Thursday 15th June, 2017
According to research by HfS the global market for Robotic Process Automation (RPA) Software and Services reached $271 million in 2016 and is expected to grow to $1.2 billion by 2021 at a compound annual growth rate of 36%.
An RPA system imitates human interventions that interact with internal IT systems. It is a non-invasive application that requires minimum integration with the existing IT setup delivering productivity by replacing human effort to complete the task. Any company which has labour intensive processes where people are performing high volume highly transactional process functions will boost their capabilities and save money and time with RPA.
HfS comments on the findings, “Net-net we have to be realistic about the value RPA brings to enterprises today versus its potential for the future. RPA's value for most of today's early adopters lies in the digitising of rudimentary manual processes. It's a starting point for designing the underbelly that enables a digital OneOffice environment.
In the future front, middle and back offices will cease to exist as they will be simply OneOffice and RPA has a critical role to play supporting the building blocks. However, the market is still very young and we're only at the start for so many organisations, so let's not get too carried away until we see really robust solutions with proven ROI and long-term business value.”
The research also finds organisations simply cannot be effective with a digital strategy without automating processes intelligently - this is about making processes run digitally so smart organisations can grow their digital businesses and create new work and opportunities. This is where RPA adds most value today however, as more processes become digitised the more value we can glean from cognitive applications that feed off data patterns to help orchestrate more intelligent and broader process chains that link the front to the back office.
The research is based on the direct services market including implementation and consulting services focused on building RPA capabilities excluding wider operational services such as BPO.