A Robotic Future: RPA Trend Predictions

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Just when you think technology can't advance any further, we find a robot that does our dishes, a refrigerator that tells us how much milk is left and a thermostat that automatically adjusts based on the time of day or your phone's proximity to your home. Artificial intelligence (AI) is making it possible for technology to continue to develop, especially in the realm of robotic process automation (RPA).

According to a report by Grand View Research entitled “Robotic Process Automation Market Size, Share & Trends Analysis Report By Services (Professional Services, Training Services), By Organization, By Application, By Region, And Segment Forecasts, 2018-2024,” in 2016 the global RPA market size was valued at $199.1 million and is growing at a compound annual growth rate (CAGR) of 60.5%. This means that the demand for automation by businesses is growing at a rapid rate and is expected to continue to rise over the forecasted years. As the demand increases, the technology will need to continue to be honed to meet the needs of the modern business and continue to provide value. The report also states that:

“The role of technology is evolving continuously at a faster pace. The last few decades witnessed various waves of technology progression that significantly impacted business growth. Few of these technologies are now declining as businesses globally are transforming into a dynamic digital environment."

Looking into the future, it’s anticipated that RPA will continue to be in high demand and that the CAGR will soar in the coming years as the future becomes more and more robotic and automated. Because it eliminates human intervention of manual processes with automated workflow, modern enterprises are jumping on the chance to implement, execute and scale RPA technology to meet their unique business needs. Additionally, software developers and RPA experts are continuing to hone RPA technology in order to meet the demand of modern, technologically-savvy businesses.

While small- and mid-sized enterprises have more limitations and are typically not in the market for an extremely robust solution, RPA is becoming more commonplace and these companies are jumping on the RPA bandwagon. In fact, we're expecting to see a CAGR of 62.3% between 2018 and 2024, while large enterprises are expected to register a CAGR of 59.5% over the same period. Industry experts are in agreement that RPA will become more common in even small- and mid-sized organizations. MetaViewer’s VP of Marketing and Sales, Nick Sprau, talked with MSDynamics World about the benefits of RPA for enterprises of all sizes, stating, “RPA has a reputation for being the ideal solution for large, enterprise-level firms, but we’ve found that many small- and mid-sized businesses have also benefitted from automation. The pros for small businesses adopting RPA are the same as any large or enterprise-level organization – time and cost savings, increased efficiency, enhanced visibility and greater accuracy.”

As its market value and compound annual growth rate continues to be not just consistently strong, but rapidly growing, we are excited to see more and more companies – both small and large – adopting automation technology. Robots and automation are trending, and we can safely say that they are not going anywhere anytime soon, but instead will advance in their functionality and their ability to bring more companies into a paperless future.

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