The rapid growth has been driven by digital transformation, asbusinesses look to enhance their operations, efficiency, and competitiveness through a digital workforce. As a result, more businesses are implementing an ‘automation first’ mindset and employing a hybrid workforce solution to achieve better business outcomes.
Although the Australian RPA market is experiencing rapid growth, it is still comparatively small against other leading countries. The Global RPA market was valued atUS$846 million in 2018;by 2021,this figure is anticipated to reach US$2.9 billion.
Here is our list of key trends that have been identified for the Australian RPA market as it continues to evolve in 2020:
Intelligent Automation to join the spotlight
Intelligent Automation (IA) combines RPA and Artificial Intelligence (AI) to span the entire automation process. By combining RPA and Al, companies can empower rapid end-to-end business process automation and accelerate digital transformation.
In 2020, RPA vendors will converge their initial rules-based offering with AI-powered automation via a fully integrated intelligent automation approach;this will enable them to expand the possibilities of business process automation by spanning the entire automation journey.
The role and value of RPA will continue to expand
The scaling interest in RPA is increasing the demand to expand the possibilities of business process automation to include incredibly complex business tasks.
The market is still in the development phase, and the value of RPA for Australian businesses is evolving. Early implementers of RPAare maturing, and by evaluating their experience and outcomes, we can better identify the value and bandwidth of RPA.
RPA to be used as a tool for risk management and security
In 2019, RPA was positioned as a solution to improve businesses productivity and efficiency. In 2020, a greater emphasis will be placed on incorporating RPA into businesses security strategy.
RPA can be used to mitigate security threats by removing the universal risk of human error.
Protecting sensitive data is an increasinglycomplex challenge in the market, and RPA can be used as a guard rail by handling data-intensive tasks efficiently and without the vulnerability of human error.
This change will be influenced by an increase in competitors as startups, test automation vendors, and larger software providers enter the market. RPA vendors also have a better capability to build usage tracking in existing RPA solutions makingthe proliferation of pricing strategies possible.
RPA and front-office integration
Back-office automation is aimed at improving efficiency and productivity while reducing operational costs and errors. Front-office automation is aimed at driving customer satisfaction through sales and customer service. Intelligent Automation will drive front-office automation.
By 2023, the use of RPA for front-office functions is predicted to increase by 30%. This will revolutionise businesses interactions, communications and engagement with consumers.
If you are interested in learning how Robotic Process Automation (RPA) is transforming industries worldwide, download our eBook today.