(It) reached $271 million in 2016 and is expected to grow to $1.2 billion by 2021 at a compound annual growth rate of 36%. Generally speaking, statements and predictions like this are enough to pique the interest of executives and investors alike, and this is exactly what HfS Research is projecting for the RPA Software and Services market.
As a quick refresher, RPA stands for Robotic Process Automation, and essentially the idea is that programmers can create “bots” that will complete rule-based business tasks such as processing claims, dispatching invoices, and compiling data, with more accuracy and at a much faster pace than people. The principal benefit is that workers once bogged down with mundane assignments can apply their efforts to value added activities that require creativity and human interpretation.
The study offers not only the numbers behind the auspicious prospects of the RPA market, but also RPA’s place in the future’s most efficient offices. The concept, “OneOffice”, illustrates exactly what can be anticipated for these future meccas of human and software robot fusion. The idea is that robotic process automation will become the “digital underbelly” for businesses, with the human workers able to capitalize on the more efficiently provided analysis. People will serve as the link between real-time data and cognitive intelligence, being able to interpret the information and translate it into more informed business decisions.
The HfS study also highlights that the monetary figures are solely based on direct services, such as the implementation of RPA and its accompanying consulting services. It goes on to say that these estimates do not even include other potential areas of growth, such as BPOs, in which Jidoka already has vast experience and is well positioned.
The study stressed being realistic and not overreacting to the potential of RPA, but we at Jidoka are eager to usher in this new era of business intelligence. Already considered a core RPA provider in this innovative and burgeoning market, we are enthusiastic about our place as the leading provider in the Spanish-speaking RPA market.
Marketing assistant at Jidoka from the Kelley School of Business at Indiana University Bloomington, contributing to the universalization of RPA.