. A similar bearing is witnessed by numerous organizations from a variety of domains post RPA deployment. A better understanding of a robotic process automation tool is necessary to dissect the market conditions for RPA solutions from 2017 to 2023.
A robotic process automation solution is basically a software that enables employees in an enterprise to configure a ‘robot’ to capture and interpret existing applications for many repeatable, mundane tasks. Generally, these tasks are principally based on rules, schedules, or events that a robot can handle. Digitization of data management and business operation management has proven to cause a volcanic advancement in the productivity of employees. However, it has also resulted in the creation of a pool of mundane tasks, where robotic process automation has come to the rescue of many organizations.
Deployment of RPA solutions in various sectors is on the rise, as the companies are beginning to understand the remarkable advantages of such adoption and are more than willing to bank on them. High scalability, cost-effectiveness, elevated levels of accuracy, and error-free execution are just some of the features that are heftily contributing to the growth of the robot process automation market. Market Research Future (MRFR) has in their latest report, for the forecast period (2017-2023), asserted that 29 for every 100 organizations are likely to adopt an RPA solution, thanks to the latent economies of scale offered by the software. BFSI, retail, travel, hospitality, IT & telecommunications, manufacturing & logistics, healthcare & pharmaceuticals, and travel are few of many sectors witnessing bold RPA adoption rates.
Many vendors from the robotic process automation market are based out of North America, which has led to significant advancement in the RPA domain. North America, as inferred by MRFR in their report, is likely to dominate the robotic process automation market as the region has substantially advanced infrastructure in place, supporting the systematic application of RPA solutions. While demand for robotic process automation in the European nations is striking, the countries in the Asia Pacific are witnessing a proliferation in RPA adoption, because the region is becoming highly urbanized and various sectors like healthcare and entertainment are expanding at an alarming rate. These sectors are likely to experience vast benefits from the adoption of RPA, hence, leading the robotic process automation market in the region to grow exponentially.
Although there are many market drivers for robotic process automation, a brief focus on the market restraints is quite necessary. An RPA solution leads to an extremely complex pricing model during implementation. The same issue is faced when the companies are dealing with their clientele. This factor is bound to demotivate many organizations from deploying robotic process automation unless an alternative solution to eliminate this restraint is cooked up. Additionally, the ever-present risk of data breaches has lowered the deployment of RPA to a great extent. Organizations are hesitant of trusting a solution’s data security module since the damage done from lost confidential data is much higher than the gain from the deployment of a robotic process automation solution. This indeed calls out for a better security solution in place.
In conclusion, will the robotic process automation alter the operational landscape of the business world? It is likely to do so. Although, before that can happen, the robotic process automation domain needs to conquer numerous challenges, to truly make the deployment a win-win for businesses.
For More Information, Visit: https://www.marketresearchfuture.com/reports/robotic-process-automation-market-2209
... March 2020
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