The Robotic Process Automation (RPA) market thrives rapidly, helping various industry sectors. As per the Constellation Research survey, the market size of RPA is expected to reach $5.07 billion in 2026. In recent years, we have witnessed the evolution of Robotic Process Automation. Let’s review current trends and the future outlook for this promising technology.
RPA is a futuristic technology for building, deploying, and managing software robots. These robots emulate human actions related to different digital systems and software. As a robust and reliable technology, RPA can ensure higher accuracy, greater consistency, reduced costs, and improved quality. It also increases scalability and improves compliance.
RPA brings automation and contributes to streamlining processes and improving the decision-making process through software bots. RPA services are designed to meet the complexities of modern businesses and give them a competitive edge. However, staying updated on various RPA trends and innovations in this futuristic domain is important.
Importance of staying updated on current trends and innovations in RPA
It is fair to mention that staying updated on current trends and innovations in RPA enables organizations to optimize their automation efforts, identify new opportunities, adapt to changing business needs, mitigate risks, and enhance the return on investment. It also empowers professionals with the knowledge and skills necessary to succeed in the dynamic field of RPA.
Evolution of RPA: A Brief Overview
A recent report of McKinsey and Company on emerging technologies has predicted that RPA will have a possible impact on the economy of around $6.7 trillion by 2025. This target seems achievable because RPA technology has evolved rapidly during the recent years and taken various industry sectors by storm. In such a scenario, it is interesting to look at the evolution of RPA.
The emergence of the term ‘robotic process automation’ has a root back to early 2000. As this technology is still in the developing phase, it relies on other emerging technologies like AI (Artificial Intelligence) and concepts like screen scraping and workflow automation. RPA trends can elevate these concepts to a new level by enhancing their capabilities in a better way. RPA software is designed to establish automation and manage workflows with ease.
A Deloitte report has suggested that RPA is the combination of both AI and automation. It is useful for generating complex capabilities in modern enterprises by streamlining repetitive and rule-based processes.
After looking at the exciting journey of RPA, you may find the latest RPA trends as fantasy, but these trends are on the verge of becoming a reality. Let’s dive into such RPA trends for the year 2023 and beyond.
Current Trends in RPA
Most robotic process automation trends are based on the concepts of hyper- automation, managed service providers (MSPs), and No-code/low-code (NCLC).
Let’s discuss these latest RPA trends one after another.
Hyper-Automation
It is the convergence of RPA with other automation technologies like AI, ML, and process mining, and is gaining traction rapidly. Organizations are embracing a holistic approach by combining various tools and technologies to automate end-to-end processes and achieve greater operational efficiency.
Intelligent Process Automation (IPA)
It refers to the integration of RPA with cognitive technologies like natural language processing, machine learning, and computer vision. It enables software robots to handle unstructured data, make complex decisions, and learn from experiences for driving more advanced automation capabilities.
Cloud-Based RPA
Cloud computing has made a significant impact on RPA deployment. Organizations are increasingly adopting cloud-based RPA solutions, which offer flexibility, scalability, and reduced infrastructure costs. It also enables easier integration with other cloud services and provides enhanced security features.
Intelligent Document Processing (IDP)
IDP has become one of the crucial RPA trends. By combining OCR, NLP, and ML, IDP automates the extraction, classification, and processing of data from various documents. This trend is transforming document-centric industries by reducing manual effort.
Low-Code/No-Code RPA
Low-code or no-code RPA platforms are gaining popularity as they enable business users with limited programming knowledge to create and deploy automation solutions. These platforms offer intuitive visual interfaces and pre-built automation components for faster development.
Governance and Security
As RPA deployments scale, organizations are focusing on establishing robust governance frameworks and implementing security measures. RPA consulting services can help companies ensure proper management, monitoring, and control of automation processes with higher security.
Human-Centered RPA
The focus is shifting towards human-centered RPA, where automation is seen as a tool to augment human capabilities rather than replace them. Attended automation, collaboration between humans and robots, and user-friendly interfaces are being emphasized to enhance user experiences and drive productivity.
These trends highlight the continuous evolution of RPA, driven by the need for intelligent automation, scalability, and business process optimization. These latest RPA trends enable organizations to unlock the full potential of RPA and stay ahead in the digital transformation journey.
Revolutionary Innovations in RPA
As per the ResearchGate report, the popularity of RPA is increasing steadily worldwide. Along with this, companies’ interest in BPM (Business Process Management) and hyper automation touches new heights as shown in the following Google Trends.
Here are some revolutionary innovations based on RPA trends that can impact the future of industries.
Deep Learning
Also known as hyperautomation, the deep learning approach is a fusion of RPA, ML and AI that enables software robots to analyze and interpret unstructured data, learn from patterns, and make complex decisions.
Combination with Automation Technologies
It is an innovative concept known as IPA and combines RPA with other automation technologies. This approach is capable of enhancing the decision-making process and managing unstrutured data efficiently.
Attended Automation
The advent of attended automation has revolutionized the human-robot interaction paradigm. Attended RPA involves collaboration between humans and robots, with software robots providing real-time support to human users.
Intelligent Document Processing
RPA has made significant strides in automating document-centric processes. Intelligent Document Processing (IDP) combines RPA with optical character recognition (OCR), NLP, and ML to extract information from documents, classify data, and perform data entry tasks accurately.
Process Discovery and Mining
RPA has introduced process discovery and mining tools that analyze user interactions, system logs, and other data sources to identify process inefficiencies and automation opportunities. These tools use advanced algorithms to capture process steps, variations, etc.
Intelligent Chatbots
RPA has played a crucial role in the development of intelligent chatbots and virtual assistants. By combining RPA with NLP and ML, RPA service providers can create chatbots that understand and respond to user queries.
These innovative applications of RPA have propelled automation to new heights, driving digital transformation, and bringing agility in companies.
Industry-Specific RPA Trends
Before discussing the future of RPA technology, let’s get the brief information of RPA trends for core industry sectors.
Banking and Finance- RPA is being utilized in banking for automating processes such as customer onboarding, mortgage and loan processing, fraud detection, and compliance.
Healthcare- RPA is revolutionizing this sector by streamlining administrative tasks, automating patient data integration, appointment scheduling, claim settlement, and handling repetitive operations.
Retail and E-commerce- Retailers use RPA to enhance customer experiences, optimize supply chain management, and automate inventory management. Both online and physical stores can leverage this technology.
Manufacturing and Logistics- RPA is transforming these sectors by automating production line monitoring, inventory management, and supply chain coordination. RPA is being used for automating order fulfillment, tracking shipments, managing warehouse operations, etc.
These industry-specific RPA trends highlight the tailored applications of automation technologies to address the unique challenges and requirements of different sectors.
Future Outlook for RPA
Gone are the days when RPA-related technologies were carrying out basic tasks. These days, RPA has unleashed a transformational wave, revolutionizing the way businesses operate. Scaling and streamlining processes has become a breeze, thanks to this superior technology that effortlessly brings forth a multitude of benefits. Yet, the market continues to evolve, and exciting new RPA solutions are predicted to emerge in the near future.
Industry experts predict a great combination of RPA and even more intelligent technologies, heralding a new era of widespread adoption across industries. Unlike traditional automation, this intelligent combination possesses the power of judgment and creativity. With their help, companies can automate and enhance visibility, transparency, communication, and collaboration throughout their value chain.
What's more, by harnessing the speed and automation support of RPA, we can catapult the journey of machine learning into hyperspeed. The dawn of cognitive automation is upon us to make companies agile and responsive, giving them the edge they need to conquer complex challenges.
Conclusion
RPA services evolve quickly to meet complex and diverse business requirements. All the latest RPA trends are capable of bringing automation and supporting digital transformation. We can certainly mention that this revolutionary technology has immense potential and scope across various industry sectors.
Silver Touch Technologies is a leading RPA services provider in the USA and India. We offer 360-degree RPA services and solutions to bring automation in various business processes and accelerate digital transformation. Our RPA consulting services can assist you to leverage the benefits of RPA advancements. Write us an email at info@silvertouch.com to know more.
FAQs
What is Robotic Process Automation (RPA)?
Robotic Process Automation (RPA) is a technology that uses software robots to automate human actions related to digital systems and software. It helps streamline processes, improve decision-making, and offers benefits such as increased accuracy, consistency, reduced costs, and improved quality.
Why is it important to stay updated on current RPA trends and innovations?
Staying updated on RPA trends and innovations is important for organizations to optimize their automation efforts, identify new opportunities, adapt to changing business needs, mitigate risks, and enhance return on investment. It also enables professionals to acquire the knowledge and skills necessary to succeed in the dynamic field of RPA.
What are some current trends in RPA?
Some current trends in RPA include hyper-automation (combining RPA with AI, ML, and process mining), intelligent process automation (integrating RPA with cognitive technologies), cloud-based RPA deployment, intelligent document processing (automating data extraction from documents), low-code/no-code RPA platforms, governance and security measures, and human-centered RPA focusing on collaboration between humans and robots.
How is RPA revolutionizing industries?
RPA is revolutionizing industries by automating processes and improving operational efficiency. In banking and finance, RPA is used for customer onboarding, fraud detection, and compliance. In healthcare, it streamlines administrative tasks and patient data integration. Retail and e-commerce benefit from RPA in enhancing customer experiences and supply chain management. Manufacturing and logistics use RPA for production line monitoring, inventory management, and supply chain coordination.
What is the future outlook for RPA?
The future of RPA involves a combination of RPA with more intelligent technologies, driving widespread adoption across industries. The integration of RPA with AI and machine learning will enable judgment and creativity in automation. Cognitive automation will make companies agile and responsive, enhancing visibility, transparency, communication, and collaboration throughout the value chain. The evolution of RPA will continue to bring new solutions and advancements to support digital transformation.
