According to estimates put forward by Inkwood Research, the global robotic process automation in information technology market is expected to project a CAGR of 25.08% in terms of revenue during the forecast years 2021-2028.
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Robotic process automation (RPA) helps regulate a range of repetitive tasks, improving overall business efficiency. Its implementation accelerates targeted achievements and has benefited businesses around the world. Additionally, RPA in information technology facilitates system integration with improved services and less human error.
Demand for Speech Recognition Applications Drives Market Growth
Several companies are integrating RPA with cognitive technologies such as machine learning and speech recognition to automate judgment-based tasks. Recent studies suggest that the demand for certified RPA training will increase by 150%, given the lack of specific skills in the market. RPA software performs repetitive and automatic tasks, which are rule-based processes. Interacting with human-like apps can allow software robots to open an email attachment, multitask, save data, and fill in electronic forms, all tasks reserved for humans .
Additionally, voice recognition can be effective as a call center solution, always available at an affordable cost from a team of customer service representatives. It also transcribes thousands of phone calls between customers and agents for call patterns and problem identification. The growing applications of speech recognition are deemed beneficial for the growth of RPA in the IT industry.
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Data-driven back-office process is the dominant technology
With robots replacing humans on a large scale, repetitive, rule-based and routing work is believed to be done by robotic automation in less time and effort. Humans can now focus on higher value activities that require empathy, communication, and judgmental problem-solving aspects. Data validation and retrieving specific information from a large sample of data will be performed more quickly and accurately. The productivity rate should double up to ten times.
RPA is seen as an enabler of business process transformation and innovation. It also improves customer productivity, adding value to their businesses. IT, a back-office function, is a perfect fit for RPA because several processes are rules-based, easily tackled by a robotic workforce.
North America is the top revenue generating region
The region has the presence of major market players along with rising investment and expenditure in robotic process automation in information technology. This is attributed to the growing penetration of automation and process management solutions. Additionally, SMBs are adopting RPA for HR processes, finance, and procurement. These factors are driving the growth of the market in North America.
With AI becoming the norm and growing market awareness, companies at a different level of providing AI solutions are expected to enter the market to diversify their business revenue. Some of the distinguished market players include Be Informed BV, Tata Consultancy Services Limited (TCS), Pegasystems Inc, Appian Corporation, Blue Prism, and others.
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