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RPA Software Spend will Increase in the Coming Years

December 8, 2020 - EdgeVerve Team

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An enabler of digital transformation, Robotic Process Automation (RPA) combines the power of technology with expertise to bring about sweeping changes across industry verticals, including banks, insurance firms, and telecommunication companies.

With top RPA vendors integrating Machine Learning and AI technology to bolster automation’s potential, it’s no wonder then that organizations worldwide are aggressively pursuing the benefits of Robotic Process Automation software, transforming their business in unpredictable ways. As RPA tools gain prominence, organizations worldwide are no longer on the fence and are geared to join the automation transformation revolution, setting themselves up for future success.

According to Gartner, Inc., global RPA software revenue is projected to reach $1.89 billion in 2021. The economic pressures caused by the COVID-19 pandemic too haven’t slowed the growth of RPA.1 In the next few years, large organizations are expected to grow their automation capacity, opening up new opportunities for scaling in ways we’ve never imagined before.

What does Robotic Process Automation mean?

Robotic Process Automation refers to using the power of bots to automate repetitive, rule-based tasks across functions that humans previously performed. From automating high volume tasks such as queries to the maintenance of massive data transactions and records, RPA solutions have got you covered.

Below are a few reasons why RPA software spend will undoubtedly increase in the coming years.

Decreasing RPA prices

The average RPA prices are expected to decrease by 10% to 15%.2 Having said that, it’s also predicted that 90% of large organizations will have adopted RPA in some form by 2022.3

This is an excellent time for RPA service providers in the market to build a strong relationship with diversified businesses looking to explore the untapped potential of automation. With organizations looking to stay on top of technology, leveraging automation for better business outcomes will help determine the best path forward.

This also means organizations are looking to adopt this breakthrough technology to support their digital transformation initiatives, fueling future growth.

Accelerates digital transformation journey

Today’s digital age requires organizations to leverage automation, laying a foundation for a new digital era. Automation assists enterprises in building their digital core and scaling in their digital transformation journey. Organizations across industries are investing in new digital capabilities in order to create a truly digital enterprise, thus maintaining a competitive advantage. Many Robotic Process Automation tools help enterprises navigate the digital landscape, addressing the challenges and bringing about incremental changes that were unthinkable in the past.

Today organizations are moving beyond mere automation by creating digital experiences in an ever-evolving industry landscape. Embracing Robotic Process Automation technology helps businesses deliver value to clients, effecting enterprise-wide transformation.

Creates meaningful customer experiences

Nurturing customer relationships is vital for the success of any business. Intending to maximize customer experience, contact centers are looking at deploying RPA solutions to engage with customers, reduce customer wait times, offer customer support by addressing key concerns, and resolve customer queries as quickly as possible. By deploying RPA bots, organizations can relieve human resources of mundane tasks, allowing them to interact with key customers, thus enhancing customer experience in the long run. Furthermore, RPA implementation automates repetitive agent tasks such as cutting and pasting, basic computations, etc., saving the time and effort of human workers.

Amplifies human intelligence and an AI-driven future

Automation frees human workers to take up new responsibilities, thus reducing the risk of errors and freeing up resources to focus on higher-value tasks and improving productivity. As the bots do not require any coding, they can take on new processes and tasks, enhancing employees’ efficiency.

The rise in the adoption of RPA products is also due to the shifting future of work — the unification of human-digital workforce. Robotic Process Automation technology complements or amplifies human capabilities, bringing about tectonic shifts in the future of work. Nonetheless, organizations and business leaders are leaving no stone unturned to invest in employee training programs that will help close the growing skills gap.

Conclusion

The impact of the COVID-19 crisis is expected to increase the adoption of Robotic Process Automation solutions as business leaders look for ways to thrive in a post-COVID world. The human-digital workforce not only automates mundane, repetitive tasks but also helps organizations navigate the operational challenges of a crisis, thus enhancing resiliency and responsiveness.

As organizations build new growth models and open up doors to innovative solutions, it’s no surprise that business leaders are keen on exploring all the possibilities that automation has to offer.

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