Robotic Process Automation (RPA) refers to an innovative software – commonly known as a “bot”- used to execute repetitive tasks that are typical for white collar jobs, such as data entry, processing, and analysis, across multiple IT systems. Like traditional automation, RPA can help improve efficiency in almost every sector, helping execute tasks faster and at a lower cost.
Today, digital transformation is the number one priority for many organizations, which means RPA is one of the fastest-growing enterprise software applications within this trend. The AI powered technology allows machines to see, hear, and think as humans do, and to effectively solve both repetitive and complex task. Today more than $200B are spent on Business Process Outsourcing worldwide annually, and RPA has the potential to take a significant share of this spend as the market is rapidly shifting from outsourcing work to humans to outsourcing it to software bots.
According to Gartner, currently, UiPath is the leader in the RPA industry with its over 7000 enterprise customers. By combining Artificial intelligence and Machine Learning, UiPath’s RPA software allows organizations to automate processes which are then executed at a fraction of the cost and time previously spent. What makes UiPath unique is the use of software bots which accurately emulate human actions and automate millions of repetitive office tasks, increasing productivity and freeing up millions of working hours of capacity. UiPath is leading the “automation first” era worldwide by allowing business leaders to scale digital business operations at unprecedent speed.
Another big player in the RPA marketplace is WorkFusion, used mainly by banks and other financial players. WorkFusion allows these companies to automate, optimize, and manage repetitive operations via its AI-powered Intelligent Automation Cloud. The AI powered technology allows bots to read and understand complex documents containing unstructured data, and digitize, classify, make decisions, and extract data from them while minimizing fraud and data theft risks. Most importantly, the bots learn from each new document and activities previously executed, thereby continuously increasing, and improving their level of automation.
The RPA market is soaring from its market size of $250million in 2016 to $2.9billion in 2021, growing at a 63% 5-year CAGR. RPA can become a cornerstone in almost every industry: from finance, insurance, logistics to healthcare. As reported by McKinsey, 60% of all jobs could have at least 30% repetitive, tedious tasks that could be automatable. Automation could replace between 9 to 26% of such activities by 2030.
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